TRENTON, N.J. (October 31, 2024) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Offshore Wind Applied Research Administration Grant Challenge on November 4, 2024. The Grant Challenge is a pilot program where the NJEDA will award a single grant of $6.35 million to an Administrator to develop and administer a Sub-Grant Program for offshore wind applied research and innovation open to universities and colleges located in New Jersey.

WHAT: This Grant Challenge is a competitive funding opportunity, where applicants will be asked to submit proposals that outline their plans to develop and manage a Sub-Grant Program, through which at least two solicitations will be administered to provide funding to New Jersey colleges and universities for applied research projects for the offshore wind industry. The Sub-Grant Program will provide grants for research projects that show a connection to potential commercialization or innovation of offshore wind technologies.

WHO: Non-profit entities with direct experience overseeing and administering a minimum of one prior offshore wind research and development solicitation are eligible to apply. New Jersey universities and colleges are not eligible to apply for this grant challenge.

WHEN: Applications for this program will open on Monday, November 4, 2024, and close on Thursday, December 19, 2024. A Q&A will be posted on Tuesday, November 26, 2024.

For more information on the Offshore Wind Applied Research Administration Grant Challenge, click 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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More than 350 attendees gathered in Atlantic City to explore the latest developments in offshore wind and discover new prospects in the growing sector

ATLANTIC CITY, N.J. (October 29, 2024) – As part of the ongoing collaboration between New York and New Jersey, the New Jersey Economic Development Authority (NJEDA) and New York State Energy Research and Development Authority (NYSERDA) co-hosted the “New York & New Jersey Offshore Wind Supplier Forum,” in Atlantic City on Monday. The forum, part of a bi-annual series, connected local businesses with developers and other contracted suppliers to explore opportunities in offshore wind, helping New Jersey and New York businesses to build the knowledge and relationships needed for success in the growing industry.

The event brought together more than 350 registered attendees from the regional offshore wind industry eager to supply products and services for projects along the East Coast.

“Through our partnership with NYSERDA, we were able to provide businesses across the region with critical information and a forum to directly connect with new opportunities in the growing sector,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we are committed to realizing the promise of a clean energy future, and this Supplier Forum is a testament to our vision of a robust offshore wind economy.”

“Governor Hochul’s firm commitment to advancing offshore wind development while reducing its cost is bolstered by New York and New Jersey’s shared vision for a regional supply chain to support regional and national efforts to deploy this resource at scale,” said NYSERDA President and CEO Doreen M. Harris. “Together, we can leverage the lessons learned from overcoming obstacles and keep driving progress for this powerhouse industry.”

At the event, the states announced the launch of a joint workforce development website, offshorewindtraining.org, which includes occupation descriptions, funding opportunities, and a map of all the offshore wind training locations in both New Jersey and New York.

Attendees networked among developers and suppliers, as well as attended several informative sessions on supply chain development. Notably, the session “New York-New Jersey Partnership Success Story,” offered valuable insight into how New Jersey and New York businesses collaborated with European partners to localize components, creating a major manufacturing success in the rapidly growing US offshore wind industry.

“The Offshore Wind Supplier Forum was a valuable opportunity that we were proud to be a part of,” said Chris Johnston, Vice President of Offshore Wind at Riggs Distler. “Our session highlighted the importance of making connections and developing relationships with other like-mind organizations to support these large-scale construction projects. Our work with Smulders and LJUNGSTROM and other Tier 2 and Tier 3 suppliers was built on the collaborative drive towards a sustainable future as we actively shape the offshore wind landscape.”

Consistent with the commitment to support small businesses, the Forum featured 10 New Jersey and New York companies that made a two-minute pitch each to present their capabilities and highlight the services they can offer for offshore wind projects to an audience of developers and other primary component suppliers.

To stay up to date on additional events in New Jersey, visit: https://www.nj.gov/offshorewind/. To stay up to date on additional events in New York, visit https://www.nyserda.ny.gov/All-Programs/Offshore-Wind/Announcements-and-Events.
 

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.

About NYSERDA

NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram

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Golden Seeds has invested over $180 million in 250 women-led companies since its inception 20 years ago

TRENTON, N.J. (October 25, 2024) – The New Jersey chapter of Golden Seeds, supported by First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA), joined the national chapter in commemorating its 20th anniversary at a celebration on Tuesday in Montclair. Golden Seeds is one of the nation’s most active early-stage angel investment firms focused on supporting women-led businesses, investing over $185 million into 250 companies since it was established in 2004.

The New Jersey Golden Seeds chapter, which was founded in 2020, has invested over $9.7 million in female-led companies.

“As Golden Seeds celebrates its 20th anniversary, it is important to recognize and celebrate the opportunities that our unique partnership between Golden Seeds and the NJEDA is creating for women-led startups and female entrepreneurs,” said First Lady Murphy. “Together, we are ensuring that female founders have the resources and support they need to thrive by leveraging a national network of angel investors and thus creating a stronger and more equitable economy. In just four years, our New Jersey chapter has become the most active Golden Seeds chapter in the nation, and I have no doubt that we are a world leader in financial services, pharmaceuticals, generative AI, fin-tech, and so many other industries, because we have invested in empowering female leaders across our state.”

“Under Governor Phil Murphy and First Lady Tammy Murphy’s leadership, New Jersey is creating an environment where women-led businesses can succeed, by breaking down barriers to capital and encouraging a vibrant and equitable angel investment landscape,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The New Jersey Chapter of Golden Seeds is supporting female founders in the Garden State with mentoring and investment opportunities, arming them with the tools needed to thrive.”

Golden Seeds’ members are dedicated to evaluating, funding, and helping companies with at least one woman in an upper management role who has an equity position. To support Governor Murphy’s goals of building a stronger and fairer New Jersey economy and creating the most diverse innovation ecosystem in the nation, First Lady Murphy and the NJEDA organized the New Jersey chapter of Golden Seeds in 2020, contributing to the creation of a strong, cohesive, and equitable angel investing community.

“Although I’ve traveled and lived around the world and have been a long time member of Golden Seeds, investing and mentoring companies with diverse teams, I am a “Jersey Girl” born and bred,” said Golden Seeds Managing Director Gina Tedesco. “So it is immensely rewarding to play even a small part in helping to create this world class partnership to increase access to capital for all the incredible women-led companies in New Jersey, my own backyard”

Innovative women-led New Jersey companies supported by Golden Seeds’ New Jersey chapter include:

  • SunRay Scientific, based in Eatontown, offers custom-engineered, interconnected solutions for advanced electronic packaging. The company raised over $350,000 from Golden Seeds in the first round, with Golden Seeds participating in a $2 million follow-on round. SunRay Scientific utilized additional benefits from the NJEDA’s Angel Investor Tax Credit Program.
  • Otava Inc., based in Moorestown, is focused on end-to-end technology and chip development used by advanced 5G commercial and Department of Defense applications. The company raised $610,000 from Golden Seeds funding for the first round and are expected to close a second round before the end of 2024.
  • Endomedix, based in Montclair, raised over $200,000 in funding from Golden Seeds. The company develops a medical device that stops brain bleed during surgery and reduces swelling.
  • Princeton Identity, based in Hamilton, develops iris and face biometrics for human authentication to control access, time & attendance, and point-of-sale applications. The company raised $320,000 from Golden Seeds and received an additional $500,000 through the NJEDA’s Angel Match Program.

The New Jersey chapter of Golden Seeds holds monthly Office Hours to connect entrepreneurs and Golden Seeds members and provide information on the angel investing process. From February 2020 thru September 2024, the chapter has hosted 189 female entrepreneurs in 46 monthly office hours. To sign up for an Office Hours session, click here.

Investors interested in Golden Seeds membership and the broader angel investing community can join an online forum to observe members as they consider future investments. For more information, visit https://goldenseeds.com/angel-network/interested-in-joining/.

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 NJII Venture Studio will be the State’s seventh Strategic Innovation Center 

TRENTON – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII), a corporation of the New Jersey Institute of Technology (NJIT), have launched the NJII Venture Studio, the state’s latest Strategic Innovation Center (SIC). The NJII Venture Studio will focus on accelerating and commercializing intellectual property with a focus on high technology and information technology developed by NJIT, NJII and NJIT’s corporate partners, as well as other academic institutions who contribute to the advancement of the industry. This will be the seventh SIC in New Jersey announced under the Murphy Administration.

“Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development,” said Governor Phil Murphy. “The NJII Venture Studio, our seventh Strategic Innovation Center, will provide aspiring entrepreneurs with access to cutting-edge technology and the chance to collaborate with industry experts. This exciting initiative reinforces New Jersey’s reputation as a hub for innovation and research and the tremendous expertise within our state’s research universities.”

NJII, a non-profit subsidiary corporation established by NJIT in 2014, will operate and manage the Studio. The NJEDA and NJII have entered into a non-binding term sheet to establish the creation, funding, and management of the Venture Studio with an opportunity to make equity investments into participating companies. The Studio, which will be located in the Paul Profeta Center for Innovation and Entrepreneurship in Newark, will seek to launch two to three start-ups a year over a four-year period.

The Venture Studio will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $5.8 million into the project on a 1:1 basis with NJII, with program funding for the Venture Studio totaling $11.6 million.

“Governor Murphy is dedicated to expanding New Jersey’s innovation economy by investing in various industries and equipping entrepreneurs with the necessary resources to grow and scale their businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by the NJEDA’s Strategic Innovation Center program, the NJII Venture Studio will foster the development of new technologies, good-paying jobs, and long-term, sustainable economic growth throughout the state.”

NJII intends to partner with NJIT, other New Jersey higher education institutions, and NJII and NJIT’s corporate partners to offer university students hands-on experience and training.

Since its founding, NJII has spun out two for-profit companies, Healthcare Innovative Solutions (HCIS) and BioCentriq, with hopes to replicate and expand its capacity to spin out startups.

“We are excited to embark on this partnership with the NJEDA to further build the state’s Innovation Economy,” said Michael Johnson, Ph.D., President of NJII. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization, resulting in innovative companies and world-changing technologies.”

Serving as the SIC’s anchor academic partner, NJIT will provide access to university resources and intellectual property to assist with the launch and development of participating companies.

“The creation of the NJII Venture Studio aligns perfectly with NJIT’s 2030 strategic plan, which calls for the university to expand on its role as a nexus of innovation—a physical and intellectual focal point for ideas, actions and people that brings together researchers, learners, entrepreneurs and partners from government, industry and the community to pursue innovation,” said Dr. Teik C. Lim, President of NJIT.

“With this next Strategic Innovation Center, New Jersey continues to unlock unparalleled opportunities to grow cutting-edge industries and cultivate emerging talent right here in the Garden State,” said New Jersey Secretary of Higher Education Brian K. Bridges. “Combined with the expertise and resources of the state’s world-class institutions, like NJIT, we are well-positioned to lead innovation and meet the workforce demands of tomorrow’s economy.” 

“I commend Governor Murphy and the New Jersey Economic Development Authority for their continued focus on innovation and economic growth with the launch of the Venture Studio in Newark. This new Strategic Innovation Center is a vital step in positioning New Jersey as a national leader in emerging technologies and entrepreneurship,” said Senator Paul Sarlo, Chair of the Senate Budget Committee. “As an alumnus of the New Jersey Institute of Technology, I know firsthand the innovative spirit possessed by the university’s students and faculty. I am thrilled that this center will not only help jumpstart the careers of young entrepreneurs, but also give NJIT students the opportunity to gain hands-on experience in the process of starting a company.”

“The NJII Venture Studio will offer fresh and exciting opportunities for students and entrepreneurs in Newark and beyond,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The Studio’s prime location and proximity to the state’s key players in the innovation sector will open doors for entrepreneurs to advance their research, testing, and development of diverse technologies.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

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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Governor Announces Additional $17 Million in American Rescue Plan Funding to Upgrade and Expand Child Care Facilities

Murphy Administration Will Invest More Than $140 Million Upgrading Child Care Infrastructure Statewide – Representing One of the Largest Investments of Any State in the Country

WEST ORANGE – Governor Phil Murphy today highlighted that his Administration has invested more than $1 billion in expanding access to high-quality, affordable child care across New Jersey. The Governor also announced an additional $17 million in funding for the New Jersey Economic Development Authority (NJEDA) Child Care Facilities Improvement Program. With these new resources, New Jersey is dedicating more than $140 million to improve child care infrastructure, representing one of the largest investments of any state in the country. The announcement was made at a child care center in West Orange that is expanding access to services thanks to funding from the NJEDA. 

Building on the Murphy Administration’s comprehensive strategy to support the state’s vital child care sector, the NJEDA’s Child Care Facilities Improvement Program provides grants to eligible child care providers for improvements that contribute to high quality early childhood learning environments. Through the program, which awards grants of up to $200,000, the NJEDA has approved $85 million in grants to over 400 child care centers that collectively enroll over 34,000 children and employ over 8,500 staff. With the inclusion of new funding announced today, the NJEDA now anticipates another 200 centers will receive awards, bringing the total to more than 600 child care centers across all 21 New Jersey counties. Nearly a third of all awards are to centers located in Opportunity Zones.

“Affordable, exceptional child care is a vital part of a stronger and fairer New Jersey economy, and the increased funding announced today will strengthen our state’s economic security and provide equitable opportunities to working parents,” said Governor Phil Murphy. “Increased access to high-quality child care allows more parents to return to the workforce, bolstering New Jersey’s economic growth and competitiveness. Thank you to the Biden-Harris Administration, who have provided record-high federal funding to expand access to child care, health care, and other critical resources for families in the Garden State.” 

“Access to high-quality child care is a critical piece of our Nurture NJ initiative, and the NJEDA’s Child Care Facilities Improvement Program supports the equitable expansion of early childhood environments that will have lifelong impacts on future generations,” said First Lady Tammy Murphy. “Improvements to facilities in our crucially important child care sector move us closer to our goal of becoming the best state in the nation to raise a family and unlock economic opportunities for working parents.”

With the additional $17 million in Federal American Rescue Plan State Fiscal Recovery Fund funding announced today, the NJEDA anticipates being able to approve all eligible child care centers that applied to Phase One of the program, which is no longer accepting new applications. A significant focus of the program is expanding or unlocking capacity within child care centers, especially for infants and toddlers. All construction work is delivered by New Jersey Department of Labor Registered Public Works Contractors and subject to prevailing wage and affirmative action monitoring.

The Child Care Facilities Improvement Program is already making an impact on child care centers across the state. The center visited today, The Kids Palace II in West Orange, was approved for a grant award of $189,300 to install sprinkler and alarm systems, allowing it to expand its state licensure to be able to accept infants. In addition, the Kids Palace II has received the NJEDA’s Phase 4 Small Business Emergency grant, the NJEDA’s Henri/Ida Business Assistance grant, and New Jersey Department of Human Services’ Retention and Stabilization grants.

“Reliable and high-quality child care services are critical to the growth and success of New Jersey’s economy; however, too often financially stretched child care providers forgo making necessary investments in facility upgrades,” said NJEDA Chief Executive Officer Tim Sullivan. “The Child Care Facilities Improvement Program is an essential part of Governor Murphy’s goal to support working families and to build a more inclusive economy.”

“Governor Murphy’s historic investment in childcare is smart economic policy. By making high-quality childcare more accessible, we empower more parents, particularly moms, to fully engage in the workforce, advance their careers, and pursue further education. At the same time, we provide our youngest children with essential early learning experiences that set them up for school and academic success. This all leads to a stronger, more resilient economy where every family has the opportunity to thrive,” said Congresswoman LaMonica McIver.

“Governor Murphy’s visit highlights the significance of the support we have received through this grant, which has been so important in helping us create a dedicated infant-toddler space in our center. We are deeply grateful for this opportunity to expand our services and positively impact more families in our community,” said Jorroys Reyes-Moton, Director and Owner of the Kids Palace II.

“This investment continues the Murphy Administration’s commitment to support quality child care providers that are vital to New Jersey’s working families and the state economy. Today’s announcement complements $3.6 million in Fiscal Year 2025 child care provider wage increases and Human Services’ Child Care Assistance Program subsidies for tens of thousands of New Jersey families,” said Human Services Commissioner Sarah Adelman. “With a focus on improving learning environments, these NJEDA grants will empower child care providers to make necessary enhancements to their facilities, expand access to high-quality child care services, and strengthen our early childhood education system.”

“A thriving, modern and robust child care industry is a key component in supporting working families in New Jersey,” said Department of Children and Families Commissioner Christine Norbut Beyer. “It gives young learners a foundation for academic success later in life, and gives parents options for world class child care and the peace of mind in knowing their child is being cared for in an updated and safe center. I applaud the Governor and my colleagues in NJ government for their ongoing investment in the stability and success of families throughout New Jersey — particularly those with young children.”

“We thank the State of New Jersey for its substantial investment in child care facilities, recognizing that these environments are more than buildings—they are the ‘third teacher,’ fostering curiosity, social connection, and lifelong learning,” said Mary E. Coogan, President & CEO, Advocates for Children of New Jersey. “As we continue to shape spaces that empower children, educators, and families, we look forward to future investments in the child care workforce—another critical component of the child care infrastructure that is essential to the health of our economy and the well-being of our communities.”

“SPAN appreciates the opportunity to celebrate New Jersey’s investments for and progress towards ensuring access to high-quality child care for families, allowing our children to thrive in enriching early learning environments,” said Peg Kinsell, Policy Director, SPAN Parent Advocacy Network.

“NJPTA salutes Governor Murphy for his commitment to improve New Jersey’s child care sector. Our organization, the nation’s oldest child advocacy association, prioritizes quality child care which leads to an optimal educational experience. It is essential to provide affordable childcare services in all of our communities. This effort underscores Governor Murphy’s dedication to ensuring the educational success of our NJ children, and we’re thrilled that the grant will have a progressive impact in the child care sector,” said Sharon Roseboro, President, NJPTA.

“New Jersey applauds Gov. Murphy’s administration for its investment in early childhood education. The $140 million will reap a 400 percent return, or $560 million, according to the Advocates for Children of New Jersey’s research. AFTNJ members know that such a substantial financial investment in preschool has long-lasting effects on academic achievement for the students enrolled in quality programs,” said AFT New Jersey President Jennifer S. Higgins.

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 Capital City Redevelopment Corporation Board Meeting previously scheduled for October 22, 2024, is hereby cancelled.

The next regularly scheduled meeting is Tuesday, November 26, 2024 @ 11am. The Members will meet in person and via Microsoft Teams.

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.

TRENTON, N.J. (October 17, 2024) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Real Estate Gap Financing Grant Program, which will provide grants for real estate development projects located in distressed, eligible municipalities that require gap financing.

WHAT:          The Real Estate Gap Financing Grant Program is a $10 million pilot program established to support development projects and help address the negative economic impacts of the COVID-19 pandemic. Grant funding will be provided up to 50 percent of total eligible project costs with a minimum grant funding of $500,000, up to maximum $5,000,000 per project.

WHO:             Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects (not government owned) cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

For a complete list of eligible municipalities and other eligibility requirements, click here.

WHEN:          Applications are now being accepted and will close Wednesday, January 8, 2025, at 5:00 p.m.

An informational webinar was recently hosted by the NJEDA. Interested parties can view the webinar 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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NJEDA Board approves a new two-year pilot period

TRENTON, N.J. (October 16, 2024) – Based on the success of the NJ Accelerate Program, the New Jersey Economic Development Authority (NJEDA) Board recently approved a new two-year pilot period the program, which encourages the participation of entrepreneurs in high-quality approved partner accelerator programs, helping increase the chances of success of innovative companies in the state. To date, 11 start-ups have received support through the program.

“Establishing New Jersey as a national leader in innovation by helping to advance entrepreneurs’ transformative ideas is a key priority for Governor Phil Murphy,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from sketches on a paper napkin to commercialization. NJ Accelerate is an essential element of our suite of resources that is empowering New Jersey startups to revolutionize the global marketplace.”

Through NJ Accelerate, the NJEDA seeks to provide NJ-based entrepreneurs access to best-in-class programs and in turn supply them with the tools and support to grow their businesses in the Garden State. An accelerator is a fixed-term, cohort-based “boot camp” offering educational programs for start-up founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists (VCs), angel investors, and corporate executives. Recently approved accelerators focus on clean technology, digital health, information technology, hard technology, property technology, and educational technology.

“NJ Accelerate is a dynamic program that offers support to entrepreneurs in the beginning stages of starting their businesses,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Since its inception, 10 accelerators throughout the Northeast have been approved, proving that the financial assistance and mentorship that NJ Accelerate offers is best-in-class. This crucial support has and will continue to attract world-class talent, helping expand our innovation ecosystem and strengthen our statewide economy.”

Under NJ Accelerate, eligible companies graduating from approved Accelerators can apply for an investment loan of up to $250,000, matched to their Accelerator’s cash investment on a 1:1 basis. In addition, start-ups renting physical space at approved co-working/incubator locations can access up to $25,000 in rent support. Companies which are certified in New Jersey as minority and/or women business enterprises are eligible for bonuses. The program is open to startup graduates located in New Jersey that meet eligibility criteria regarding employment, founders, and sectors.

Approved Accelerators from around the nation can also receive sponsorship funds totaling up to $20,000 to hold events in New Jersey, such as “demo days,” road shows, in-person classes, pitch competitions, and networking events.

The current Accelerators approved to participate in NJ Accelerate, and the Graduate Companies that have received NJ Accelerate benefits are listed below.

Approved Accelerators:

New Jersey:

HAX-SOSV, based in Newark, is the world’s first and most active pre-seed program focused on hard tech startups. The program provides at least six-months of collaborative residency, hands-on engineering support, and an initial investment package. Companies are accepted on a rolling basis.

Merck Digital Sciences Studio (MDS Studio, or MDSS), based in Newark and Cambridge, Massachusetts, is a 10-month hands-on accelerator program to enable innovative technologies for drug discovery and development. The accelerator invests in disruptive and innovative startups in digital biopharma and offers direct funding.

New York:

Morgan Stanley Inclusive Ventures Lab, based in New York City and London, it is an intensive five-month program promoting financial inclusion and access to capital for technology or technology-enabled startups led by underrepresented entrepreneurs. Eligible companies must be at the Seed to Series A funding round stage, and receive investment from the Accelerator.

XRC Accelerator Fund, based in Brooklyn, is a 14-week startup accelerator for the next generation of disruptors in the retail technology, consumer healthtech, and consumer goods sectors. XRC Ventures targets pre-seed startups and invests in each participating company.

Lair East Labs, based in New York City, is a three-month multi-sector program offering mentorship, networking opportunities, and workspace for promising startups, as well as expertise in navigating the U.S. and Asia markets. Lair East Labs may invest in each participating company with possible follow-on funding.

Entrepreneurs Roundtable Accelerator (ERA), based in New York City, is an intensive four-month program that invests into each startup, with potential follow-on funding. ERA targets technology companies, with a focus on software startups. Participating companies can gain access to a network of over 500 active mentors.

MetaPropAccelerator @Columbia University, located in New York City, is a leading PropTech accelerator. The program lasts 22-weeks and invests in its graduate companies. Participating companies are paired with select C-level mentors from MetaProp’s highly experienced industry mentor network.

Massachusetts:

Cleantech Open Northeast, headquartered in Boston, is a leading clean-tech five-month program. The accelerator maintains a large, active network of cleantech innovation hubs across the country. Cleantech Open Northeast focuses on founders solving environmental and energy challenges. The program provides funding to participating companies through grants, investment, and competitive prizes.

VentureWell – Aspire Program, based in Hadley, hosts two five-week programs focused on climate technology and medical technology. The accelerator targets science- and engineer-based startups launching high impact innovations. Companies that complete the program are eligible for follow-on investment from Venture Well.

LearnLaunchFund + Accelerator, based in Boston, runs the Breakthrough to Scale program over a 12-week period. The accelerator focuses on EdTech startups looking to build innovative products and services for the K-12, Higher EdTech, Workforce Development, and lifelong learning markets. Participating companies are eligible for initial investment and follow-on funding.

Graduate Companies:

EnvoyatHome, located in Cherry Hill, is a graduate of the Launch Lane accelerator program run by the University City Science Center. EnvoyatHome has developed an innovative Digital Caregiver, a remote monitoring system for caregivers of elderly patients living at home.

SciMar One, headquartered in Allentown, is a woman-owned technology company pioneering Development Velocity™ and enabling pharma to accelerate drug development. SciMar One is a graduate of the Merck Digital Sciences Studio.

Celine Therapeutics, headquartered in Newark, is a woman-led startup and graduate of Merck Digital Science Studio. Celine Therapeutics has developed a proprietary tech-bio platform to drive the discovery and development of targeted life-saving therapies.

Tandem Inc., headquarteredinRivervale, is a graduate of HAX-SOSV. Tandem has designed a modular rack that enables zero-emission cold chain with existing tractors and trailers, as well as an innovative component to instantly turn trucks into hybrid vehicles.

IndicatorLab Inc., headquartered in Jersey City, is a graduate of Lair East Labs. The FinTech company provides market risk management software for financial institutions and individuals.

Magic Kids Platform Inc., headquartered in Jersey City, is a graduate of Lair East Labs. Magic Kids is an innovative game-based learning platform for four to eight-year-old kids.

Firstly Edu Institute, headquartered in Jersey City, is a graduate of Lair East Labs. The software company helps program administrators at colleges and non-profits make mentorship and coaching programs more effective.

UCHU Biosensors, headquartered in Newark, is a graduate of HAX-SOSV. The company has developed a non-invasive health monitoring system via a salivary diagnostic wearable sensor.

Hit Nano, headquartered in Bordentown, is a graduate of CleanTech Open Northeast. The company develops next generation low cost and high-performance Li-ion batteries and energy storage materials.

Princeton NuEnergy, headquartered in Bordentown, is also a graduate of CleanTech Open Northeast. The company has patented a low-cost process for producing high-quality cathode active materials from spent lithium-ion batteries. Princeton NuEnergy recycles lithium-ion batteries from electric vehicles, consumer electronics, energy storage batteries, and manufacturing scrap.

Kolate.AI Pharmatec Inc., headquartered in Belle Mead, is a graduate of Entrepreneurs Roundtable Accelerator. The company has developed an AI decision support tool for research physicians and medical staff to accelerate pharma trials and real-world studies.

For more information on the NJ Accelerate program, visit https://www.njeda.gov/njaccelerate/.

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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Since 2020, over $21M awarded to nearly 370 businesses across both grant programs

TRENTON, N.J. (October 15, 2024) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) has awarded a combined $3 million in grants to 41 New Jersey startups through its Round 3 Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs. The awards will help young companies accelerate the development of their technologies and transform discoveries from the research stage into commercially viable products and services.

“Supporting New Jersey startups through grant initiatives like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant will help create a robust economy for the future and advances Governor Murphy’s vision for the state,” said CSIT Executive Director Judith Sheft. “Nurturing companies in their early stages allows them to establish a foundation in New Jersey, setting the stage for long-term financial growth, sustainability, and economic mobility.”

Companies awarded grant funding are developing innovations in medical devices, Artificial Intelligence (AI), software development, film and digital media, and non-retail food and beverage. Since 2020, CSIT has awarded 368 companies grants totaling over $21 million.

“Under Governor Phil Murphy’s leadership, New Jersey has dedicated significant resources to help young, innovative companies get their products to the marketplace, allowing the state to emerge as a premier destination for startups,” said New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan. “These CSIT grant programs enable entrepreneurs to obtain funding for essential research and technologies that enhance our society, generate high-paying jobs, and strengthen New Jersey’s standing as a leader in equitable, diverse, and transformative innovation.”

CSIT’s Round 3 Catalyst Seed R&D Grant Program has awarded 26 early-stage startup companies a total of $1.95 million in funding through grants of up to $75,000 for companies developing innovations in various fields, including manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology sectors. These sectors have all been identified as targeted industries in Governor Murphy’s economic development plan. Of those receiving awards from CSIT, 70 percent of awardees have six or fewer employees, 22 percent are certified as minority-owned businesses, and 19 percent of the awardees are located in an Opportunity Zone.

“New Jersey’s startups are amongst the best in the nation and place the State at the forefront of innovation and conservation,” said CSIT Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst Seed R&D Grant and Clean Tech Seed Grant Programs reinforce the State’s commitment to its small businesses and nurture advancements in a range of innovation areas, including life sciences, technology, and clean tech sectors. We have seen early-stage companies leverage CSIT funding 15.5X in follow on funding thereby advancing and accelerating their development trajectory.”

A total of $1.1 million in funding has been awarded to 15 companies chosen in Round 3 of the Clean Tech Seed Grant Program. The Clean Tech Seed Grant Program, which was jointly developed by CSIT and the NJEDA, provides grants to early-stage, New Jersey-based clean technology companies to help them advance the development of their products and services so they can begin finding investors and generate revenue. 87 percent of awardees have five or fewer employees. Additionally, 27 percent of the awardees are certified as minority-owned businesses, and 47 percent of the awardees are located in an Opportunity Zone.

Funding for the Clean Tech Seed Program is provided through the Board of Public Utilities’ Clean Energy Program to advance clean energy innovation and help New Jersey achieve our goals of 100 percent clean electricity by 2035 and an 80 percent reduction of greenhouse gas emissions by 2050.

A full list of awardees can be found below:

Catalyst Seed Grant Awardees:

  1. AlphaROC Inc. (Essex County): Built a suite of AI-powered tools leveraging unique data sets to help investors gain customized, unbiased insights into a business’ present and future economic health.
  2. ANJO.AI INC. (Bergen County): Pioneered a revolutionary technology for the early detection of life-threatening allergic reactions, specifically Anaphylaxis.
  3. Balcony Technology Group, Inc. (Hudson County): Developing groundbreaking shift in managing and safeguarding real estate data.
  4. BioNanoTech, LLC (Mercer County): Developing new class of IMAC nanoresins that provide high purity in a single-step separation of both cytosolic and membrane proteins.
  5. Conduiit (Hudson County): Building a film and television tax incentive rule engine that will give a variety of stakeholders the ability to better audit their qualified expense spending.
  6. ConductInk, LLC (Burlington County): Developing technology provides the end-user the flexibility to design and create specific diseased-state models tailored to their drug candidate.
  7. Dandelion Science Corp (Hudson County): Developing a novel therapeutic to apply AI-generated algorithms to visually stimulate the brain and retrain it to compensate for central vision loss.
  8. EnaChip, Inc. (Somerset County): Developing a groundbreaking innovation revolved around a proprietary high frequency electroplated multilayer magnetic alloy, which is highly versatile and tailored to diverse applications.
  9. Endomedix, Inc. (Essex County): PlexiClot™ is designed for use as an absorbable hemostat, initially for use in brain and spinal procedures.
  10. Fuceltech (Mercer County): Developing a special type of lasers for atomic and quantum sensors including quantum computing applications.
  11. Heal R World, LLC (Somerset County): Developing an innovative fintech card program pilot.
  1. Innovations Unlimited LLC (Camden County): Developing an alarm that alerts caregivers of a pending or actual dislodgement or decannulation of a tracheostomy tube.
  2. MIRAKARE INCORPORATED (Middlesex County): Developing a platform that integrates both quantitative and qualitative health data, ensuring a comprehensive understanding of the care recipient so that the caregivers can better care for them.
  3. NeuroPair, Inc. (Mercer County): Technology can provide the necessary environment for guided neuron regrowth.
  4. Next Breath, Inc. (Middlesex County): Developing innovative technological approach to managing Chronic Obstructive Pulmonary Disease (COPD) and anxiety in a unique, user-friendly mobile application.
  5. Novara Solutions Group, LLC (Monmouth County): Developing groundbreaking Emergency Tourniquet device that seamlessly integrates a GPS call-out system with a biosensor to provide a comprehensive solution for critical situations.
  6. Oculomotor Technologies Inc. (Mercer County): Developing medical diagnostic software utilizing commercially available virtual reality headsets with integrated eye trackers for diagnosing various vision problems.
  7. Plumeria Therapeutics Inc. (Middlesex County): Developing diagnostics for chronic pain.
  8. Serdiuk Industries, LLC (Atlantic County): Developing specialized technology market catering to Drone/UAV/Air Taxi Launching and Landing Operations on marine vessels.
  9. SNOChip, Inc. (Middlesex County): Developing disruptive optical components and sensors by leveraging innovative metasurface technology.
  10. TacIton, LLC (Monmouth County): TacIton is a data management platform that automates manual work and increases financial analyst productivity.
  11. Talon Biomarkers (Morris County): Flow cytometry assesses cell-associated proteins, determining the quantity of various cell types.
  12. TLA Innovation, Inc. dba BoomID (Bergen County): Developing SAAS Platform for ensuring proper authorization, fraud prevention, and good, healthy user interactions.
  13. VINYO (Camden County): Developing a mobile learning and engagement app helping to make wine more approachable, accessible, and inclusive for the next generation of wine lovers.
  14. Vital Start Health, Inc. (Middlesex County): Developed the first reproductive and maternity mental health platform (COURAGE) using Virtual Reality for evidence-based care.
  15. ZSX Medical, LLC (Burlington County): Developed a breakthrough surgical closure platform with a focus on women’s health, specifically for closing internal surgical incisions in laparoscopic hysterectomy.

Clean Tech Grant Awardees

  1. 4.0 Analytics (Essex County): Developing machine learning based predictive analytics for use on fleet and consumer vehicles to identify potential vehicle engine and emissions component failures.
  2. Biodome, Inc. (Burlington County): Developing sustainable, modular indoor farming units.
  3. CargoFish, LLC (Salem County): Developing energy-efficient, network capable “capillary” gage “encapsulated” system of “tracks” for delivery of consumer goods and a “containerized parcel” utility system.
  4. Energy Research Company (Union County): Developing an instrument that will increase the efficiency of converting renewable biomass feedstocks.
  5. Gendell Associates P.A (Hudson County): Develop a compact pop-up emergency solar power generator.
  6. Grid Discovery (Essex County): Developing SaaS platform to automate and standardize the traditionally complex and time-consuming microgrid planning process.
  7. HiT Nano, Inc. (Burlington County): Developing a full cell SIB system for use in low-cost electric vehicles (EVs).
  8. Materium Technologies, LLC (Union County): Develop technology for development of materials and techniques that can extend the lifespan and enhance the performance of solar panels and semiconductor devices.
  9. Oceanomics, Inc. (Middlesex County): Developed a suite of metabolite, protein, and DNA-based biomarkers that are diagnostic of thermal stress in corals.
  10. PureLi, Inc. (Somerset County): Developing a sustainable and cost-effective extraction technologies for lithium from saline water sources such as Produced Water, brines, and post-processing waste streams.
  11. Redi Farms, LLC (Union County): Repurpose underutilized buildings into vertical, hydroponic farms that serve local communities.
  12. RenewCO2, Inc. (Union County): Developed a cutting-edge electrocatalytic carbon utilization technology (eCUT) that forms C-C bonds at exceptionally low overpotentials so that the energy requirement is substantially reduced relative to competing technologies.
  13. Shutterbug Exchange, Inc. (Hudson County): Revolutionizing the solar industry by revitalizing outdated solar panels through advanced upcycling methods.
  14. Singlet02 Therapeutics, LLC (Union County): Developing a water disinfection technology for use in aquaculture.
  15. Sunray Scientific, Inc. (Monmouth County): Developing a unique multifunctional material/product that utilizes a magnetic field system during the manufacturing process.

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization. Visit www.njeda.gov/csit/ for more information about CSIT incentive programs.

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 next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, October 22, 2024, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    719 714 707#

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.