Authority Approves Eight Corporations to Fuel Fund & Opens Applications for Qualified Venture Firms to Invest in High-Growth Businesses

Trenton, N.J. (December 21, 2022) –The New Jersey Economic Development Authority (NJEDA) Board today approved eight corporations to purchase $50 million in tax credits to fuel the New Jersey Innovation Evergreen Fund (NJIEF). The Authority also announced today that it is accepting applications from investment firms to be considered Qualified Venture Firms, meaning they would be certified for participation in the program. This designation is an important step that will enable them to access both additional capital to invest in qualifying high-growth New Jersey businesses and additional strategic resources available in partnership with the NJIEF tax credit purchasers.

This marks a milestone in the creation of the NJIEF, a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. The capital raised from the sale of these tax credits are expected to result in the funding of initial investments into six to ten high-growth businesses in New Jersey in 2023.

“This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in this great state,” Governor Phil Murphy said. “Those highly successful companies that have built their reputations here now have an opportunity to support the next generation of great businesses that will carry New Jersey into the future. It also shows residents our commitment to making the state work for everyone with another innovative program aimed at expanding capital opportunities.”

Today’s announcement follows the conclusion of the NJEDA’s inaugural New Jersey Corporate Business Tax Credit Auction to raise funds to support the NJIEF. The $50 million in tax credits sold at auction reflects higher demand that warranted an increase in the funds available from the pilot $30 million initially offered in August. In aggregate the auction provides the NJEDA with approximately $41 million of available capital for initial and follow-on investment. Earlier this year, the State budget approved seed funding of $5 million that will increase the available funding pool to $46 million, until the next auction.

“Investors and entrepreneurs alike have hailed the novel NJIEF as a powerful tool that will catalyze investment into New Jersey startups and now we know that the corporate sector sees the enormous value in the Fund as well,” NJEDA Chief Executive Officer Tim Sullivan said. “Under Governor Murphy’s leadership, we are creating a powerful public-private partnership to drive economic growth and spur job creation. In 2022, we set the foundation for what promises to be exciting years ahead for the NJIEF and the innovation community as we begin to see investment dollars flowing into startups throughout the Garden State.”

The following corporations, all with significant footprints in the Garden State, were approved to purchase tax credits through the NJIEF:

As part of the auction, each applicant submitted plans to support the state’s innovation economy along with their financial bids, including a commitment to serve on the NJIEF Advisory Board for one year. In total, the eight corporations approved today made strategic commitments totaling nearly $3.8 million to bolster the innovation community. Examples of this strategic support included contributions to support external mentorship, programs; free shared workspace open to high-growth startups; long-term commitments of education and training to support the futures of Science, Technology, Engineering and Math (STEM) students from underserved school districts in the State; and forums that will bring world-class investors, enterprises, and early-stage startups together in New Jersey.

In accepting applications from professional, institutional venture capital investors, the NJEDA seeks private-sector partners to invest the NJIEF capital. These applications are reviewed and approved on a rolling basis. Those that meet the NJEDA’s criteria will be certified as Qualified Venture Firms under the Program and have access to up to $12.5 million per year to invest in Qualified New Jersey-based companies in innovative industries. The funded companies will also receive support from the corporations that purchased tax credits through the auctions. Additional information can be found at http://www.njeda.gov/evergreen.

New Jersey State Senator Andrew Zwicker has been a vocal advocate for the creation of the New Jersey Innovation Evergreen Fund as an important resource for entrepreneurs and investors alike.

“The approval today of the first group of auction winners that will support the NJ Innovation Evergreen Fund is an important step forward for our state’s innovation economy,” Senator Zwicker said. “New Jersey has long served as fertile ground for inventions that changed our world – from Thomas Edison and the creation of the lightbulb to Beatrice Hicks and the development of a switch that helped land the Apollo spaceship on the moon. The NJIEF will help us continue to create a vibrant culture of investment that is dedicated to growing the New Jersey companies of the future.”

Established by the New Jersey Economic Recovery Act of 2020, the NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

“The NJIEF gives the Authority another unique tool to help support start-up companies with a comprehensive approach that goes beyond just funding,” NJEDA’s Chief Economic Transformation Officer Kathleen Coviello said. “With concerns over economic downturns and the increased costs of borrowing, having access to capital is more important than ever. The timing of this fund is critical for New Jersey companies to prosper and grow. We believe NJIEF will set itself apart with our business connections and mentorship opportunities as the business leaders of today help shape the leaders of tomorrow.”

Full details on the NJIEF are available at https://www.njeda.gov/evergreen.

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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$500M investment shows the industry is proving to be a boon for state and local economies

NEWARK, N.J. (December 21, 2022) – Film and television production in New Jersey shattered all previous records in 2021, with the industry spending more than a half of a billion dollars in the state and creating more than 5,500 jobs.

The annual report released by the state’s Film and Television Commission this month shows the industry bested its previous spending record by nearly $80 million. In total, New Jersey was home to 725 productions in 2021, including 68 feature films and 132 television series.

“We believe that between our variety of locations, the quality and diversity of our workforce and best-in-class tax credit, New Jersey is exploding as a destination for film and television production. After four very successful years, we now look forward to an influx of major studios that will position New Jersey as the premier shooting location on the East Coast,” said Governor Phil Murphy, who signed the New Jersey Film and Digital Media Tax Credit program into law in 2018 to encourage film and television studios and productions to choose New Jersey.

Since 2018, when the state adopted the current credit administered by the New Jersey Economic Development Authority (NJEDA,) total spending by production companies in the Garden State has grown by 647 percent, hitting a record $501 million in 2021.  The total spend by the industry encompasses all aspects of filming, including salaries, equipment and location rental, and catering costs.

“Since day one of this Administration, it has been our mission to create a thriving film and television industry. Thanks to the film and digital media tax credit program and our efforts to raise awareness of all New Jersey has to offer, our state is now experiencing a boom in our film and television industry,” said First Lady Tammy Murphy. “We will continue to work every day to maintain this positive trend and attract as many productions to our great state as possible.”

In addition to the revenue from the boost in productions, filming in New Jersey has been a boon to the job market.

Films that took advantage of the credit, which provides up to 35 percent of qualified film production expenses, created a total of 5,529 jobs throughout the state, including positions such as Location Managers, Production Managers, Line Producers, Screenwriters, Production Designers, Set Decorators, Costume Designers, and Wardrobe Assistants.

“New Jersey’s film and digital media tax credit is without question one of the best in the nation and has spurred growth in this industry by more than 600 percent over the past four years,” said Tim Sullivan, Chief Executive Officer of the NJEDA.  “We believe the best is yet to come as major studios throughout the U.S. discover the state’s ideal combination of top talent, logistical advantages, and vast array of settings. They will also find that their budgets go much further by setting up shop in New Jersey, especially considering our scalable, robust incentive offerings.”

The record-setting spending offers the cities and towns where filming takes place enormous benefits.

For example, Cranford has hosted several productions including Bros, The Plot Against America and Maybe I Do and has seen the positive financial benefits of the film industry in town.  Cranford Theater owner Doreen Sayegh has benefitted, with both the inside and outside of the theater being used as a movie set.  Her theater recently was the staging area for cast and crew during the filming of “Bros.”

“As a business owner in Cranford, I’ve seen a huge benefit from filming in the township,” Sayegh said. “I’m a big believer that filming brings economic value not only to our state but our local communities.  Filming has brought a great sense of solidarity to the community and has offered an opportunity to expose our great town as well as boost the morale of our business owners who witness the increase in foot traffic.”

Nick Palladino of Palladino’s Market in Atco, Camden County, was asked to cater breakfast for a crew filming nearby and ended up providing morning meals for about two weeks.  The business, Palladino said, was a nice shot in the arm.

“It was a really cool experience,” Palladino said. “We got to do something completely out of our realm. It helps the business and it’s a cool experience.”

Kevin Brennan, owner of Track Five Coffee in downtown Cranford, said having film crews in town is great for business.

“It creates a really great buzz in town, not just from the crews but also from residents who get pretty excited and will come out to see who’s here filming,” Brennan said. “That’s a real boon for business because anytime there are people in downtown, we have a good shot at bringing them in. Anything that brings people out is generally going to be a plus because it increases the foot traffic.”

Brennan said while seeing Hollywood stars in town has become almost commonplace, he has had some memorable brushes with fame, including a few years back when New Jersey native Anne Hathaway was featured in a newspaper profile holding a coffee cup from Track Five.

Dante Longhi, owner of Dream Factory Balloons in Kenilworth, said he also got some fantastic advertising for his business when a balloon structure he made appeared in the Film Bros.

“Working with the film companies has really helped spread the word about our business,” said Longhi, adding that his company was discovered by a film industry employee after he provided balloon superheroes to an event in downtown Cranford.  “So, we not only get paid by the studio, but we get advertising also. It’s a great experience.”

Some of the features shot in New Jersey in 2021 include Vietnam story “The Greatest Beer Run Ever,” cult horror film remake “Goodnight Mommy” and highly acclaimed fright-film “Smile.”

While 2021 was a record-setting year, the industry in New Jersey is not resting on those accolades.  The state is on track to break last year’s spending record in 2022.

“In 2021, New Jersey’s motion picture and television industry completely recovered from the worldwide production shutdown of 2020, and the state hosted a very exciting array of prestigious features and television programs, starring some of the biggest names in the entertainment industry,” said Steve Gorelick, Executive Director of the New Jersey Motion Picture and Television Commission. “This year has been another exciting year in film and television and it’s looking like we’re going to soar past 2021.”

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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Authority to Create Suite of Programs to Improve Access to Capital and Drive Investment in Small Business and Entrepreneurship

TRENTON, N.J. (December 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that the State of New Jersey is poised to receive more than $255 million in funding through the federal State Small Business Credit Initiative (SSBCI). Following the U.S. Department of Treasury’s approval yesterday of New Jersey’s SSBCI application, the NJEDA will utilize this funding to develop six programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located in New Jersey. 

Administered by the U.S. Department of the Treasury, SSBCI is a federal program designed to catalyze lending and investment of private capital into small businesses, particularly those that would not otherwise have access to funding. In line with Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy, SSBCI supports the expansion of businesses owned by Socially and Economically Disadvantaged Individuals (SEDI), by allocating at least $27.5 million to benefit SEDI-owned businesses statewide.

“The COVID-19 pandemic simultaneously showed both the resilience and tenacity of New Jersey’s small business community and the vital importance of getting capital into the hands of small business owners and entrepreneurs who need it most,” Governor Murphy said. “The infusion of federal funding announced today presents our state with a tremendous opportunity to develop innovative programs to propel our economy forward.”

The NJEDA plans to create and launch the following six programs with the SSBCI funding:

  • An $80 million Clean Energy Business Financing Program will offer loan participations or companion loans to eligible small businesses seeking to finance qualifying clean energy projects that create jobs in New Jersey. As part of New Jersey Green Fund initiatives, this program will provide $1 of SSBCI funding for every $1 of private financing for loans to small businesses to accelerate deployment of clean energy technologies and support green job creation.
  • A $60 million Life Science Investment program will invest funds into one or more venture funds to support early-stage New Jersey life science businesses. The NJEDA will use a public Notice of Investment Opportunity (NIO) process to seek at least one professional venture capital manager to manage the venture funds and contribute matching private capital.
  • A $50 million Blended Capital Fund program will co-invest SSBCI funds in an investment vehicle that supports the purchase of eligible loans from Community Development Financial Institutions (CDFIs) serving New Jersey, allowing them to do more lending. The program manager, who will be identified through a public NIO process, would be expected to bring in additional private capital, provide technical assistance to CDFIs, and oversee movement of funds and required reporting to NJEDA.
  • A $25 million Recovery Loan Loss Reserve will provide CDFIs and Minority Depository Institutions (MDIs) the ability to leverage their resources to support more small businesses. This program will provide participating CDFIs and MDIs a loan guarantee of 50 percent for all loans that meet the eligibility criteria. CDFIs and MDIs can request an allocation of up to $2.5 million per entity.
  • A $20 million SEDI Seed Fund will invest funds into one or more venture funds to support seed and early-stage startups with SEDI owners. The NJEDA will use a public NIO process to identify one or more fund managers to manage the funds and contribute matching private capital.
  • A $20 million Angel Match Program will match direct investment in early-stage, product-based technology companies on a one-to-one basis. The funding will be in the form of an unsecured convertible note ranging from $100,000 up to $500,000.

“Since his very first day in office, Governor Murphy’s economic development strategy has been centered on connecting entrepreneurs and small business owners with the capital they need to succeed in an equitable and inclusive manner,” said NJEDA Chief Executive Officer Tim Sullivan. “Through a combination of loans and strategic investments, each of the SSBCI-funded programs being developed will help to position New Jersey businesses for long-term growth.”

“Small businesses are the heart of New Jersey’s economy, and during these difficult past few years, NJEDA has shown its ability to deploy funding to small businesses where it is needed efficiently,” New Jersey Treasurer Elizabeth Maher Muoio said. “I am confident that the new programs created by NJEDA with this federal funding will make a lasting difference for New Jersey’s small businesses.”

Additional details on each of the NJEDA programs will be announced in the coming weeks.

The federal SSBCI program was first established in 2010, and a second round was funded by the American Rescue Plan Act (ARP), which was signed into law by President Joe Biden in March 2021. ARP made $10 billion available overall for SSBCI, allocating non-competitively to states, territories, and Tribal governments. Sullivan thanked President Biden and members of New Jersey’s Congressional delegation who voted to authorize this funding.

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.

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Now funded at $57.5M, Sustain & Serve NJ helps program grantees buy meals from local restaurants and feed families over the holidays

TRENTON, N.J. (December 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced plans to allocate an additional $5 million in state funding to Phase 3 of its Sustain & Serve NJ program. Sustain & Serve NJ provides nonprofit organizations with grants to support the purchase of meals from New Jersey restaurants that have been negatively impacted by COVID-19 and the distribution of those meals at no cost to recipients. The announcement comes at a time of year when nonprofits are facing peak demand for food assistance.  The funding announced today is expected to support the purchase of an additional 450,000 meals.

Sustain & Serve NJ launched during the pandemic as a $2 million pilot program to boost restaurants impacted by COVID-19 while combatting rising food insecurity and has grown into an over $57 million program that continues to bring much-needed food to people across New Jersey. Since February 2021, Sustain & Serve NJ has already supported the purchase of more than four million meals from over 400 restaurants in all 21 counties with grants totaling $57.5 million through three rounds of funding.

“Sustain & Serve NJ is a unique tool with a proven track record of enabling nonprofits to buy meals from local restaurants to combat food insecurity,” Governor Phil Murphy said. “Food banks and other nonprofits statewide are seeing a rising demand this holiday season and this added $5 million for Sustain & Serve NJ will significantly aid their efforts to connect New Jerseyans with nutritious meals.”

Earlier this year, 31 New Jersey nonprofits were approved to receive a total of $17.5 million through Phase 3 of Sustain & Serve NJ. Each of these awardees will now receive additional funding to support their efforts.

“Sustain & Serve NJ grantees are working extra hard this holiday season to feed their neighbors and support their communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy has championed Sustain & Serve NJ since the beginning, and we are grateful to him and the Legislature for continuing to provide the resources we need to combat hunger every day of the year while supporting local restaurants throughout the Garden State.”

“This additional $5 million committed to Sustain & Serve NJ partners will go extra lengths in making sure more families see hot and freshly prepared foods on their tables this holiday season, into the New Year, and beyond,” said Assembly Speaker Craig J. Coughlin. “And that’s incredibly critical as our food banks report sharp increases in food insecurity among our communities.”

Sullivan noted that Sustain & Serve NJ is a key part of the NJEDA’s efforts to strengthen the economic security of all New Jerseyans. The Authority is putting forth a multi-pronged strategy to eliminate food deserts within the state and to bolster the child care sector, an industry whose critical importance was highlighted during the COVID-19 pandemic. The NJEDA is also working with partners statewide to create a Maternal and Infant Health Innovation Center in Trenton as part of First Lady Tammy Murphy’s Nurture NJ initiative to make New Jersey the safest and most equitable place to give birth in the country.

“Under Governor Murphy’s leadership, we are taking a holistic approach to ensuring New Jerseyans’ basic needs are addressed and have placed a large focus on food security,” said NJEDA Executive Vice President of Economic Security Tara Colton. “Sustain & Serve NJ has the ability to transform lives – both by bolstering the restaurant industry and bringing nourishment to New Jerseyans in a respectful and dignified manner.”

Grantees and restaurant owners alike welcomed the news of additional funding and focused on the impact it will have statewide:

“As the cost of living has risen over the past year, many pantries at the Jersey shore are reporting that they are serving even more people than at the height of the pandemic,” Fulfill President and CEO Triada Stampas said. “Sustain & Serve NJ has been a critical tool to help address the food security needs of our neighbors. Over the past two and a half years, we were able to work with 35 restaurant and catering businesses to provide over 701,000 meals to our neighbors, while also helping those businesses survive during a really challenging time. Fulfill is grateful to Governor Murphy and our legislature, as well as Tim Sullivan and Tara Colton at the NJEDA, for their leadership in this expanded support.”

“Sustain & Serve NJ is just one of the programs Governor Murphy has initiated to help New Jersey make it during this period of time,” said Randy Glover, Chairman/Executive Director of All Access Community Development Corporation. “It is abundantly clear that the governor and his administration understand so well the pain and challenges of those at all income levels being faced in New Jersey. His mandates that have been articulated from the beginning of Covid-19 through this current economic crisis, putting food on the tables of all New Jerseyans illustrates his commitment to people, his compassion to all of New Jersey. New Jersey Pride, New Jersey Strong, that’s our Governor, that’s my Governor. Thank you, Governor Murphy, for your vision to see us throughout this time in history.”

“This program has really helped me keep our doors open and serve our community,” said Mohamed Elrawy, owner of Newark-based Pita Square. “Partnering with Coalition Equity has helped me serve my community by giving not only food but fresh and healthy food — something that everybody should be able to have, no questions asked. If you would have told me pre pandemic that I would be able to help people struggling everyday with hunger while keeping my doors open, I wouldn’t have believed you. It’s put a whole new meaning to what my restaurant can do and is doing for Newark and the surrounding community. I can’t tell you how thankful I am to participate in this program and partner with programs like Coalition Equity, Newark Working Kitchen and University Hospital to serve the community.” 

About the New Jersey Economic Development Authority

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.

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Program Will Provide Grants of up to $250,000 to Startups to Offset Costs Associated
with Prototype Testing

TRENTON, N.J. (December 19, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) is currently accepting applications for its Pilot Clean Tech Demonstration Program. This $2.5 million competitive program will support New Jersey companies accelerating the commercialization and deployment of innovative clean energy technologies. Specifically, the program will provide grants of up to $250,000 each to help startups develop technologies intended to create a cleaner and greener future for New Jersey. The application can be found at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

The Pilot Clean Tech Demonstration Program supports clean technology businesses that have existing prototypes of their technologies and are ready to validate them in a real-world setting. Awardees can use the funding for such costs as testing and validating technological performance at customer sites, travel, equipment purchase, licensing, and patent fees. A complete list of acceptable uses is available at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

The application for the Pilot Clean Tech Demonstration Program is a two-step process.

Applicants MUST complete the full application to be considered for funding. Complete program eligibility and scoring criteria can be found at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

CSIT recently hosted an informational webinar on the Clean Tech Demonstration Program. A link to that recording, along with a copy of the materials presented, can be found at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/. 

Funding for the Clean Tech Demonstration Program is being provided by the New Jersey Board of Public Utilities. In addition to supporting emerging clean energy companies, the program will also help the state achieve its climate and clean energy targets laid out in New Jersey’s Energy Master Plan (EMP). The EMP offers a strategic vision for the production, distribution, consumption, and conservation of energy in the State of New Jersey.

About the New Jersey 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.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, 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, December 21, 2022, 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.

Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, December 20, 2022, at 1:00 pm. 

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:                    209 997 911#

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

Program offers grants of up to $250,000 to enable purchases of equipment to improve productivity and efficiency.

TRENTON, N.J. (December 13, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced it will begin accepting pre-qualification applications for the New Jersey Manufacturing Voucher Program (MVP) on Thursday, December 15 at 10:00 a.m. Funded at $20 million, the New Jersey MVP will provide grants to support the purchase of equipment to help manufacturers improve their operations.

A link to the pre-qualification application will be posted at https://www.njeda.gov/njmvp/ at 10:00 a.m. on Thursday morning and will remain open on until December 22 at 11:59 p.m. Pre-qualification applications will be reviewed on a rolling basis, NOT first-come, first-served. Interested manufacturers must pre-qualify to access the full application that will be made available at a later date. Applicants must complete the full application to be considered for grant funding.

The New Jersey MVP will focus on New Jersey manufacturers within targeted industries that will purchase equipment to integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of their products. The MVP will offer grants valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000.

The program will offer stackable bonuses for certified woman-, minority-, or veteran-owned businesses, businesses in Opportunity Zones, and businesses purchasing manufacturing equipment in New Jersey, as well as bonuses for companies that have a collective bargaining agreement in place. It will also provide higher award percentages for small businesses with fewer than 100 full-time equivalent (FTE) employees.

The NJEDA held an information session about the New Jersey MVP, which included details of the application process and a pre-qualification checklist. A link to that recording can be found at https://www.njeda.gov/njmvp/.

Both for-profit and not-for-profit companies are eligible, not including home-based businesses. Only applications for future purchases will be considered. Therefore, interested applicants should not purchase equipment prior to submitting the full application at a future date. Projects where a contract has been signed, a purchase order has been placed, or a deposit has been made in advance of submitting an MVP application will not be considered for funding.

Complete eligibility criteria can be found at http://www.njeda.gov/njmvp. 

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.

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CSIT Begins Managing Newly-Expanded Platform That Showcases Massive Volume of Research Being Conducted Statewide

TRENTON, N.J. (November 28, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the expansion of ResearchwithNJ.com to provide local, national, and international innovation communities with insight into groundbreaking research being conducted at five New Jersey universities – Montclair State University, New Jersey Institute of Technology (NJIT); Princeton University; Rowan University; and Rutgers, the State University of New Jersey. The Commission also announced that it has taken over management of the portal from the New Jersey Economic Development Authority (NJEDA) and the New Jersey Office of the Secretary of Higher Education (OSHE) due to its close ties to both the startup and academic communities.

The free, online portal, which can be accessed at www.researchwithnj.com, offers more than 250,000 pieces of research output that commercial enterprises, ranging from startups to global corporations, can use to fuel their growth. Topics range across a broad spectrum of disciplines, such as biology, chemistry, mathematics, psychology, sociology, and others. The newly-expanded Research with NJ portal now has search capabilities for specific subject matters that align with NJ’s strategic industry sectors through the site’s “strategic pillar” tabs.

Governor Phil Murphy announced the launch of Research with NJ in the summer of 2018, at the same time he announced the establishment of CSIT. Research with NJ was originally developed as a collaborative effort by the NJEDA and the OSHE to forge stronger connections between New Jersey’s research universities and the industry. Given CSIT’s goal of expanding partnerships between early-stage companies, entrepreneurs, and universities, the Commission assumed management of the portal and will work closely with the participating universities to ensure the continued support and growth of the online site. 

“Our close ties to both the startup community and the state’s many academic institutions made the management of Research with NJ by CSIT a natural fit,” said CSIT Executive Director Judith Sheft. “We anticipate the expansion of Research with NJ, combined with our ongoing efforts to enhance outreach to emerging companies and academic professionals, will help strengthen connections between New Jersey’s research universities and the industry.”

Research with NJ highlights the Garden State’s leading research experts and facilities, enhancing the visibility of research output. It also increases opportunities for users to create partnerships and build innovative new businesses and products based on the latest scientific and technological breakthroughs. Businesses can gain access to relevant areas of expertise, facilitating the transfer of technology to the marketplace. This includes information on subject matter experts, facilities, publications, intellectual property, news, and events. Investors considering investing in a startup can also use Research with NJ to learn about research done by members of the company prior to investment.

“One of New Jersey’s greatest assets is our vast network of globally-recognized universities, including all of the academic institutions that are a part of the Research with NJ portal,” said CSIT Chair Debbie Hart. “Through Research with NJ, we are harnessing the brainpower of our state’s highly-talented researchers and providing their intellectual data, free of charge, to individuals worldwide in order to help propel our innovation ecosystem forward.”

To date, the Research with NJ platform has sourced nearly 268,000 outputs from all participating universities, incorporating more than 4,500 individual profiles, over 150 core facilities, and grants/projects topping 6,200.

“New Jersey already has a tremendous story to tell when it comes to the breadth of innovation stemming from our world-class universities and the impact researchers and innovators are having on the global stage,” said Dr. Brian Bridges, the New Jersey Secretary of Higher Education. “Research with NJ will continue to strengthen the state’s ability to promote the high quality and volume of research produced by our researchers to an even broader audience.”   

Research with NJ was developed under the leadership of an Advisory Board consisting of the participating research universities and industry representatives from the NJEDA, OSHE, New Jersey Business & Industry Association, Choose New Jersey, BioNJ, the HealthCare Institute of New Jersey, the Research & Development Council of New Jersey, and TechUnited. The Advisory Board provides oversight and recommendations to ensure the portal’s sustainability and success.

“The Research with NJ portal offers a glimpse into the groundbreaking developments and discoveries being made at our state’s esteemed research universities,” said NJEDA Chief Executive Officer Tim Sullivan. “I am confident that this expanded resource will foster new opportunities for innovators and companies at every stage of growth and will help us achieve Governor Murphy’s goal of recapturing New Jersey’s role as a national leader in innovation.”

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.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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HAX Accelerator is Impacting Growth of New Jersey Hard-Tech Companies and Advancing State’s Clean Energy Goals

TRENTON, N.J. (November 22, 2022) – HAX LLC., a startup development program for pre-seed hard tech companies, has recently been approved for support from NJ Accelerate, New Jersey Economic Development Authority’s (NJEDA’s) partner accelerator program. This particular startup program aligns with Governor Phil Murphy’s vision for 100 percent clean energy by 2050, by cultivating companies focused on industry-level innovation in areas related to the re-industrialization and decarbonization of the U.S.

HAX, which is operated by the multi-stage, Princeton-based venture capital firm SOSV, provides complete support for emerging companies, including a $250,000 initial investment in each participating company, 180 days of hands-on collaboration, and a global founder community for early-stage founders building hard tech startups. SOSV recently established HAX’s U.S. headquarters in Newark.  

Through NJ Accelerate, the NJEDA matches investments made by approved startup programs into startups that locate in New Jersey within six months after graduating from the participating accelerator’s program. NJEDA’s match is in the form of a direct loan up to $250,000. A five-percent match bonus is available for companies that are certified as women- or minority-owned in New Jersey. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace. Participating programs can be from outside of New Jersey with the goal of attracting graduate companies from top programs to the state. HAX is one of five startup development programs currently approved to participate in NJ Accelerate.

NJEDA Chief Executive Officer (CEO) Tim Sullivan noted that by supporting entities like HAX, NJ Accelerate is impacting the ability of companies to establish roots and grow in New Jersey. He added that on Wednesday, the NJEDA’s Board announced the approval of Renovate Robotics, a New Jersey company, and recent graduate of the HAX, for a $150,000 loan through the Authority’s NJ Accelerate program. Renovate Robotics is a construction technology company working to automate the installation of shingles and solar panels on single-family residences.

“The NJ Accelerate Program furthers Governor Murphy’s vision for New Jersey’s leadership in innovation by helping to advance the transformative ideas of New Jersey entrepreneurs,” said Sullivan. “The NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from drawings 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.”

In September of 2021 Governor Murphy announced that the NJEDA and SOSV would form a new entity (HAX LLC) to bring SOSV’s acclaimed HAX hard tech startup development program to Newark, and that SOSV would also establish the U.S. headquarters of the HAX program at the Newark site. In August of 2022, HAX announced that it had leased 35,000 square feet at 707 Broad Street in Newark.

“Renovate Robotics was the first startup to join us at our new HAX facility in Newark, and we’re excited by the tremendous progress they’ve been able to make since joining the HAX program. Their solution plays a crucial role in closing the supply gap for contractors and accelerating the transition to solar for consumers,” said Duncan Turner, General Partner of SOSV’s HAX.

The NJEDA and SOSV have each invested $25 million in HAX LLC. As its contribution, SOSV committed to taking 100 companies through the HAX program over the next five years and investing $25 million in these startups. Based on past performance, SOSV would be likely to invest at least another $50 million as follow-on financing to support the companies as they grow. With this support, companies participating in the HAX program are expected to create at least 2,500 new, high-paying jobs in the decade ahead as well as attract millions in new capital.

“Renovate Robotics is a true NJ Accelerate success story, in that it was able to benefit not only from its participation in the accelerator program itself, but also from follow-on funding it received as a result,” NJEDA Chief Economic Transformation Officer Kathleen Coviello said. “We look forward to seeing even more New Jersey companies choosing to grow in the Garden State as a result of programs, initiatives, and commitments set in place under Governor Murphy’s leadership.”

Renovate Robotics’ technology addresses two main roofing industry challenges – increased demand and a shortage of labor. To address these challenges, the company builds and operates robotic equipment that automatically installs shingles and solar panels on single-family residences. The system is designed to reduce injuries and fatalities of workers, increase productivity of roofing crews, and reduce installation cost of asphalt shingles and residential solar. Notably, the company’s ability to streamline the installation of solar panels will also help to advance the state’s clean energy goals.

“The NJEDA’s powerful combination of startup development support and access to funding has helped to position our business for commercialization,” said Renovate Robotics CEO Andy Stulc. “Like all young companies, Renovate Robotics has experienced some bumps along the road to commercialization, but the NJ Accelerate Program has helped to mitigate the typical learning curve faced by startups while also improving our chances of getting the capital we need to take our ideas to market.”

In addition to HAX, the Authority has approved four accelerator programs to participate in NJ Accelerate. These are – Morgan Stanley Multicultural Innovation Lab, Cleantech Open Northeast, VentureWell’s ASPIRE Program, and University City Science Center – Launch Lane.

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.

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