Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
 
Like many New Jersey-based technology businesses, Tabtor is a small company making a large impact. The education technology company is determined to ensure that every child has a personalized, positive experience that will create a strong academic foundation. The results — an increase in math scores for students and worldwide recognition for the South Brunswick-based startup.
 
Tabtor’s learning program provides personal attention from a dedicated tutor and is specifically tailored to every child’s unique learning needs. According to the company, it has rapidly become the world leader in personalized iPad and Android tablet-based math tutoring using a unique combination of digital analytics, dedicated tutors and patent-pending Active Replay Technology (ART). ART provides the ability to play back students’ handwritten work and empowers Tabtor tutors to grade beyond right or wrong answers; Tutors can not only identify the type of error, but also understand when and why it occurred, enabling them to give feedback specific to a particular mistake. A companion smartphone app provides parents with insight on a daily basis.
 
“Our unique tutoring approach allows us to deliver unprecedented results that are consistent, repeatable, and scalable – attributes which are desired and demanded by parents. Until now, results like this have remained elusive in the highly fragmented tutoring market,” said Raj Valli, Tabtor’s Chief Executive Officer. “As a disruptor and innovator in the tutoring space, Tabtor continues to grow rapidly with over 60,000 registered users in 12 countries.”
 
The company also notes a more than 90 percent improvement in math performance after just three months of use by students.
 
“With its highly-ranked school systems and vibrant technology ecosystem, New Jersey is the ideal location for education technology startups like Tabtor,” EDA CEO Melissa Orsen said. “Add in access to a multitude of resources, and it’s not surprising that Tabtor is flourishing in the Garden State.”
 
In addition to the Edison Innovation VC Growth Fund loan, Tabtor also benefited from the State’s Angel Investor Tax Credit Program. Between 2013 and 2015, Tabtor raised over $2 million from investors, several of whom took advantage of the State’s Angel Investor Tax Credit Program.  Ideal for emerging companies, the program offers a 10 percent tax credit against New Jersey corporation business or gross income tax for qualified investments in an eligible emerging technology business with a physical presence in New Jersey. More than $125 million has been invested in New Jersey-based emerging technology and biotechnology businesses since the Angel Investor Tax Credit Program launched in 2013.
 
@NJEDATech spoke with Valli about his company’s experience in New Jersey and its plans for the future:
 
Why did you choose to grow Tabtor in New Jersey?
When we introduced the program into New Jersey’s educational community, we noticed a strong correlation between students adopting the Tabtor platform and improved math performance. The community in New Jersey is overwhelmingly supportive of providing the best educational outcomes for its children; more than 15 percent of our overall global consumers are based in the Garden State and the evidence of student success has been overwhelming. Given the success in the consumer segment, Tabtor launched a pilot program in Greenbrook Elementary School in South Brunswick with the support of the district, and saw an average of 70 percent improvement in math scores. As a result of the success, the program is now used across all South Brunswick elementary schools and we are actively working with the middle school and high school as well. Rutgers Preparatory School, a private school in Somerset, has also adopted Tabtor.
 
What is Tabtor’s biggest success to date?
In addition to receiving the Seal of Approval from the National Parenting Center for our “superb design, quality and appeal” and our effectiveness in providing great learning outcomes, Tabtor is now being used by customers across 12 countries. We opened our first tutoring center in Cape Town, South Africa this month along with our partner Via Afrika, part of Naspers, a $65 billion internet and entertainment conglomerate. We are also happy to see a 335 percent increase in the number of paid subscribers in the last 18 months. More than anything, we have been able to maintain excellent customer satisfaction ratings, as evidenced by a 97 percent retention rate.
 
What’s on the horizon for your company?
We are a platform-based company and our plans include expansion into reading, higher-grade math, Advanced Placement and test prep among other subjects. We are also looking at growing our presence in Asia, Europe and Latin America. We have had an anchor center in South Brunswick since January 2015 and, due to overwhelming demand, are planning to open additional learning centers in neighboring areas in New Jersey.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, July 14, 2016 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.

  

Chromocell Co-founder and Chief Executive Officer Christian Kopfli was named one of 12 winners of Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award.

TRENTON (July 7, 2016) – June 2016 was an eventful month for life sciences business Chromocell. The company announced the continuation of a partnership with multi-national nutrition, health and wellness company Nestlé, one of several companies with which Chromocell collaborates to enhance the consumer experience. In addition, Chromocell’s co-founder and Chief Executive Officer Christian Kopfli was named one of 12 winners of Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award.

Founded in 2002, Chromocell has grown from a small biotechnology startup that utilized space in the EDA’s Commercialization for Innovative Technologies (CCIT), into an innovative life sciences company that now employs over 120 people in graduate space on the Technology Centre of New Jersey campus in North Brunswick. The company is focused on discovering new drugs to manage pain, and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients and therapeutics.

Food and beverage companies have often turned to Chromocell to enhance the flavors of their products. On June 28, Chromocell announced the extension of its longstanding partnership with Nestlé to find alternatives to salt and develop ways to reduce the amount of sodium in foods. Chromocell previously partnered with Coca-Cola to discover and develop sweetness enhancers, natural sweeteners and other flavoring ingredients. Chromocell also has a license and collaboration agreement with Astellas Pharma, a major global pharmaceutical company headquartered in Tokyo, for the development and commercialization of new therapies to treat neuropathic pain.

“Creating partnerships and leveraging resources has always been at the cornerstone of successful enterprises,” Chief Executive Officer Melissa Orsen said. “The EDA understands the value of starting these partnerships early and, through CCIT, provides an environment where collaboration is not only encouraged, but also cultivated.”

Chromocell is one of more than 40 companies to graduate from CCIT. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT is the region’s most significant wet lab incubator. It not only offers the most plug-and-play wet labs of any incubator in New Jersey, but also provides access to a wide array of resources essential to the startup community, including networking opportunities, help identifying funding sources, and access to small business development resources and administrative support.

In 2009, Chromocell expanded into a 26,000-square-foot research facility at the Biotechnology Development Center (BDC) on the Technology Centre of New Jersey campus. Designed as graduate or “tweener” space, the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility. The Technology Centre of New Jersey, which includes CCIT and the BDC, sits on 75-acres and consists of approximately 325,000 square feet of lab, production and office space, as well as approximately 560,000 square feet of "build-to-suit” sites.

On June 23, Kopfli won Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award in the biopharmaceutical category. Like many entrepreneurs in the Garden State, Kopfli is heavily involved with New Jersey’s technology scene. He currently serves on CCIT’s advisory board, sharing his expertise with tenant companies. Earlier this year, Kopfli was re-elected to his position as Secretary of the Board of Trustees for BioNJ, the trade association for New Jersey’s life sciences industry.

@NJEDATech asked Kopfli about his experience in New Jersey and his company’s plans for the future:

Why did you choose to grow your company in New Jersey?
Growing the company in New Jersey has provided a variety of benefits. First and foremost, access to talent in the area is unprecedented. Not only is there much to be said about the availability of established professionals in the metropolitan area, but the number of universities in the vicinity also allows for the selection and development of those in the earlier stages of their careers. Additionally, New Jersey has an attractive mix of space for growth and established infrastructure.

What did you find most beneficial about your time at CCIT and at the Technology Centre of New Jersey?

CCIT and the Technology Centre of New Jersey have really allowed us to focus on building the business. With these facilities providing a fully functional lab and regular support from both CCIT and EDA staff, Chromocell has been able to concentrate on becoming Chromocell.

What do you consider Chromocell’s biggest success to date?
Chromocell has been fortunate enough to achieve a number of milestones over the years, with two that particularly stand out: Having worked extensively on sugar and sodium reduction, Chromocell’s flavors division has been able to become a trusted partner with some of the world’s largest beverage and food companies. In the therapeutics division, we have succeeded in developing a novel, non-opioid pain medication that is moving swiftly toward clinical development. 

What’s on the horizon for Chromocell?
With regard to the development of our pain medication, we are planning on filing our Investigational New Drug (IND) application very soon and becoming a fully-fledged clinical development company. In terms of building on our established flavor business, we are seeking a broader range of clients and will launch our direct sales business at this year’s Institute of Food Technologists conference in Chicago. 

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tlsand follow @NJEDATech on Twitter and LinkedIn.

@NJEDATech today concludes its three-part series focusing on technology Meetups throughout New Jersey. The two previous articles in the series can be found on the EDA’s Technology and Life Sciences feature articles’ webpage.

TRENTON, N.J. (June 30, 2016) – In addition to providing funding and resources  to New Jersey’s technology and biotechnology community, the New Jersey Economic Development Authority (EDA) continuously promotes networking opportunities for entrepreneurs as a way to foster synergy within the Garden State’s vibrant technology ecosystem.

Through its social media pages — @NJEDATech on Twitter and LinkedIn — the EDA routinely highlights events such as technology Meetups, where innovators can convene with other technology professionals. Meetups create an atmosphere of collaboration and provide a platform for entrepreneurs to discuss topics that affect their businesses. Meetup organizers often invite industry leaders to these events to provide attendees with insight into areas relevant to New Jersey’s thriving technology industry. In addition to in-person events, Meetup websites offer members an online forum for communication, leading to a free-flowing exchange of ideas. The Meetups are free to join, but there may be fees for specific events.

“Collaboration is a hallmark of New Jersey’s extraordinary technology sector and we continue to encourage interaction among innovators,” EDA Chief Executive Officer Melissa Orsen said. “Positive energy generated at Jersey Shore and South Jersey Meetups carry over long after the events have ended.”

Innovators looking to network at the Jersey Shore or in South Jersey have several options including:

Jersey Shore Tech (Monmouth County) – Located at Cowerks coworking space in Asbury Park, Jersey Shore Tech is considered the largest tech Meetup in the area. Ideal for entrepreneurs, startups, software developers, tech enthusiasts, and business leaders looking to network, learn, and grow their businesses, this group currently has more than 1,600 members. Recent Meetup events have included a Lunch and Learn with attorneys with McCarter & English, their monthly Coffee and Coworking networking event, and a panel discussion on how to launch better products. The next event scheduled is Coffee and Coworking #33 on July 15. The morning networking event will take place at High Voltage in Asbury Park.

Central NJ Strategic Design + Tech (Monmouth County) – Central NJ Strategic Design + Tech, based at Bell Works in Holmdel, supports innovators from all technology areas by educating them on new ways of designing, prototyping, building and fulfilling tech hardware, software, system and components. Through a series of events such as demo nights, hackathons, startup weekends and other hands-on workshops, the Meetup aims to help people accelerate the commercialization process, and reduce the risk of moving from concept, into production and releasing to the public market. The group, which is sponsored by Wisdom + Craft consulting company, currently has close to 700 members. Recent events have included “Lessons from Startup CEOs – Sanjay Macwan – Media Labs at NBCUniversal,” and “Helping Business Owners Manage the Big Picture.” The next event – Design + UX Networking – is tentatively scheduled for July 18 at Bell Works.

Venture HUB of the Burlington County Library System (BCLS) (Burlington County) -The BCLS Venture HUB is dedicated to building an active and vigorous entrepreneurial community of startups, techies, creators, freelancers, telecommuters and collaborators in Burlington County and beyond. The group, which currently has more than 300 members, has hosted  a variety of Meetup events including  “Lean Venture Series – Creative Techniques for Nimble Business,” “Startup Storyslam,” “Content Marketing Explained – Using Social and Digital Tools to Grow your Business,” and “Cyber security: Protecting Your Most Important Assets.” Tonight at 7:30 p.m. the BCLS Venture HUB will host Megan DeGeorge, cofounder and chief operating officer of Think Like a Girl, a startup company of young entrepreneurs seeking to empower girls “to develop into our world’s problem solvers.” Registration is required and space is limited.

Waterfront Ventures (Camden County) – Waterfront Ventures is an organization dedicated to developing a thriving culture in Camden by bringing fun, innovation, and networking opportunities to the Camden Waterfront. Waterfront Ventures’ Meetup began last month at a kickoff startup conference and already has over 100 members on its Meetup roster. With the motto that by building a thriving culture first, it can attract startups, small businesses and investors to grow the local community, Waterfront Ventures has several events in its pipeline, including a Demo Day festival slated for Sept. 30. 

A Special Meeting of the New Jersey Economic Development Authority has been scheduled for Thursday, June 30, 2016 at 12 noon at the EDA offices at 36 West State Street, Trenton NJ. The Members will meet to discuss and act upon a request from BMW of North America for tax credits under the Grow New Jersey Assistance Program. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.
 

A Camden Economic Recovery Board Meeting will take place at 10:00 a.m. on Tuesday, June 28, 2016  at the Waterfront Technology Center, 200 Federal Street, Camden, NJ 08102.

A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/public_information/erb/agenda.

Following the Board Meeting, minutes will be available at https://www.njeda.gov/public_information/erb/minutes.

 

Under the direction of its founder Mahesh Muchhala (pictured above), DataMotion was one of 41 businesses approved in 2015 to share a total of $47.4 million through the State's NOL Program.

TRENTON, N.J. (June 23, 2016) – Ensuring that its customers can send emails and other electronic data securely has always been at the core of DataMotion’s mission, and since 2012, the information technology (IT) startup has turned to the State’s Technology Business Tax Certificate Transfer (NOL) Program as a way to raise additional capital to fund its operations.

Florham Park-based DataMotion offers data delivery encryption solutions, including email encryption, for a wide variety of industries, from government to small businesses. The company currently employs 38 people nationwide, including 25 in New Jersey. In 2014, DataMotion launched DataMotion Health, an encryption platform for the healthcare industry. DataMotion Health was created to help providers communicate more efficiently across the care continuum and with their patients. Earlier this month, the company announced the DataMotion Direct Provisioning Portal, a new resource aimed at extending direct secure messaging to patients nationwide. 

DataMotion Founder Mahesh Muchhala noted that his company’s clients include the Hackensack University Medical Center, Rite Aid Pharmacy, and Sun Life Financials.

DataMotion was one of 41 businesses approved in 2015 to share a total of $47.4 million through the NOL Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, the NOL Program allows eligible technology and biotechnology companies to sell unused New Jersey net operating losses and research and development (R&D) tax credits to unrelated profitable corporations. The NOL Program offers non-dilutive funding, meaning that entrepreneurs do not have to relinquish a portion of their company in return for funding.

As a serial entrepreneur with more than 40 years of experience, Muchhala is an active participant in New Jersey’s technology scene and an avid supporter of up-and-coming entrepreneurs. He is an investor with JumpStart New Jersey Angel Investor Network (Jumpstart) and has also been a member of the New Jersey Technology Council since it was founded in 1996. He previously served as a board member of the New Jersey chapter of the Association for Corporate Growth (ACG).

“We applaud Mahesh and all of the entrepreneurs in New Jersey that continue to have a vested interest in the success of the Garden State’s startup community,” EDA Chief Executive Officer Melissa Orsen said. “New Jersey’s collaborative environment is just one more example of how New Jersey is leading the way in innovation.” 

New Jersey startup companies like DataMotion have until 11:59 p.m. on June 30 to apply to sell their net operating losses and unused R&D tax credits for cash through this year’s NOL Program. A complete list of NOL Program requirements and program details can be found at https://www.njeda.gov/nol.

@NJEDATech asked Muchhala about his company’s experience in New Jersey and its plans for the future:

You’re very involved with New Jersey’s technology scene. What advice do you have for entrepreneurs just starting out in the Garden State?
Entrepreneurs have put New Jersey on the national map for startups. Associations such as the New Jersey Technology Council, the New Jersey Innovation Institute (NJII), and Jumpstart provide excellent access to experienced professionals eager to help – most of who have succeeded with their own ventures. This network of talent helps in acquiring resources and leads to funding sources in a state which has been side-stepped by the venture capital community. The New Jersey Institute of Technology, Rutgers University, Fairleigh Dickinson University, and other educational institutions provide excellent fresh and new talent. I encourage entrepreneurs to continue to network despite the heavy burden of being a startup entrepreneur. And remember that the EDA has a friendly team willing and eager to help!

Why did you choose to grow DataMotion in New Jersey?
When I migrated from India in 1987, I landed here in New Jersey and launched my first IT venture. Over the years, I’ve witnessed tremendous growth in the Garden State’s startup culture and remained rooted here, despite repeated overtures from Silicon Valley. The proximity to New York City has been a great benefit, as have organizations such as NJ Tech Council that provided networking opportunities. NJII, Jumpstart, New Jersey’s chapter of ACG, and the EDA have also provided ample opportunities for growth.

How did DataMotion benefit from funding it received through the NOL Program?
New Jersey’s NOL Program is one of the best programs in the nation. 2012 was the first year DataMotion took advantage of the program and the cash we received was extremely useful. Since then, support from the program has helped us tremendously in our diversification into data security for healthcare IT.

What’s on the horizon for DataMotion?
Our client base continues to grow at a rapid rate. We’re also landing excellent strategic partnerships, both in data security and healthcare IT. The epicenter of this growth is our innovative technology, seamlessly implementing the highest level of security for privacy compliance and without requiring user involvement. We are slated for high double-digit annual growth over the next few years.
 
For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

One key asset is the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT), the Garden State’s leading life sciences incubator. Recognized as a hub of activity within New Jersey’s technology sector, CCIT offers tenant companies, and the biotechnology community at large, a variety of resources to help them grow and thrive.

Since the life sciences incubator opened its doors in 2002, tenant companies have generated a total of over $130 million in revenues during their time at CCIT, and received $385 million in outside funding. The companies also obtained more than $10.6 million through State financing. Companies at the incubator have collaborated with world-renowned New Jersey universities such as Rutgers, Princeton, Stevens Institute of Technology, and New Jersey Institute of Technology. Including New Jersey’s own Princeton University, tenant companies have collaborated with six of the eight Ivy League universities throughout the country, as well as with cancer research/treatment facilities Sloan Kettering in New York and MD Anderson Cancer Center in Texas. CCIT has graduated over 40 companies.

“This data corroborates what we’ve known for a long time,” EDA Chief Executive Officer Melissa Orsen said. “CCIT is a bastion of innovative entrepreneurship whose impact reaches far beyond its doors. We look forward to seeing what the future holds for each of our tenant companies.”

Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT not only offers the most wet labs of any incubator in New Jersey, but also provides access to a wide array of resource and networking opportunities essential to the startup community. The incubator’s leasable space includes offices, as well as both small and large labs.  CCIT also offers discounted first-year rent for university spinouts. Additionally, CCIT provides tenant companies with educational programs and a wealth of supporting resources, including helping to identify funding sources and providing access to small business development resources and administrative support. From hosting events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, to Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies, CCIT offers something to each of its tenants and to the greater technology community.

CCIT graduates have gone on to have an impact across a broad spectrum of areas, including patient care. Princeton-based biotechnology company Advaxis develops tailor-made immunotherapies customized to target the patient’s unique cancer genes, harness the power of the body’s immune system, and attack various forms of cancer. In just the past few months, Advaxis has received a fast track designation for ADXS-HER2 for patients with osteosarcoma, announced promising survival rates from their Phase 2 study of AXAL in women with advanced cervical cancer and was awarded $1.1 million from the FDA’s Orphan Products Grants Program to support their ongoing Phase 2 trial with Baylor College of Medicine for axalimogene filolisbac. Advaxis currently employs more than 45 people.

Amicus Therapeutics is a global biotechnology company at the forefront of advanced therapies to treat a range of devastating rare and orphan diseases. Amicus became CCIT’s first graduate in 2005 when it moved from the incubator to its current facility in Cranbury to accommodate its growing workforce. Amicus currently employs 165 people in the United States, with the majority of the company situated in the Garden State. They also employ 50 people internationally. 

GENEWIZ, a global leader in research and development genomics services, grew from a two-person operation at CCIT into an internationally-recognized operation. Now headquartered in South Plainfield, GENEWIZ employs more than 700 people across 12 facilities at major biotech hubs around the world.
CCIT is currently 100 percent leased, with nearly two-dozen companies currently calling the facility “home.”

Aucta Pharmaceuticals is a new drug product development company concentrating on novel and niche generic product development. Since arriving at CCIT in 2014, Aucta and its founder and CEO Shoufeng Li have enjoyed the collaborative atmosphere that incubator offers. The company also benefited investments made through the Angel Investor Tax Credit Program, which provides a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business.

VEESAG Mobile creates devices designed to reduce hospital visits and to help people focus on health and wellness. Late summer, both Verizon and Sprint determined that the company’s smartwatch was compatible for use on their networks. With that critical infrastructure in place, VEESAG has started to scale up the manufacturing of its watches in order to make them widely available to consumers. While VEESAG does not lease wet lab space at CCIT, company founder Raj Sadhu points to numerous CCIT resources that have helped him grow his company – particularly the advice he is able seek from professionals on a wide variety of topics, and synergetic environment that the incubator offers.

Visikol, CCIT’s newest tenant, is a Rutgers University spinout that develops a versatile biological clearing agent, known as Visikol, which penetrates tissue and renders it transparent for optical analysis. Visikol received a $500,000 commitment from New Brunswick-based Foundation Venture Capital Group, LLC.

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

TRENTON, N.J. (June 14, 2016) – Reinforcing its commitment to cultivate New Jersey’s technology sector and create jobs within the Garden State, the Board of the New Jersey Economic Development Authority (EDA) today approved Grow New Jersey (Grow NJ) tax credits to encourage two companies to establish locations at Bell Works, the former Bell Laboratories site in Holmdel. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the state’s primary job creation and retention incentive program and offers enhanced benefits to help strengthen the technology industry.

Today’s approvals come one month after the EDA Board approved Grow NJ tax credits to encourage a third technology company to consider the Bell Works site.

Combined, these three projects are expected to create more than 730 new jobs and retain over 700 jobs at-risk of leaving the State. These projects, which are associated with private investment of over $51 million, would occupy more than 425,000 square feet at Bell Works, which is currently undergoing a transformation to a vibrant live-work-play environment.

“For decades, the former Bell Laboratories site was at the global forefront of innovation,” EDA Chief Executive Officer Melissa Orsen said. “We are hopeful that these companies will choose to locate their operations at the Holmdel site and bring hundreds of high-paying jobs back to the region.”

Matawan-based iCIMS, Inc., a software services company specializing in applicant-tracking software for human resources professionals, is considering consolidating two existing locations into one at the Bell Works facility to accommodate its expansion. Choosing the Holmdel site over consolidating in Arizona would result in the creation of 390 new jobs and the retention of 552 jobs at-risk of leaving the State.

Grow NJ tax credits were also approved for Manhattan Telecommunication Corporation, doing business as MetTel, which offers communication and related support services to corporate clients. The company, whose growth has created a need for additional space, would create 100 new jobs at Bell Works or a competing location in Utah.

The EDA previously approved Grow NJ tax credits for Workwave LLC, which has since announced that it will move into more than 71,000 square feet at Bell Works to accommodate its expansion. WorkWave is expected to create 247 new jobs and retain 154 jobs that were at-risk of leaving the State.

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 
 
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
 
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

TRENTON, N.J. (June 14, 2016) – At its monthly meeting, held today in Camden, the Board of the New Jersey Economic Development Authority (EDA) approved two transformational projects in the City representing a total of more than $97 million in private investment through the Economic and Redevelopment Growth (ERG) Program. The State’s key developer incentive program was created under the Economic Opportunity Act of 2013 (EOA). 

“We’re beginning to see the impact of the EOA in Camden, and the projects approved today will add to that momentum through the investment, infrastructure, and construction jobs they bring,” said EDA Chief Executive Officer Melissa Orsen. “These two projects help to advance a key objective of the EOA, which is driving investment in areas where it is needed most.”

One Cooper Residential Urban Renewal, L.L.C. was approved for a residential ERG of up to $20.4 million over ten years to advance the construction of a mixed-use project on two parcels between Cooper Street and Delaware Ave on what are now surface parking lots. Two four-story buildings will contain approximately 6,515 square feet of retail space, 184 apartment units, and 217 parking spaces. While the EOA does not include an employment requirement for residential ERGs, the project is anticipated to create approximately 270 construction jobs.

The project is the first phase of The Camden Waterfront Development Enterprise, a multi-phase, mixed-use development consisting of up to two million square feet situated on 20 acres, which will include residential units, a hotel, retail space, parking, and more than 1.4 million square feet of office space. It is anticipated that targeted office space tenants for this space will include 7,300 workers.

The Board also approved the Parking Authority of the City of Camden for a Mixed-Use Parking ERG of up to $14 million over ten years for the construction of a 1,300 space garage, 800 square feet of retail, and 28,153 square feet of office space. The project will be located in close proximity to the Camden Waterfront Development Enterprise. An estimated 200 jobs are expected to be created during the construction phase.

Signed into law by Governor Christie in September 2013, the EOA created ERG as an incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario. The EOA also created Grow NJ as the state’s main job creation and retention incentive program. Both performance-based programs place extra emphasis on spurring development and private sector job growth in targeted communities. Approved projects must demonstrate compliance with program requirements, including generation of new tax revenue, completion of capital investments, and/or the hiring or retention of employees, prior to receipt of any approved benefits. No funds are provided up front, and annual certification is required.

To date under the EOA, 23 projects in Camden have been approved, leveraging $1.2 billion in private investment. These projects are expected to create 1,430 new permanent jobs and 4,800 construction jobs, and involve 2,590 retained jobs, many of which are new to the City. In addition, 460 new or renovated residential units are expected to result from these projects, and nearly three million square feet of new or improved space.

The EDA is part of the State’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor's review and consideration of the meeting minutes.