Listening Sessions Will Help Inform Potential Creation of Assistance Program That Will Address Access to Capital

Trenton, N.J.  (October 6, 2022) – The New Jersey Economic Development Authority (NJEDA) is engaging in a series of listening sessions with cannabis-industry stakeholders. The goal of these sessions is to focus on gaining a better understanding of the opportunities and obstacles new cannabis businesses may face. These challenges include access to capital and the high start-up costs associated with this new and emerging sector. NJEDA is interested in hearing comments, questions, and other key information to better understand the scope of the costs associated with starting a new cannabis business.

The NJEDA plans to use the feedback it receives from these sessions to explore potential assistance programs that can help to create equitable access to the cannabis industry. Research indicates that minority communities have been disproportionally affected by cannabis criminalization and potential assistance programs can help to create a more equitable and diverse cannabis industry.

“The NJEDA is conducting listening sessions throughout the State to better understand cannabis applicants’ experiences with navigating business start-up and access to capital issues in this emerging industry,” said NJEDA Chief Executive Officer Tim Sullivan. “Stakeholder input can help design a potential cannabis grant program that brings equity and economic opportunity to communities and individuals who have been disproportionately impacted by cannabis prohibition and advances Governor Murphy’s vision for a stronger, fairer New Jersey.”

The NJEDA, together with the New Jersey Business Action Center (BAC) and the Cannabis Regulatory Commission (NJCRC), is hosting listening sessions in Newark, Atlantic City, and Camden. Each session focuses on understanding stakeholders’ experiences and the amount of funds necessary to navigate any startup issues businesses may face in obtaining necessary permits and approvals.

“BAC provides support to businesses of all sizes every day, connecting them to resources in and out of government that can help them start and grow. It’s critically important that New Jersey cannabis licensee applicants, especially those in the social equity, legacy, Impact Zone, and microbusiness categories, access the technical assistance they need to submit successful applications to the NJCRC,” said Penni Wild, Deputy Executive Director of the New Jersey Business Action Center. “We currently work with applicants to find an available business name, show them how to secure their federal tax ID, state business registration and how to register as a woman/minority/veteran-owned or small business.” 

“The legalization of cannabis in New Jersey represents the opportunity to launch a whole new sector in the Garden State and to do so with equity, inclusion, and social justice leading the way,” said NJEDA Chief Community Development Officer Tai Cooper. “By engaging with stakeholders at this early stage, we can create a program that fits the needs of small businesses as they grow and create jobs in this emerging industry.”

“We are excited for this new phase of setting up an equitable cannabis market in New Jersey,” said NJCRC Chair Dianna Houenou. “We know that access to capital is one of the largest roadblocks to diversity in the industry. As we try to lower that roadblock for as many entrepreneurs as possible, it is important that we let their voices guide how assistance programs are developed.”

While these listening sessions are by invitation only, members of the public who wish to provide feedback on this topic can email cannabis@njeda.com.

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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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, October 12, 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.

Funding will fuel ‘Innovation Evergreen Fund’s’ investment in Garden State early-stage businesses

Trenton, N.J. (October 4, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced the amount of tax credits available through the tax credit auction phase of the New Jersey Innovation Evergreen Fund (NJIEF) will increase to $50 million. Demand in response to the NJIEF tax credit auction has been robust among the State’s established corporate leaders engaged in the state’s innovation economy and, based on greater than anticipated demand, the NJEDA has raised the available auction pool from $30 million to $50 million. Corporations have until Friday, October 7th, to submit their completed applications.

The auction is the first of up to five tax credit auctions, designed to fuel the NJIEF investment phase starting later this year. 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 corporations that participate will benefit with a discount on their NJ corporate business tax liability of up to 25 percent and access to innovative businesses and investors, in exchange for their dollars and their active commitment to support the innovation economy in New Jersey. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in the state. Full details on the NJIEF are available at https://www.njeda.gov/evergreen.

Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year. Completed applications, including a refundable deposit, must be received by October 7, 2022.


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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$1 Million Will Be Available to Support Companies Engaged with Federal SBIR/STTR Programs

TRENTON, N.J. (September 30, 2022) – New Jersey startups that are currently involved with, or applying to, the federal Small Business Innovation Research (SBIR) and/or Small Business Technology Transfer (STTR) programs will soon have access to an additional funding source, the New Jersey Commission on Science, Innovation and Technology (CSIT) announced today. CSIT will open applications for the fourth round of its SBIR/STTR Direct Financial Assistance Program on Monday, October 3 at 9:00 a.m. EDT. The program provides a $25,000 to $50,000 funding match to New Jersey-based companies that have received federal SBIR/STTR grants. 

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the means for participating companies to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

Through three prior rounds of its SBIR/STTR Direct Financial Assistance Program, CSIT has awarded a total of $1.9 million to 66 New Jersey companies.

“Each New Jersey startup faces unique hurdles as it works toward commercialization, and helping these young companies succeed is a core part of our mission,” said CSIT Chair Debbie Hart. “Our SBIR/STTR Direct Financial Assistance Program has a proven track-record of supporting startups that are vying for these federal programs by providing funding to support their operations throughout the application process and beyond.”

This fourth round of the program will offer $1 million in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to up to 20 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track, or Direct to Phase II award/contract. The grant is aimed at helping awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding. The second component (Bridge funding) will provide $50,000 grants to up to ten New Jersey small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. The grant will enable the awardees to maintain operations while waiting on Phase II awards and cover general operational expenses directly related to the project/product for which a Federal Phase II award is being sought.

“Each dollar awarded through the SBIR/STTR Direct Financial Assistance Program is a dollar invested directly into New Jersey’s innovation ecosystem,” said CSIT Executive Director Judith Sheft. “We continue to see incredibly high levels of interest in CSIT programs such as this one and are appreciative of Governor Phil Murphy’s and the Legislature’s ongoing commitment to helping us support innovation-focused companies from their earliest stages.”

Sheft encouraged entrepreneurs that are interested in applying to the New Jersey SBIR/STTR Direct Financial Assistance Program to attend an informational webinar on October 11 at 1:00 p.m. to learn about the application process. A link to the webinar will be available at https://tinyurl.com/NJCSIT-Phase-4. A recording of the webinar will also be available on CSIT’s website.

The application, which can be accessed directly at https://application.njeda.com/CSIT, will be open starting October 3, 2022 at 9:00 a.m. until November 14 at 5:00 p.m. EST.

In keeping with the Governor’s vision for inclusive economic growth, applications from businesses located in an Opportunity Zone-eligible census tract or Government Restricted Municipality, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for points with respect to the scoring criteria. Additionally, applicants who are applying to the Direct Financial Assistance Program for the first time will also receive points. Points will also be awarded to first time federal SBIR/STTR awardees (direct funding) and first-time federal Phase II submitters (bridge funding).

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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Program Has Awarded Close to $13 Million in Reimbursements Since It Launched in February 

Trenton, N.J. (September 30, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that its Small Business Improvement Grant has awarded close to $13 million to over 500 small businesses in the Garden State since it launched this February. The Small Business Improvement Grant awards small businesses up to $50,000 to reimburse costs associated with making building improvements or purchasing new Furniture, Fixtures, and Equipment (FFE).

“The Small Business Improvement Grant is a great example of Governor Phil Murphy’s promise of finding creative ways to help strengthen our economy,” said NJEDA Chief Executive Officer Tim Sullivan “In a little over seven months, this program has helped more than 500 New Jersey businesses become more resilient and better position themselves for future growth by offsetting costs they incurred as they adapt to a post-pandemic economy.” 

Sullivan also noted that 40 percent of the Small Business Improvement Grant funding will be set aside for businesses and nonprofits in Opportunity Zone-eligible census tracts, in line with Governor Murphy’s commitment to equity.

Created under the Economic Recovery Act of 2020 (ERA), and funded with $15 million from the Main Street Recovery Program, the Small Business Improvement Grant reimburses eligible small businesses and nonprofits for up to 50 percent of eligible project costs associated with building improvements or the purchase and/or installation of new FFEs.

One of the hundreds of small businesses that received reimbursement is the Admiral Resort Motel, a family-owned vacation destination located a short distance away from the famous Wildwood Boardwalk at the Jersey shore. “For over 40 years, we’ve hosted families of all sizes and from all corners of the world as they enjoy their time off at the Jersey shore,” said the Admiral Resort Motel owner William DiAntonio. “After several needed upgrades to our facilities, which included revamping our security system and refreshing our guest rooms, we’re now in a much better financial position to invest in future projects as we continue to build vacation memories for years to come thanks to the grant we received from the NJEDA.”

Another business that secured funding from the Small Business Improvement Grant is Enterprise Solutions Accounting, a consulting and accounting firm whose focus is primarily the Latino market. This Hamilton-based minority-owned small business received reimbursement for a new HVAC system, new flooring, new doors, new panel dividers, and all the labor associated with these necessary improvements.

“The Small Business Improvement Grant has allowed us to offset thousands of dollars in renovation costs to upgrade our facility and operations,” said Enterprise Solutions Accounting owner Henry Pulido. “The reimbursement we received from the NJEDA will allow us to keep investing in the community we serve as we continue to provide the highest professional experience to our clientele.”

Funding from the program also supported the Boys and Girls Clubs of Lower Bergen County (BGCLBC) offsetting costs from plumbing, heating, gutter and electrical repairs that were needed for them to continue to provide a safe environment for youth from disadvantaged economic, social, and family circumstances to go after school and throughout the summer.

“Since 1949, our doors have been open to children from underprivileged communities as they try to find a safe place to learn and grow, or simply search for a sense of belonging,” said BGCLBC Chief Executive Officer Joseph Licata. “The funding we received from the NJEDA helped us offset costs so we can focus on continuing to provide quality programs and services to enable all Bergen County children, especially those who need us most, to reach their full potential as productive, caring, responsible citizens.”

Businesses and nonprofits that receive funding through the Small Business Improvement Grant are required to pay employees for the grant term the greater of $15 per hour or 120 percent of the minimum wage. Tipped employees must be paid at least 120 percent of the minimum wage. Applicants must also commit to remaining in the facility and meeting wage requirements for up to four years following the execution of the grant agreement and depending upon award amount. Awards greater than $25,000 will have a compliance period of four years and grant awards less than $25,000 will have a compliance period of two years.

For more information on the Small Business Improvement Grant, please visit https://www.njeda.gov/small-business-improvement-grant/.

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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Will Support Development of OSW Talent Pipeline to Meet Demand of State’s Emerging Offshore Wind Leadership

TRENTON, N.J. (September 28, 2022) – The New Jersey Economic Development Authority (NJEDA) has announced the creation of a competitive grant program that will help New Jerseyans, particularly those in New Jersey Overburdened Communities, develop skills for careers in offshore wind. Approved by the NJEDA’s Board at its September 14 meeting, the $3.725 million Offshore Wind Workforce and Skills Development Grant Challenge (Grant Challenge) will offer grants to selected entities that will aid in launching or expanding innovative workforce training and skills programs focused on strengthening and diversifying New Jersey’s offshore wind workforce.

“Offshore wind is driving an abundance of skilled jobs in New Jersey, and Governor Phil Murphy is committed to ensuring the state’s workforce keeps pace with the needs of offshore wind companies investing here,” said NJEDA Chief Executive Officer Tim Sullivan. “We have a responsibility to ensure that New Jerseyans are adequately and safely trained for these good-paying opportunities. We look forward to partnering with entities with expertise and creative workforce development solutions that will advance these goals in an equitable and inclusive way.”

The Grant Challenge is part of NJEDA’s efforts to establish the NJ Wind Institute for Innovation and Training (the “Wind Institute”) as an independent entity created through legislation. The Wind Institute will coordinate and deploy resources to advance offshore wind workforce development, research, and innovation in the state.

Announcement of the Grant Challenge follows Governor Murphy’s signing of Executive Order No. 307 last week, increasing New Jersey’s offshore wind goal by nearly 50 percent to 11,000 megawatts (MW) by 2040. The Executive Order, which increases the state’s current goal of 7,500 MW, also directs the New Jersey Board of Public Utilities (NJBPU) to study the feasibility of increasing the target further.

Accompanying the Executive Order, Governor Murphy also announced the release of the Green Jobs for a Sustainable Future report, created by the New Jersey Council on the Green Economy in partnership with the Governor’s Office of Climate Action and the Green Economy. The report outlines recommendations and pathways for growing a demographically representative and inclusive green workforce as New Jersey pursues its aggressive new offshore wind target.

Through the Grant Challenge, entities that can provide skill development, workforce training, job placement, and other related services to develop, implement, or expand workforce development initiatives in offshore wind can apply for grants of between $100,000 and $1 million to create their proposed programs. Priority in this grant challenge will be given to applicants or applicant teams that propose initiatives supporting training and job access for residents of Overburdened Communities. Grants will be awarded to proposals that achieve the highest overall scores based on the established proposal scoring criteria. Organizations looking to collaborate can submit an optional Potential Collaborator Form by October 20th. An informational webinar will be held on October 11th at 3pm. Application deadlines for the Grant Challenge will be announced in the coming months. More information on the Grant Challenge can be found at: www.njeda.gov/osw-workforce-grantchallenge/.

The Grant Challenge will be open to entities that can design and execute workforce and skills training programs. Such entities may include, but are not limited to, community-based organizations, workforce training organizations, labor unions, workforce placement intermediaries, technical high schools, community colleges, universities, non-profits, regional workforce development boards, and private companies.

“As we pursue our clean energy future and increased offshore wind development goals, it’s crucial that we develop a skilled and inclusive workforce to support our growing clean energy economy,” said Jane Cohen, Executive Director of the Governor’s Office of Climate Action and the Green Economy. “Establishing accessible pathways for entrance into good-paying jobs with wage parity and long-term career prospects will help position all New Jerseyans to enjoy the optimal benefits of the state’s clean energy transition.”

Applicants are encouraged to collaborate with additional entities, including for-profit or non-profit entities, to design and implement the training program as needed. All applications must include at least one 501(c)(3) Community-Based Organization with demonstrated experience serving a New Jersey Overburdened Community, that provides direct services or supports to a specific geographic NJ community(ies) or specific segments of a New Jersey community(ies). For the purposes of this Challenge, government entities, K-12 schools, and institutions of higher learning do not qualify as Community-Based Organizations. However, these entities may be the primary applicant or an additional collaborator on the applicant team.

This Grant Challenge will support training needs identified in a recently conducted offshore wind workforce assessment. The study concluded New Jersey’s target for 7.5 GW of offshore wind and accompanying infrastructure investments is projected to result in 20,000 new jobs in 2030 across numerous sectors of the state’s economy, including construction, manufacturing, and professional services. This study can be accessed at www.njeda.gov/wind_institute/. 

This Grant Challenge complements work currently underway toward the creation of the Wind Institute, including: the construction of a Global Wind Organization safety training facility at Atlantic Cape Community College; the development of a wind turbine technician training program at Rowan College of South Jersey; the expansion of welding and painting programs for offshore wind at Gloucester County Institute of Technology and Salem County Vocational Technical School; and the launch of an offshore wind research fellowship program for juniors, seniors and graduate students at Rutgers University, Rowan University, Montclair State University, and the NJ Institute of Technology.

Current Wind Institute-related programs are funded through an agreement between NJEDA and the NJBPU.

Governor Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer NJ Economy,” identifies offshore wind as one of the strategic sectors for accelerating growth in New Jersey’s economy. Offshore wind represents a unique opportunity to meet the State’s clean energy goal of reaching 100 percent clean energy usage by 2050. A key step towards this goal is the State’s target of generating 11,000 MW of offshore wind energy by 2040.

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. NJEDA is developing the Wind port on behalf of the State.
 
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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Please be advised that the Capital City Redevelopment Corporation Special Board Meeting is scheduled for Thursday, October 6, 2022 at 11:30 am.  The Members will convene via conference call only.

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may call into the meeting by using the following conference number:
 
Teleconference #:
1-551-220-2262

Access Code: 959 867 506#

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

Program Provides up to $125,000 to County and Local Governments to Develop Plans to Improve Food Security

Trenton, N.J. (September 26, 2022) – Today, the New Jersey Economic Development Authority (NJEDA) announced that it will open applications for its $1.5 million Food Security Planning Grant Program on Tuesday, September 27. This competitive program offers grants ranging from $75,000 to $125,000 to municipal governments, county governments, and redevelopment agencies to develop plans to improve food access and food security by leveraging distressed assets in New Jersey’s Food Desert Communities (FDCs). The application will be available at https://www.njeda.gov/food-security-planning-grant/. All applications submitted by the deadline of November 25 will be reviewed after the application period has closed. 

Currently, more than one in 10 New Jersey households reports not having enough to eat within the past week. Additionally, out of the nearly nine million people who reside in New Jersey, approximately one million live in an NJEDA-designated FDC. Ensuring access to nutritious, affordable, and culturally relevant food is a key component in building a stronger and fairer New Jersey economy, as well as creating a sustainable local food system in every community.

The NJEDA will host information sessions for potential applicants (municipal governments, county governments and redevelopment agencies) to get an overview of the Food Security Planning Grant, a walk-through of the application, and information on how to best prepare to apply.

The information sessions will take place at the following times:

The Food Security Planning Grant Program is one tool that NJEDA will deploy to empower local governments to develop and submit plans to improve food access while transforming distressed assets that have presented a hindrance to economic growth. For the Food Security Planning Grant program, a distressed asset is defined as a commercial building or series of buildings, its attachments, and appurtenances; or vacant land that is fully or partially vacant for at least one year, that due to deteriorated condition or appearance of its exterior (because of deferred maintenance such as deteriorated paint or overgrown vegetation, boarded up door and/or windows), that can be leveraged to improve food access and food security. Distressed assets must be located within a New Jersey FDC, which can be mapped here.

Full details on the Food Security Planning Grant Program can be found here.

Applications will be accepted until November 25 and will NOT be reviewed on a first-come, first-served basis.

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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ICGF Focuses on Investing in Minority- and Women-Owned Businesses

TRENTON, N.J. (September 23, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that its Board has approved investing up to $1 million into Innovate Capital Growth Fund (ICGF) through a limited partnership investment. ICGF marks the NJEDA’s 21st venture fund investment approval to date.

ICGF, a Delaware limited partnership, was created last year to provide growth capital, primarily in the form of equity, to minority- and women-owned businesses located substantially in the Mid-Atlantic region. ICGF is expected to invest an additional $2 in New Jersey-based companies for every $1 the NJEDA commits. This would result in a target of $3 million of capital invested into New Jersey companies.

“ICGF’s investment strategy aligns perfectly with Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through investments such as this one, we are providing much-needed capital for young companies to leverage as they grow, commercialize, and create good-paying jobs in New Jersey.”

Sullivan noted that, among its myriad resources for New Jersey’s innovation sector, the NJEDA helps increase available capital for emerging innovation-focused companies by investing as a limited partner in venture capital funds that invest in New Jersey-based enterprises. Gains resulting from these investments are then used to offer new funding opportunities to support New Jersey businesses. To date, the NJEDA has committed over $64.5 million to 20 venture capital funds since 1999, not including this latest approval.

The Fund will be managed by Innovate Capital Growth GP, LLC, which is owned in part by  The Enterprise Center (TEC). TEC is a nationally recognized community economic development center in Philadelphia that focuses solely on advancing economic growth by connecting minority and women-owned companies with business, capital, and community. TEC operates three federally contracted business centers, including the Camden Cares Business Center. The Camden Cares Business Center employs nearly 10 percent of TEC’s investment and operations professionals. TEC also operates a certified Community Development Financial Institution (CDFI). Across all of these instruments, TEC has helped small businesses earn more than $1 billion in contracts and financing, secure more than $7 million in start-up loans, and created more than 3,000 jobs for the local community.

ICGF managers recently participated in the NJEDA’s New Jersey Founder & Funders event, where they met one-on-one with emerging innovation-focused companies. ICGF Co-Managing Partner and TEC President Della Clark indicated that, as part of ICGF’s growing commitment to New Jersey’s innovation ecosystem, she and her co-managers intend to participate in additional New Jersey Founders & Funders events in the future.

“In recent years, New Jersey has shown a strong commitment to bolstering opportunities for minority- and women-led businesses and we are excited to have the NJEDA as one of ICGF’s investors,” said Clark. “We have been continually impressed with the high-caliber startups we have found in New Jersey and are proud to bolster our ability to support these emerging companies through this fund.”

ICGF was awarded a Small Business Investment Company (SBIC) license from the United States Small Business Administration. Having this designation will enable the firm to access a wider pool of capital from private lenders and banks that may support companies in their portfolio.

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. NJEDA is developing the Wind port on behalf of the State.

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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NEW BRUNSWICK, N.J. (September 21, 2022) – Twelve researchers at Rutgers, The State University of New Jersey and Tel Aviv University (TAU) in Israel are poised to receive a combined $200,000 in seed grants to further joint projects across a broad spectrum of academic areas. The grants, which were awarded to six partnerships through the TAU – Rutgers University Research Collaboration Fund (the Fund), will support projects in such areas as genomics, agriculture, neurology, quantum computing, and computer science. The Fund was established last year to foster international collaborative partnerships between faculty at TAU and Rutgers.

“Israel has always been a formidable partner in our efforts to reclaim New Jersey’s role as a leader in innovation and harnessing the synergy between the Garden State and the Startup Nation brings us closer to that goal,” Governor Phil Murphy said. “The funding announced today will help us support academic researchers in high-wage, high-growth sectors as they bring their projects from infancy through commercialization.”

In August 2021, the New Jersey Economic Development Authority (NJEDA) and Rutgers University signed an agreement to facilitate research by Rutgers University faculty and staff in conjunction with a leading Israeli university. Rutgers University and the NJEDA each agreed to contribute $50,000 to what would ultimately become the Fund. Rutgers University subsequently signed an agreement with TAU to establish the Fund, which included a $100,000 contribution from TAU.

Grants awarded through the fund can be used for research activities, travel expenses, per diem allowances for faculty or full-time enrolled students, and for scholarships for students.

The awardees include:

  • Gophna – Severinov: Assessing the True Ecological Roles of CRISPR-Cas Systems to Advance Gene Editing
  • Friedman- van der Wel: Understanding Slow and Smooth Movements in Parkinson’s Disease
  • Fridman-Burlion: Development of Time Delay Software Technology to Power Systems
  • Goldstein-Andrei: Kondo Systems and Quantum Computing
  • Ohad-Lawton: Study of innate immunity of plant pathogens: implications for agriculture
  • Zimmerman-Kovacs: Metaphysics of Personhood

According to data released by the NJEDA earlier this year, annual New Jersey-Israel trade was valued at $1.55 billion in 2021 and Foreign Domestic Investments from Israel to New Jersey multiplied four times between 2018 and 2021, worth an estimated $347.1 million. This led to the creation of 1,120 jobs, including those resulting from Israeli companies new to the state.

New Jersey and Israeli officials welcomed the news announced today.

“Increasing access to seed grant funding for researchers statewide is paramount to growing our innovation economy and has been a priority for Governor Murphy since his very first days in office,” said NJEDA Chief Executive Officer Tim Sullivan. “New Jersey and Israel share a long history of collaboration and the awards announced today will spur new partnership opportunities between researchers at two of the world’s top universities. This, in turn, will lead to long-term economic growth.”

“We’re thrilled to bring Israel’s innovation prowess to this partnership with such a storied New Jersey institution,” said Ambassador Asaf Zamir, Consul General of Israel in New York. “Tel Aviv University and Rutgers University are exactly the kinds of places that will deliver tomorrow’s advancements in biotech, neurology, computing, and more. We look forward to seeing the scientific, technological and economic benefits of this wonderful collaboration.”

“New Jersey and Israel share many common values and goals, such as developing ways for university researchers to spur innovation and ultimately drive economic growth,” said New Jersey-Israel Commission Executive Director Andrew Gross. “Innovation and education are among the Commission’s top priorities, and we are thrilled to know that these grants will also serve to strengthen the strong economic and academic ties that exist between Israel and New Jersey.”

“We congratulate both Rutgers University and Tel Aviv University on these historic grants as they fulfill the mission set out by Governor Murphy to connect these global academic ecosystems,” said New Jersey-Israel Commission Co-Chairs Mark S. Levenson and Karin Elkis. “Our commitment to strengthening the partnership between these incredible universities will continue as they leverage game changing technologies to make scientific discoveries that will better our world.”

“From Selman Waksman’s development of streptomycin, that supercharged the global effort to combat tuberculosis in the 1940s, to the invention just two and a half years ago of the saliva-based COVID-19 test that helped to guide the world through the pandemic, Rutgers has long been leveraging collaboration to spur technological progress with academic partners around the globe.  These new projects follow in that academic research tradition,” said Rutgers University Senior Vice President for Research Michael E. Zwick.

“Fostering collaboration between our researchers and their American counterparts is key to furthering innovation and is a tremendous mechanism for driving economic activity,” said TAU President Ariel Porat. “These joint grants are another example of how Governor Murphy and New Jersey continue to be steadfast allies as we seek to grow our presence in the United States.”

The awards announced today are the latest in a series of collaborations between TAU and Rutgers University. Last year, the universities signed an agreement to further collaboration and to have TAU establish a presence at the New Jersey Innovation and Technology Hub, a 550,000-square-foot, $665 million project in New Brunswick that will be home to the new Rutgers Translational Research facility and the Rutgers Robert Wood Johnson Medical School, among other public and private entities. The two universities also previously held a monthly series of joint-scientific symposia.

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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