Food Moves Founder Joel Cettina discusses his company during the New Jersey Technology Council's 2016 Internet of Things Conference.

TRENTON (April 28, 2016) – More than 30 entrepreneurs will have the opportunity to pitch their companies to angel and venture capital investors at next week’s NJ Founders & Funders event, hosted by the New Jersey Economic Development Authority (EDA). When Montclair-based Food Moves Founder Joel Cettina speaks to investors at the May 4 event, it will be the second pitch event for his seed-stage business in two weeks.  The company was also selected to pitch to investors at the New Jersey Technology Council’s (Tech Council) Internet of Things conference, held Tuesday at Princeton University.

With the slogan “If your food moves, we’ll find it,” Food Moves offers a mobile marketplace for food trucks that brings together trucks' real-time location information and live menus, content from food blogs around the Internet, and information about mobile vendors like farmers' markets. Food Moves provides a mobile platform to help these mobile food businesses increase their visibility online. The app is currently available for iOS users, and plans are underway to unveil an Android app as early as next month.

Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT), semi-annual NJ Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for these emerging companies to attain the funding they need to grow in the state. To date, more than 120 entrepreneurs have met with investors during the four prior NJ Founders & Funders events.

“Designed specifically for startups, NJ Founders and Funders events enable entrepreneurs to not only seek funding, but also gain invaluable insight from experienced investors,” EDA Chief Executive Officer Melissa Orsen said. “The event furthers the EDA’s goal of connecting emerging technology and biotechnology businesses like Food Moves with the resources they need to thrive and grow in the state.”

Entrepreneurs interested in attending a future NJ Founders & Funders event can register at https://application.njeda.com/tls/.

In building up Food Moves, Founder Joel Cettina, a graduate of Rowan University, is not only filling a need in the marketplace, he’s also cultivating the next generation of entrepreneurs. Although the company consists solely of a three-person management team, Food Moves utilizes several interns and Cettina has said he is looking to add eight or nine more people, including event coordinators, targeting college students interested in entrepreneurship. Calling the students “the most ambitious and talented young people I've met,” he gives them projects and provides them with a steady system of support.

Food Moves was one of 14 finalists to make pitches at the Tech Council’s Internet of Things conference earlier this week. The conference focused on technologies such as smart sensors, wearable technology, driverless cars, and virtual networks, which are becoming integrated into every aspect of society.

@NJEDATech spoke with Cettina about his company’s experience in New Jersey:

What made you decide to grow your business in New Jersey?
New Jersey is my home and when I cooked up this idea (no pun intended) from my apartment in Montclair, I knew this state would be a great place to grow this company. Ideally situated, New Jersey offers a great location to capture both the Philadelphia and New York City markets. Being close to my family was important too; you can never underestimate the support system your family provides you. 

What New Jersey resources have you found most helpful to date?
To be honest, I haven’t yet taken advantage of all the resources that New Jersey has to offer. That being said, the EDA has been a constant source of support. It was EDA Senior Venture Officer Tim Rollender who encouraged me to apply to the Internet of Things Conference and who helped secure my spot at the NJ Founders & Funders meeting next week. The New Jersey Food Truck Association (NJFTA) has been absolutely pivotal in supporting what we are doing. NJTFA President Jon Hepner has been superb, helping us get in front of New Jersey food truck owners and understanding the vision for Food Moves. 

What’s on the horizon for Food Moves?
In one word…“growth.” Growth of our product: We are looking to provide mobile business owners with a suite of features built specifically for them from the ground up. Growth into new cities: We want to bring Food Moves coast to coast and provide users with the most comprehensive database for mobile business in the country. Growth for the industry: we didn’t build Food Moves to sit back and watch this industry unfold, we are going to get our hands dirty and help this industry grow, and help loosen regulations that are slowing these businesses growth. Lastly, growth internally, we are going to build a great team and a first-class culture with an emphasis on respect, independence and accountability. I’m excited for what’s on the horizon. It will definitely be a fun ride. 

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
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TRENTON (April 21, 2016) – Understanding that networking is vital to fostering innovation within the Garden State, the New Jersey Economic Development Authority (EDA) routinely promotes events and gatherings through which entrepreneurs can share information and learn from one another.

New Jersey’s many technology Meetups create an atmosphere of collaboration and, through frequent events, provide a platform for entrepreneurs to discuss topics that affect their businesses. Meetup organizers often invite industry leaders to these events to provide attendees insight into areas relevant to New Jersey’s thriving technology industry. In addition to in-person events, Meetup websites offer members an online forum to communicate, leading to a free-flowing exchange of ideas. The Meetups are free to join, but there may be fees for specific events.

“As a longtime leader in innovation, New Jersey prides itself on its synergetic technology ecosystem,” EDA Chief Executive Officer Melissa Orsen said. “The abundance of technology Meetups throughout northern New Jersey is indicative of a lively community of entrepreneurs and industry leaders that have launched numerous startups and are driving innovation in the State.”

The EDA routinely attends Meetup events, which provide an opportunity for the Authority to keep a finger on the pulse of what’s happening within New Jersey’s technology sector and to learn about emerging technology and biotechnology companies.  These Meetup events include:

NJ Tech Meetup (Hoboken) – With nearly 5,500 members, NJ Tech Meetup is the largest technology Meetup in the state. The group meets at Stevens Institute of Technology, with the goal of creating a place to sharing best practices and learning from both failure and success. On May 20, NJ Tech Meetup is hosting its inaugural Propeller, a day-long festival that will bring the entrepreneurial community together from all around the region. More than 40 speakers have already signed on, including serial entrepreneur Gary Vaynerchuk, Jet.com co-founders Marc Lore and Mike Hanrahan, and Stevens Institute of Technology President Nariman Farvardin.

Montclair Entrepreneurs Meetup – Housed at the Feliciano Center for Entrepreneurship at Montclair State University, the Montclair Entrepreneurs Meetup enables entrepreneurs and aspiring entrepreneurs to network, learn, connect and collaborate. Led by a team of individuals at the Feliciano Center that includes Program Manager and Professor Sharon Waters, the group currently has more than 3,200 members. During the Meetup’s May 4 TeleBrands Inventors Day for Aspiring Entrepreneurs, student entrepreneurs will have the opportunity to compete to determine who has the best pitch for their product or service innovation.

Launch NJ Meetup (Morristown) – Launch NJ Meetup, started by Carlos Abad, takes a grass-roots approach. With a hub-and-spoke model, the group has a core Entrepreneurial Tech group, which has nearly 1,400 members, and subgroups including a women’s group, art & tech, and life sciences. Life sciences subgroup co-organizer Sam Kongsamut, who is currently an Executive-in-Residence at the EDA’s Commercialization Center for Innovative Technologies, started his group to provide a space for life sciences entrepreneurs to mingle and find resources (legal, accounting, other team members) to help them.  The group meets at different locations around the State. On April 26, Launch NJ Entrepreneurial Tech Meetup will host “How much money (and when) should you raise for your startup?” at County College of Morris.

Brick City Tech Meetup (Newark) – Entrepreneurs and technology enthusiasts in Newark have access to their own city’s Meetup, geared towards bolstering the entrepreneurial community within the community. The group is run by Anthony Frasier and has nearly 1,300 members. At its April 23 event, Brick City Tech Meetup invites members to “Elevate Your Business to the Next Level with Greater Newark Enterprises Corporation (GNEC).” Attendees will learn how to find the right capital strategy for their businesses, develop feasible action plans, create validated marketing and sales plans and understand their business financials and projections.

Morris Tech Meetup (Morristown) – Under the leadership of entrepreneur John Carini, Morris Tech Meetup is designed for entrepreneurs and technology professionals who are interested in startups, entrepreneurship and innovation in the Morris County area. With more than 1,250 members, the group meets monthly at Fairleigh Dickinson University. On May 17, entrepreneur and serial angel investor Mario Casabona, Founder of TechLaunch, will speak to Morris Tech Meetup attendees about seed investing and valuation. 

Jersey City Technology Startups (Jersey City) – Run by entrepreneur Neal Singh, Jersey City Technology Startups has more than 1,200 members. Singh started the Meetup to create a community of technology enthusiasts seeking to broaden their horizons by learning from industry leaders, interacting with professionals, and creating a peer collaborative environment. The group meets roughly monthly at Ishi Systems Inc. offices in Jersey City. On May 19, Jersey City Technology Startups is hosting Demos, Drinks & Networking to give the Meetup’s members an opportunity to mingle.
 
The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

CTEC Professor Roger Debo and Student Vikram Saryeiya have a discussion during last week's New Jersey Technology Council's Venture Conference. 

TRENTON (April 14, 2016) – As the academic year winds down, nearly a dozen Rutgers University graduate students are getting ready to showcase what they learned in the inaugural Collaborative for Technology Entrepreneurship and Commercialization (CTEC) class. The course, which teaches students how to take products from intellectual property (IP) through commercialization, continues New Jersey’s long-standing tradition of cultivating the next generation of innovators in the Garden State.

Known as Discovery to Business Model (fall semester) and Business Model to Venture (spring semester), the two-semester course involves MBA, Master’s Degree and PhD candidates in the science, technology, engineering and mathematics disciplines working together in teams of four to six students. Each team puts together a portfolio of IP, which is comprised of patents owned by Rutgers University and/or the United States Navy. Every three-hour class is broken into two halves. During the first half, students hear lectures about steps entrepreneurs should take to build companies. Guest lecturers include established entrepreneurs, investors and others involved in the startup process. The second half of each session is devoted to the teams applying what they learned that day to their own portfolios.

By the end of the second semester, the goal is for each team to create a business proposal for a startup company and hopefully launch that company in New Jersey. Current students will present their business proposals to the general public in a “pitch” event on April 27. For more information about the event, or to register, visit https://ctecpitchnight.splashthat.com/.

The class is offered jointly on Rutgers’ Livingston Campus in Piscataway through Rutgers’ Business School and the University’s School of Engineering, and is led by Professors Ted Baker and Roger Debo of the business school and Stephen Tse of the Department of Mechanical and Aerospace Engineering. This is the first year that Professors Baker and Debo are teaching at Rutgers University, after teaching a similar class at North Carolina State University for the last 15 years. According to Baker, during that time, half of the startups coming out of North Carolina State were involved in the program. He said this type of hands-on approach to entrepreneurship is being implemented around the country and throughout the world.

Before the course began in September, Baker and Debo reached out to New Jersey’s technology community to attract mentors for each of the teams. Kamran Hashmi, a Program Manager within the New Jersey Economic Development Authority’s (EDA) Technology and Life Sciences division and Sam Kongsamut, an Executive-in-Residence at the EDA’s Commercialization Center for Innovative Technologies were selected as two of the 10 mentors. Hashmi told @NJEDATech he heard about the mentoring opportunity from the New Jersey Entrepreneurs Network (NJEN), a non-profit organization providing educational and informational service to entrepreneurs and investors.  Hashmi has been on NJEN’s board for the past two years. Kongsamut learned about the program through Tatiana Litvin-Vechnyak, Director of Biomedical & Life Sciences Licensing in Rutgers’ Office of Technology Commercialization.

“The fact that both Kamran and Sam were selected and are volunteering their personal time to mentor students speaks volumes about both the caliber of their expertise and the EDA’s commitment to fostering an atmosphere of collaboration within the Garden State,” EDA Chief Executive Officer Melissa Orsen said.

      
Hashmi                                                         Kongsamut 

@NJEDATech asked Hashmi and Kongsamut about their experiences with the class:

What did you get out of mentoring the class?
Hashmi:  I instantly recognized that this was a unique opportunity to utilize my skill set, knowledge, and network. Mentoring the teams allows me to help guide a new breed of entrepreneurs and stay connected to my alma mater. My experience has been extremely rewarding. Not only do I get to coach students on real-world business strategy, I’ve also learned a lot during the lectures on the methodical, process-based approach of this class. I’ve also introduced a number of local contacts to both the students and the professors to help with their respective goals and objectives.

Kongsamut: I am always interested in learning about new ways to teach emerging entrepreneurs about the process, and in promoting the culture of innovation within New Jersey.  Mentoring the class also allows me to share my own business experience with the teams, to help  potential businesses get started in a good direction. As an added bonus, it keeps me up-to-date on new endeavors and potential startup companies and gives me the opportunity to network with students and other mentors.

Students also weighed in on their CTEC experience:

MBA Candidate Vikram Sarveiya: It is certainly a great experience, which  aligns with current market trends. It gives students an opportunity to directly experience evaluating/starting a new business, and touches upon several processes involved, from project idea to initiating/managing business ventures. I feel like it is an MBA in and of itself. And it obviously opens new networking channels.

MBA Candidate Ke Zheng: By taking the CTEC class, students are getting true real-world experience. Unlike other MBA class projects that can mostly be done through online research, CTEC allows students to dive into the real world. Students must have the "do-or-die" mentality to work through the project, so decisions must be carefully made based on facts.

Master’s Degree Student Shweta Thapa: My perspective is from a mechanical engineer's point of view. I received a huge amount of exposure that I owe to the CTEC course. CTEC is an eclectic course that gives you real-world education beyond the classroom’s boundaries. It's a whole new world in itself, which not only triggers but also pushes until the end to become an entrepreneur in any domain.

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

St. Peter’s University Hospital Combined Heat and Power Project Moves to Next Stage of Review

TRENTON, N.J. (April 12, 2016) – A proposed combined heat and power (CHP) system on the campus of St. Peter’s University Hospital (SPUH) in downtown New Brunswick today became the first project to receive preliminary approval for funding under the Energy Resilience Bank (ERB).  Created by the Christie Administration in the aftermath of Superstorm Sandy, the ERB is the first public infrastructure bank in the nation to focus on energy resilience.
 
Administered by the New Jersey Economic Development Authority (EDA), the ERB is utilizing $200 million from New Jersey’s second Community Development Block Grant-Disaster Recovery (CDBG-DR) allocation to support the development of distributed energy resources (DER) at critical facilities throughout the state that will enable them to remain operational during future outages.
 
“Today’s Board action recognizes the importance of investing in resilient energy solutions for New Jersey’s most critical facilities in order to meet the needs of our communities and residents,” said EDA Chief Executive Officer Melissa Orsen. “This project will enable SPUH to provide needed community services and benefits to its patients independently and without interruption in the event of future storms, disasters, or emergency situations.”  
 
The intent of the ERB is to finance the installation or upgrading of commercially available and cost effective resilient energy technologies at critical facilities, with a focus on effective DER technologies, including CHP and fuel cells, which are designed to start up and function in “island” mode, disconnected and isolated from the grid during a power outage or other event.  As an added benefit, these technologies typically provide cleaner and more efficient power than more traditional forms of electricity generation.
 
SPUH, a not-for-profit organization, is an acute care, 478 bed teaching hospital that provides a broad array of services to the community. The hospital treats more than 30,000 inpatients and over 200,000 outpatients annually, and employs 2,800 healthcare professionals and support personnel. SPUH suffered direct physical damage from Superstorm Sandy and had to enact emergency protective measures to protect the health and safety of its patients and employees.  This includes creating temporary hookups to accommodate water delivery by tanker when the county water plant went off line. 
 
ERB applicants must be eligible entities and must demonstrate that they were either directly or indirectly impacted by Superstorm Sandy or directly impacted by another qualifying disaster.  Priority, as established through the ERB scoring system, is placed on projects which serve low and moderate income communities.  Financing options available through the ERB consist of grants and loans to address unmet funding needs. 
 
Today’s approval will allow the SPUH project to advance to the next phase of the ERB program review. As approved, $7.4 million of ERB funds will be reserved for the project, approximately $4.4 million as a grant and $3 million as a low-interest loan. An additional $1 million will be provided in the form of a loan from the Public Service Electric & Gas (PSE&G) Hospital Efficiency Program, which will cover the gap between the ERB funding and the project’s total estimated costs of $8.48 million.
 
Consistent with ERB and the U.S Department of Housing and Urban Development’s (HUD) CDBG-DR program requirements, SPUH will develop the new CHP system above minimum base flood elevations and will include a two-Megawatt natural gas fired reciprocating engine that will be interconnected within the facility with the necessary blackstart and islanding system controls to be able to operate independently from the grid in case of a power outage or other emergency.
 
In conformance with HUD’s CDBG-DR funded infrastructure program requirements, all projects undergo a comprehensive risk analysis which incorporates a detailed technical feasibility, criticality and resiliency, and cost benefit/project economics review to determine program and finding eligibility.  Each project is assessed on the technical specifications of the project including the technology used, size and scale, criticality, resiliency, environmental review, applicant credit, cost and revenue estimates and overall feasibility. 
 
Based on today’s action, the SPUH project will now proceed to the NJ Department of Environmental Protection’s (DEP) environmental review process.  This authorization to proceed allows SPUH to make the necessary financial commitments to finalize engineering and design of the project, with the understanding that any material changes to the project’s scope or budget will be brought back to the Board for reconsideration. 
 
The ERB Financing Program Guide and application can be found at http://www.NJERB.com, or by calling (866) 534-7789, or emailing erb@njeda.com.
 
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.
 

 New Jersey Technology Council President and Chief Executive Officer James Barrood addresses the audience at the 2015 Venture Conference

TRENTON (April 6, 2016) – The New Jersey Technology Council (Tech Council) will showcase the vital role it plays in bolstering innovation in the Garden State as hundreds of innovators, entrepreneurs and investors descend upon its 19^th Annual Venture Conference in Iselin tomorrow.

Since 1996, the Tech Council has worked to support New Jersey’s entrepreneurs by providing business development, education, networking, and recognition opportunities to its more than 900 member companies. Understanding that collaboration and interaction are keys to a dynamic technology ecosystem, the organization also invites its members to monthly industry-focused meetings, peer groups, and educational programs, enabling entrepreneurs to meet others who share a common mission. Specific industry sectors include: Telecom/Media; Electronics, Advanced Manufacturing and Supply Chain; Environment/Energy; Life Sciences; and Information Technology/Software.

In 2002, the Tech Council collaborated with the New Jersey Economic Development Authority (EDA) to create JumpStart New Jersey Angel Network as a way to connect early-stage technology companies with access to much-needed capital. Since its inception in 2002, JumpStart has grown to approximately 40 members and is one of the largest angel-investing networks in the Mid-Atlantic region. The EDA is also a limited partner in the Tech Council’s NJTC Venture Fund, which has helped create over 1,000 jobs in New Jersey since its inception in 2001.

“The Tech Council has a pulse on everything happening technology and innovation-wise in the Garden State,” Tech Council President and Chief Executive Officer James Barrood noted. “Through our educational programs, networking opportunities, and access to resources and capital, we are making sure emerging businesses have the tools they need to grow and thrive in New Jersey.”

The Tech Council, which recently moved its offices from Mount Laurel to New Brunswick, anticipates over 400 attendees at tomorrow’s Venture Conference. During the event, more than three dozen of the region's most promising startups will have the opportunity to present two-minute pitches to investors and venture capitalists. Presenters include representatives from companies that have participated in the EDA’s Founders & Funders events, which connect investors with companies seeking funding. These include Bernardsville-based ThinkHome.com, Fusar Technologies, which is located in Jersey City, and Simphotek in Newark. The Venture Conference will also feature a keynote address by Rachel Holt, the Regional General Manager of Uber Technologies, and an investor panel.

The EDA is a charter sponsor of the Tech Council and a sponsor of the Venture Conference. Kathleen Coviello, Director of the EDA’s Technology and Life Sciences division, sits on the Tech Council’s Board of Directors.

In addition to tomorrow’s Venture Conference, the Tech Council has several events planned in upcoming months to boost collaboration among innovators. These include the Internet of Things Conference 2016 (April 26), the CIO Conference (May 3), and the HealthTech Conference 2016 (May 19).

@NJEDATech asked Barrood about New Jersey’s technology ecosystem and about the Tech Council’s plans for the future:

The Tech Council offers a variety of support to emerging technology companies. What do you suggest is the first step entrepreneurs take as they establish their businesses in the Garden State? 

The key to success for entrepreneurs, regardless of the industry, is to surround themselves with smarter people than themselves. This extends from their immediate team to their advisory board to their extended network. Relationships are the key to success, both short and long term.

I also recommend they seek and attain all the help they can get from our rich ecosystem of experienced serial entrepreneurs and professional advisors. Entrepreneurs can also take advantage of the numerous programs and resources at the Council, as well as at the EDA and other support organizations and universities throughout the state.

What do you consider the Tech Council’s biggest success to date?

That’s hard to say because we’ve helped thousands of people be more successful over the past 20 years. One success of note is our ability to bring in marquee speakers to our events. Rachel Holt, the Regional General Manager of Uber Technologies, is giving the keynote address at tomorrow’s Venture Conference. Serial entrepreneur and investor Gary Vaynerchuck headlined last year’s conference. We have industry leaders speak at many of our smaller programs as well.

What’s on the horizon for the Tech Council?

Earlier this year, the Tech Council moved into its new space in the heart of New Brunswick, a city that is quickly becoming a hub of activity within the state. We are planning a ribbon cutting for later this Spring and look forward to continuing our support of the technology sector from our new location.

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, April 12, 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.

  

TRENTON (March 31, 2016) – New Jersey is known the world over as a leader in innovation, and its biotechnology startups like Orthobond Corporation strive daily to improve quality of life for patients throughout the world.

Orthobond, a graduate of the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, has developed a surface modification technology with antimicrobial characteristics that can be applied to virtually any material. The company’s proprietary “linker” technology enables Orthobond to work in a variety of areas of medicine by altering surfaces to improve adhesion and lubricity. The biotechnology’s primary goal is to produce safe and effective surfaces for medical devices that will help to fight infections stemming from surgeries, ultimately leading to improvements in patients’ health and lifestyle. 

Collaborations with a variety of companies have allowed Orthobond, which began as a startup at Princeton University, to improve its technology as it continues to seek additional partners and explore new applications. The company is in discussions with several potential partners and anticipates having exciting news later in 2016.

“A venture that began in a Princeton University laboratory has grown into an operation on the verge of making a global impact,” EDA CEO Melissa Orsen said. “The EDA is pleased to have extended support to Orthobond through a variety of programs as it has grown.”  

During its time at CCIT, Orthobond grew from two to four laboratories and expanded from a staff of three to 11. In 2013, the biotechnology company entered into a lease with the EDA for just over 7,050 square feet of generic wet lab space at the Biotechnology Development Center II (BDC). Known as a “tweener,” the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility.

Like CCIT, the BDC is part of the Technology Centre of New Jersey campus. Located in the heart of the State's "Bioscience Cluster" between Rutgers and Princeton Universities, the Technology Centre of New Jersey sits on 75-acre campus 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.

Orthobond is also one of more than 500 New Jersey companies to take advantage of the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. 

@NJEDATech spoke with Orthobond’s Chief Executive Officer Marc Burel about his company’s experience in New Jersey and its plan for the future:

Why did Orthobond choose to locate in New Jersey? 
Because of our association with Princeton University, our roots are in New Jersey. As an added bonus, we were able to secure exceptional talent from the surrounding pharmaceutical industry and the State’s renowned universities.    

What resources did Orthobond find most useful during its time at CCIT?
We appreciated the atmosphere the incubator offered; the conference rooms allowed us to meet potential partners in a professional environment and we were able to interact and collaborate with other CCIT tenants. We also shared a multitude of resources, including scientific equipment and office supplies, and received an abundance of support from the EDA staff. They were always looking for ways to assist in making us successful.

What’s the company’s biggest success to date?
Orthobond is proud of the partnerships it has developed. These high-level collaborations include working with a partner that plans to submit its product to the U.S. Food and Drug Administration (FDA) for approval this year.  

What’s on the horizon for Orthobond?
We look forward to supporting one of our partners through the FDA submission process, continuing to expand our partner base, and the commercialization of our technology.

The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, March 16, 2016 at 10:00 am in the EDA Board Room, 36 West State Street, Trenton, NJ.
 
A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461

TRENTON (March 11, 2016) – Showcasing the Garden State’s commitment to supporting  technology companies at all stages of development, the New Jersey Economic Development Authority (EDA) today approved Prazas Learning, Inc. for an $800,000 loan through the EDA’s Edison Innovation VC Growth Fund.

South Brunswick-based Prazas Learning, doing business as Tabtor Math, is an educational technology company that creates education products that make learning fun for students in kindergarten through eighth grade through its personalized tutoring programs. 

“By combining world-class curriculum with personal attention from a dedicated tutor, our math program is tailored to every child’s unique learning needs,” Tabtor Math Founder and Chief Executive Officer Raj Valli said.
According to the company, Tabtor Math has rapidly become the world leader in personalized, iPad and Android tablet-based math tutoring using a unique combination of digital analytics, personal tutors and patent-pending Active Replay Technology (ART). With over 60,000 registered product users in 12 countries, the company notes a more than 90 percent improvement in math performance after just three months of use by students.

“Today’s Board action will have a lasting effect on Tabtor Math as it builds its presence in New Jersey,” EDA Chief Executive Officer Melissa Orsen said. “The Edison Innovation VC Growth Fund is ideal for businesses like Tabtor Math, who have already attracted interest funding from venture capital investors and are looking for additional assets to help them expand.”

Created in 2011 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.

As part of its growth strategy, Tabtor Math plans to maintain its current staff and create up to 10 new jobs in New Jersey over the next two years.

“We are extremely honored to be recognized for the revolutionary approach and fantastic growth we have demonstrated in the math education space,” Valli said. “A strong foundation in math boosts confidence in children and allows them to compete successfully in a knowledge economy.  The support from EDA not only enables us to provide high quality and affordable math tutoring to millions of students, but to have a direct impact on the technology ecosystem in New Jersey.”

To be eligible for the Edison Innovation VC Growth Fund, companies must: be a developer/owner of protected proprietary technology, employ 75 percent of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space. A complete list of eligibility requirements can be found at: www.njeda.gov/VCGrowthFund.

The Edison Innovation VC Growth Fund represents just one of the many resources available to growing technology and life sciences companies in the State. To learn about the various programs and resources available, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.