First Lady Tammy Murphy and NJEDA Announce Partnership with Golden Seeds to Increase Funding for Women-Led Startups
TRENTON, N.J. (July 16, 2019) – First Lady Tammy Murphy and the New Jersey Economic Development Authority today announced that the NJEDA Board of Directors approved a proposal to organize a New Jersey chapter of Golden Seeds, a national angel investor network dedicated to investing in women-led startup companies. The collaboration between First Lady Murphy’s Office, the Economic Development Authority, and Golden Seeds will advance Governor Phil Murphy’s efforts to make New Jersey the “State of Innovation” by providing new funding sources and mentorship opportunities for female entrepreneurs.
“The partnership that we have created with Golden Seeds is a critical step toward building a robust New Jersey innovation economy that reflects and supports our state’s diverse workforce,” said First Lady Tammy Snyder Murphy. “Repeated studies show companies that include women in top management positions increase their margins and produce more patents than teams with solely male leaders. Creating new opportunities for women entrepreneurs to connect with mentors and receive funding will lead to outsize economic growth that creates good jobs and benefits communities throughout the Garden State.”
Founded in 2005, Golden Seeds has a 14-year track record of successfully supporting women-led businesses. Nationally, it has more than 275 members that include credentialed investors from various locations, sectors, and backgrounds. The New Jersey chapter of the organization will be the seventh, joining established Golden Seeds chapters in Atlanta, Boston, Dallas, Houston, New York City, and Silicon Valley.
“New Jersey’s highly skilled workforce and strong network of investors and entrepreneurs makes it an ideal place for a new Golden Seeds chapter,” said Loretta McCarthy, Managing Partner at Golden Seeds. “We are excited to partner with Governor Murphy and the NJEDA to provide capital and mentoring for women-led businesses that will play a key role in revitalizing and growing New Jersey’s innovation economy.”
The NJEDA’s partnership with Golden Seeds supports Governor Murphy’s efforts to create a diverse innovation ecosystem in New Jersey by increasing the availability of angel capital for women-led businesses and mentoring opportunities for women businesses leaders. It will also foster a strong, cohesive angel investing community in New Jersey by bringing members together to identify investment opportunities, conduct due diligence, and support companies in which they choose to invest. The partnership builds on the NJEDA’s long history of partnering with funding groups such as Jumpstart NJ Angel Network and Tech Launch to bring more capital to New Jersey’s Innovation economy.
The chapter’s establishment coincides with a recent expansion of the New Jersey Angel Investor Tax Credit, which provides refundable tax credits against the New Jersey corporation business or gross income tax for qualified investments in emerging technology businesses with a physical presence in New Jersey and that conduct research, manufacturing, or technology commercialization in the state. The recently-enacted legislation increases the base tax credit available through this program from 10 percent to 20 percent, with an additional 5 percent credit available for investments in businesses located in qualified opportunity zones or low-income communities or that are certified minority- or women-owned businesses. This second provision will be particularly important in attracting investors to the New Jersey Golden Seeds chapter and supporting women-owned startups in the state.
Throughout the process of forming the New Jersey Golden Seeds Chapter, the NJEDA will coordinate with the New York City chapter of the organization to reach out to potential members, host training sessions on a series of angel investing topics, and organize monthly office hours at sites around the state where female entrepreneurs will be able to get advice from investors. Once the chapter is established, the NJEDA will transition leadership to group members. Investors interested in getting more information about the NJ Chapter of Golden Seeds should contact GoldenSeeds@njeda.com.
“Focusing on equality and fairness as we grow New Jersey’s innovation economy is both good policy and the right thing to do,” said NJEDA Chief Executive Officer Tim Sullivan. “Establishing a New Jersey chapter of Golden Seeds will send a powerful message to entrepreneurs and investors that we are committed to cultivating a thriving innovation economy that embraces and celebrates diversity.”
Angel investors interested in joining New Jersey’s Golden Seeds chapter are encouraged to reach out via email@example.com.
To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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