Funds will support investments in early-stage technology companies

TRENTON, N.J. (July 17, 2024) – The New Jersey Economic Development Authority (NJEDA) today approved an investment into Newark Venture Partners, III, L.P. (NVP III) of up to $6 million under the NJEDA’s Venture Fund Investment Program. As a requirement of the program, NVP III will work to match every dollar of the NJEDA’s commitment to the Fund with an additional $2 into New Jersey-based companies. Additionally, up to $1 million of the NJEDA’s aggregate commitment will be invested through a fund to exclusively invest in Newark-based startups.

“Under Governor Murphy’s leadership, New Jersey has been laser-focused on connecting entrepreneurs and companies of the future with access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Strategic investments in New Jersey’s innovation sector, like those made available under the NJEDA’s Venture Fund Investment Program, help drive ingenuity, generate good-paying jobs, and strengthen our economy, further positioning the Garden State as the premier destination for technology and innovation companies.”

NVP III is the third fund for Newark Venture Partners (NVP), a Newark-based early-stage venture capital firm. NVP leverages its corporate limited partner relationships, which include top corporate investors such as Audible (an Amazon company), Prudential, RWJBarnabas, Bank of America, and Horizon Blue Cross Blue Shield, to source potential investments, evaluate the commercial viability of opportunities, and add value to portfolio companies.

“This investment in NVP will have exponentially greater impact as it leverages the firm’s network and expertise, advancing the performance of technology businesses across the State,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Investing in early-stage firms such as these will lead to economic transformation, job growth, and innovation for diverse New Jersey companies.”

The Authority prioritizes support for venture capital funds that invest in early-stage companies with less than $3 million in revenue, as well as supporting emerging technology companies. To date, the NJEDA has approved investments in 22 venture capital funds with cumulative commitments of more than $77 million, including an approximately $5.3 million commitment to NVP’s first two funds.

“The NJEDA has supported Newark Venture Partners from the beginning and continues to be a best-in-class partner as we evolve as a firm,” said Dan Borok, Managing Partner of NVP.  

“We value our ongoing partnership with the NJEDA and its efforts to propel New Jersey’s innovation economy forward,” said Vaughn Crowe, Managing Partner of NVP and a Newark native.

Cumulatively, past venture capital partners have invested approximately four times the NJEDA’s investment into more than 100 New Jersey early-stage technology and life science companies. Including other third-party investors, companies in the NJEDA venture fund portfolio have received $3 billion of funding. Active portfolio companies employed over 1,000 full time employees.

More information on Venture Fund Investments, including program details, evaluation criteria, and applications, can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Bullpen Capital has invested over $3 million into The Many Company

TRENTON, N.J. (July 17, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved an investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging women-led company, The Many Company. Located in Ridgewood, the investment into The Many Company comes from the approval of an application submitted by Bullpen Capital for an initial Qualified Investment of $3 million.

“The New Jersey Innovation Evergreen Fund is a groundbreaking tool that propels New Jersey’s economy forward by leveraging public and private dollars to invest in high-growth start-ups and entrepreneurs, providing a self-sustaining cycle of investment for innovators in need of access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Throughout Governor Murphy’s administration, New Jersey continues to further its legacy as a global leader in innovation by making substantial investments in the next generation of pioneering companies that call the Garden State home.”

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $37 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

“The investment approved by our Board today adds to the NJIEF’s momentum and exemplifies the state’s commitment to supporting up-and-coming women-owned companies and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By creating a stream of venture capital investment into  high growth start-ups, the NJIEF will continue to drive job creation and economic growth across the State.”

Based in Ridgewood, The Many Company was founded in 2020 by Carolyn Butler, a graduate of the Stevens Institute of Technology, and Rich Amsinger. Brought on by the birth of the founders’ first child and the realization that they had no use for outgrown baby clothes, The Many Company was conceived to enable direct-to-consumer (“DTC”) sustainable brands to accelerate growth and participate in the “circular economy.” Today, The Many Company sells refurbished, pre-owned resale apparel, overstock items, and offers returns through hosted web platforms, including through its own website, ManyMoons. Originally focused on children’s apparel, the company is now expanding into women’s apparel brand partners.

“Brands face a landscape fraught with logistical challenges and financial losses due to unsold inventory and retail returns. The Many Company changes that dynamic by transforming what was once considered a write-off loss into a significant revenue-generating opportunity,” said Carolyn Butler, Founder and CEO of The Many Company. “Our technology handles complex operations at scale, paired with syndication technology that drives sell-through across e-commerce platforms. This makes it easy for brands to unlock the value of physical assets while simultaneously reducing their environmental impact – a win-win for everyone. This investment from NJEDA, along with backing from industry-leading VCs like Bullpen Capital, will enable us to rapidly scale our technology and bring more brands into this new core pillar of retail technology and logistics.”

The Many Company, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

Bullpen Management, LLC is one of the 14 QVFs approved to date to access up to $12.5 million from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. Founded in 2010, Bullpen Capital is an early-stage venture capital firm headquartered in San Francisco, California, and has a rich history of founding and investing in some of the industry’s most prominent technology companies such as FanDuel, Carbon Health, and Paper. Bullpen Management also has a history of providing support and mentorship to assist their portfolio companies in crossing over to mainstream consensus.

“Bullpen Capital strongly believes in the vision of the circular economy drawn by Carolyn Butler and the team at ManyMoons,” said Eric Wiesen, General Partner at Bullpen Capital. “Throughout our history, Bullpen has sought out non-consensus businesses, often located in emerging tech hubs like the one being built in New Jersey. We are thrilled to work with the NJEDA in our shared support of this dynamic and exciting company.”

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at over $37 million.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Please be advised that the New Jersey Motion Picture & Television Commission meeting scheduled for Thursday, July 18, 2024 @ 10:30 AM is hereby cancelled.

The next regularly scheduled meeting will be held on Thursday, September 19, 2024 @ 10:30 AM. 

AfroTech’s Inaugural Newark Event Highlights City’s Innovation Community

TRENTON, N.J. (July 11, 2024) – On Friday, June 28, the New Jersey Economic Development Authority (NJEDA) and AfroTech celebrated AfroTech Executive 2024, with over 240 people in attendance. Held during this year’s North to Shore Festival, the event brought together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation.

“AfroTech is just one of many events held during North to Shore that showcased New Jersey’s commitment to diversity and innovation,” said Governor Phil Murphy. “When we bring together corporate executives and entrepreneurs in the City of Newark, one of the birthplaces of American innovation, we do our part in increasing access to economic opportunity and improving the prospects for generational wealth for all New Jerseyans.”

AfroTech brought together executives, entrepreneurs, and investors for vital discussions on innovation, financial literacy, and generational wealth creation. (Photo: AfroTech)

“Under Governor Murphy’s leadership, we have prioritized breaking down barriers to opportunity for minority and women entrepreneurs, especially in the tech and innovation sectors,” said NJEDA Chief Executive Officer Tim Sullivan. “AfroTech exemplifies the NJEDA’s commitment to supporting a diverse innovation economy, which in turn, leads to job creation, thriving communities, and a stronger New Jersey for years to come.”

Held at Prudential Tower in Newark, AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye served as the keynote speaker.

“Our week hosting the North to Shore Festival, and the City of Newark itself are the perfect combination of time and space to showcase the brightest and most spirited African American innovators, investors, makers, moguls, and mavericks,” said Newark Mayor Ras J. Baraka. “Newark is at the crossroad of diversity and next-level technology, making it the ideal location for a dynamic exchange of insights and visions. It’s a thrilling time to be in Newark and we’re proud to be at the center of paradigm-shifting conversations.”

“This was a collaboration which confirmed the possibilities are limitless when you close your eyes to false perceptions and allow the finest minds to intersect with a mutual goal of excellence,” said John E. Harmon, Sr., IOM, Founder, President, & CEO, African American Chamber of Commerce of New Jersey. “I applaud all contributing parties that enabled Afro Tech to happen in the most diverse state in the country. Let’s keep it going.”

“AfroTech Executive 2024 was a great success, bringing together prominent voices in tech and innovation in Newark to discuss breaking down barriers for Black Americans while showcasing technology, entrepreneurialism, and innovation,” said NJEDA Chief Diversity & Inclusion Officer Michelle Bodden. “Conversations like these are essential for our communities and businesses, fostering greater upward mobility for members of the Black community.”

The fireside chat featured Angela Rye, Principal and CEO of IMPACT Strategies Global. (Photo: AfroTech)

The session was moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, and featured Erica Duignan Minnihan, Founder and General Partner at Reign Ventures. Together, they discussed how diversity is essential in fostering creativity and resilience, explored the innovative economies of New Jersey and the funding opportunities driving them forward.

The second session was a panel exploring practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel included Sam Caucci, Founder and CEO of 1Huddle, Michele Alcazar, Head of HR for Global Technology & Data at Prudential, and was moderated by Daniel Adeyanju, Director of Partnerships at The Knowledge House.

The fireside chat explored the importance of providing funding opportunities and access to fueling an innovative landscape. The chat featured Angela Rye as the keynote speaker and was moderated by Will Lucas, Brand Manager at AfroTech. Rye currently serves as the Principal and CEO of IMPACT Strategies Global, a political advocacy firm based in Washington, D.C. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.

“We are thrilled to have partnered with NJEDA for our AfroTech Executive event in Newark, marking an important milestone in our mission to highlight and foster diverse innovation,” said SVP of AfroTech and Live Events, Simone Tyler. “This event underscored the power of collaboration and the critical need to create economic opportunities that include all voices, driving forward both technological advancements and generational wealth within our communities.”

“Prudential was honored to host this energizing, impactful event at our Newark headquarters during the North to Shore Festival,” said Robert Gulliver, Chief Talent & Diversity Officer at Prudential Financial, Inc. “As an organization committed to attracting, developing, and retaining a diverse, best-in-class workforce supported by an inclusive culture, we applaud AfroTech’s work to connect tech talent with meaningful career opportunities and look forward to continuing our partnership.”

AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. (Photo: AfroTech)

AfroTech Executive 2024 was held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year served as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, July 17, 2024, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Solar Landscape, LLC will use loan to create jobs, expand access to solar energy in underserved communities

TRENTON, N.J. (June 27, 2024) – The New Jersey Economic Development Authority (NJEDA) recently closed on two loans totaling $10.5 million through the New Jersey Clean Energy Loans (NJ CELs) Program to support expanded solar energy across the state. The two loans were approved by the NJEDA earlier this year.

“The NJ CELs program was developed with the purpose of supporting small businesses and furthering Governor Phil Murphy’s vision for a cleaner, greener Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “With support from this program, businesses such as Solar Landscape can continue to invest in transformative clean energy projects, which will lead to job creation, expanded access to solar energy, and savings for New Jersey residents.”

NJ CELs was created by NJEDA for small businesses seeking to finance clean energy projects, and for the formation or expansion of clean energy businesses that create jobs in the state. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition. NJ CELs funding comes from the State Small Business Credit Initiative (SSBCI), which was part of the federally funded American Rescue Plan. The Biden Administration recently highlighted New Jersey’s efforts to support climate-focused initiatives through the $80 million NJ CELs program.

“The support for New Jersey’s clean energy economy has grown exponentially under Governor Murphy’s tenure,” said Chief Economic Transformation Officer Kathleen Coviello. “The NJ CELs program will support major clean energy projects and initiatives that will transform communities, boosting our economy and improving our environment across the entire state.”

NJ CELs offers loans of $250,000 to $10 million with a term of one to 25 years. NJEDA loans must be matched at least dollar for dollar with capital from a financial institution.

The recipient of a $10 million loan, Asbury Park-based Solar Landscape, will use the funding to create 185 new field and office jobs in New Jersey over the next five years – in both direct and indirect hires – allowing the company to expand access to clean energy and bring more community solar and energy savings to residents. Solar Landscape will also receive $10 million in funds from M&T Bank, for a total financing amount of $20 million. Solar Landscape develops and operates community solar projects which are hosted on rooftops of buildings owned by the nation’s largest commercial real estate companies. The energy generated by these projects is then distributed to nearby communities, where members of underserved and emerging areas can subscribe to save on their energy bills and aid in the fight against climate change.

 “This is a great example of how investment in community solar creates jobs, reduces energy costs and fights climate change,” said Solar Landscape CEO and co-founder Shaun Keegan. “We’re grateful for this collaboration with the Murphy Administration, NJEDA and federal government. By leveraging federal resources in New Jersey, we’re driving the economy forward, improving the lives of residents and advancing clean energy.”

“M&T’s commitment to sustainability is rooted in our mission to make a difference in people’s lives and within our communities,” said Curt Lang, M&T Senior Vice President, Commercial Group Manager

In New Jersey. “We are thrilled to be a part of this important initiative expanding clean energy across the state.”

Amergy Solar, Inc., based in Monmouth Junction, was the first company approved under the NJ CELs program. The company, which is known as a leading provider of solar development and installation services, received a $500,000 loan from the NJ CELs program in January 2024, alongside a $500,000 loan from Columbia Bank. As a NJ certified minority-owned company, Amergy Solar qualified for a supplemental interest rate reduction on the NJEDA’s loan. To date, Amergy Solar has successfully installed solar systems for thousands of homes and various commercial projects in the New Jersey area, including ice rinks, wholesale companies, and sports facilities.

The NJEDA continues to accept applications for NJ CELs. Those considering applying may conduct a preliminary Eligibility Self-Assessment here. Financial institutions interested in offering the benefits of the NJ CELs program to their clients may complete an expression of interest here.

For more information about NJ CELs and how to apply, visit www.njeda.gov/njcels/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

TRENTON, N.J. (June 25, 2024) – The New Jersey Economic Development Authority (NJEDA) will close applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Sunday, June 30th. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.  

WHAT:            The NOL program supports innovative start-ups by enabling qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of its net operating losses and R&D tax credits. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

                        Since the program’s inception over 25 years ago, the NOL program has awarded more than $1.95 billion to over 580 innovative companies in New Jersey.

WHEN:           Applications will close on Sunday, June 30th, at 11:59 p.m. No new information can be provided after the deadline. Visit https://www.njeda.gov/nol/ for more information.         

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

TRENTON, N.J. (June 24, 2024) – Applications for the New Jersey Economic Development Authority’s(NJEDA) $20 million Emerging Developers Grant pilot program are now open. This program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs.

WHAT:             The Emerging Developer Grant program aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.

WHO:              The program will support small-scale developers that have completed at least two – but no

more than five – commercial and/or mixed-use properties of similar scope. Developers interested in applying can take an eligibility assessment here.

WHEN:           Applications for the program are open and can be accessed here. Applications will be accepted on a rolling basis or until funds have been completely exhausted.

For More Information:

                       Visit: www.njeda.gov/emerging-developers/

                       Email:  emergingdevelopers@njeda.gov

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

TRENTON, N.J. (June 19, 2024) – The New Jersey Economic Development Authority (NJEDA) and AfroTech have partnered to host AfroTech Executive 2024 in Newark during this year’s North to Shore Festival. The event will bring together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye will serve at the keynote speaker.

AfroTech Executive 2024 will take place on Friday, June 28, 2024, at 3:00 p.m. at Prudential Tower, 655 Broad St, Newark, N.J., 07102. The event will include two panel discussions and a fireside chat, followed by a networking reception. Click here to learn more and to purchase tickets.

“We are thrilled to partner with AfroTech, which has been dedicated to uplifting the Black community in the tech and innovation sectors. This event will bring together state and national figures for in-depth conversations focused on growing the innovation economy, and advancements in technology amidst the excitement of the North to Shore Festival,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey has prioritized supporting minority and women entrepreneurs by ensuring they have equitable access to the tools they need to thrive and succeed. As we continue our mission to grow our diverse innovation economy, it will lead to greater ingenuity, new technologies, good-paying jobs, and a stronger New Jersey for the next generation.”

The first panel, which will be moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, will explore the diverse innovative economies of New Jersey and the funding opportunities driving them forward. The second panel will explore practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel will include Sam Caucci, Founder and CEO of 1Huddle and Nina Edwards, Vice President of Strategic Initiatives, Global Technology at Prudential.

The fireside chat will explore the importance of providing opportunities and access to fueling an innovative landscape. The chat will feature Angela Rye as the keynote speaker and Will Lucas, Brand Manager at AfroTech, as the moderator. Rye currently serves as the Principal and CEO of IMPACT Strategies, a political advocacy firm formerly based in Washington, DC. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.

“Once again, the Murphy Administration and NJEDA CEO Tim Sullivan have responded affirmatively to a request from the African American Chamber of Commerce of New Jersey to bring AfroTech to our state. This is an opportunity to showcase technology, innovation, and entrepreneurialism at the highest level and there is no better person to lead this presentation than Founder, Aaron Samuels,” said John E. Harmon, Sr., IOM, Founder, President & CEO, African American Chamber of Commerce of New Jersey. “Lastly, there is always an opportunity to have a thought-provoking discussion on issues that matter to individuals, businesses, and communities that have not had access to the transformational components of society, and this too will be a part of AfroTech. This is truly a must attend event.”

“The Murphy Administration has long been committed to supporting diverse entrepreneurs, which is good for our communities, our state, and our nation,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “This incredible event will bring prominent voices together in Newark to discuss ways we can continue breaking down barriers for the Black community and ensure they can reap the benefits of New Jersey’s growing innovation economy.”

AfroTech Executive 2024 will be held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year serves as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn

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Analysis finds North Brunswick incubator has been an integral resource for New Jersey’s life sciences sector and a driver of the state’s overall economy

NORTH BRUNSWICK, N.J. (June 18, 2024) – The New Jersey Economic Development Authority (NJEDA) today released findings from the NJ Bioscience Center Incubator (BCI) IMPACT Study, a report seeking to understand and quantify the economic impacts of the incubator and the companies it has hosted and nurtured. The results found that BCI has been a vital resource for New Jersey’s life sciences sector and has had a positive impact on the state’s overall economy in terms of job creation, tax revenue, and total economic output.

The Incubator at North Brunswick is part of the 50-acre research park known as the New Jersey Bioscience Center, located on Route 1. The Incubator offers lab space starting at 900 square feet up to 1,300 square feet, conference rooms, loading docks, glass washing, autoclaves, and private offices. The space creates an environment for entrepreneurs to collaborate and develop a natural synergy. Additionally, companies have access to support services including venture capital training events and one-on-one office hours led by experienced life sciences professionals.

The IMPACT Study found that from 2019 to 2023, BCI supported companies which have created an average of 2,744 jobs per year, and in 2023, the resident companies generated $32 million in state and local tax revenue. Since 2002, BCI companies have generated over $9 billion in total output and $4 billion in total labor income in New Jersey. The full impact study document is available here.

“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “Since taking office, Governor Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market, and further New Jersey’s legacy as a leader in innovation, especially within the life sciences sector. The report released today clearly demonstrates how the Incubator is supporting early-stage biotech and life sciences businesses, providing them with the ecosystem, space, and resources needed to scale their operations.”

The report was conducted by BJH Advisors and East Egg Project Management. As part of the study, 18 graduates and current tenants of BCI were interviewed and unanimously agreed that the incubator contributed to the success and growth of their companies, with factors pointing towards BCI’s staff, resources, and programming, in addition to the facility’s space and equipment.

Of the 96 companies that have graduated from the incubator since 2002, 50 percent continue to operate their headquarters or maintain a presence and employment in New Jersey. Notable successful companies that have graduated from the incubator include Amicus Therapeutics, GENEWIZ, and Advaxis, now known as Ayala.

“The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and start-ups by providing them with the space and resources to grow their companies, while encouraging collaboration among like-minded entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This report shows that New Jersey has what it takes to remain at the forefront of innovation.”

New Jersey is home to 14 of the world’s 20 largest pharmaceutical companies and more than 400 biotechnology companies. The life sciences industry employs 115,000 people in the state and has one of the country’s largest concentrations of science and engineering talent anywhere in the world. Middlesex County has the largest life sciences workforce in New Jersey, at over 11,200 people.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn

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