New NJEDA Matching Grant Program Supports Applicants for Federal i6 Funding
TRENTON, N.J. (January 21, 2020) – The New Jersey Economic Development Authority (NJEDA) Board last week approved the creation of the i6 Challenge Support Program, a pilot grant program that will provide $100,000 of matching funding to a maximum of three New Jersey-based projects applying for funding through the federal i6 Challenge each year. Applications will be due in February 2020. More information, including eligibility requirements and application materials, will be available on the NJEDA website soon.
“Fostering the most diverse and inclusive innovation economy in the nation is critical to achieving Governor Murphy’s vision of a stronger, fairer New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s new i6 Challenge Support Program moves us closer to that goal by supporting New Jersey entrepreneurs and startups and strengthening our innovation clusters to build a stronger more robust state innovation ecosystem.”
The i6 Challenge is a US Economic Development Administration (US EDA) program designed to spur innovation capacity-building across the US. The i6 funds proof-of-concept and commercialization programs which result in business creation, accelerated paths to export, increased foreign direct investment, and new jobs. This includes technology advisement, market evaluation, business planning, mentorship, and improved access to early-stage capital. Programs can be physical or virtual, and both new and existing programs can qualify for funding.
The US EDA i6 Challenge has a strict 1:1 funding match requirement, which means the amount of funding applicants receive through the program is limited to the amount of non-federal funding they can raise. The NJEDA program will help applicants be more competitive and, where applicants are successful, increase the Federal funding they are eligible to receive. More broadly, the i6 Challenge Support Program aims to grow New Jersey’s innovation economy by fostering collaboration between entities within innovation clusters.
The program will operate on a pilot basis for one year and will be capitalized through the Economic Recovery Fund (ERF). The NJEDA will cap grants at $100,000 per applicant, and maximum of three awards, with any awards contingent on the applicant receiving a federal i6 award.
The 2020 application for the NJEDA i6 Challenge Support Program is expected to be available in January with applications due in February. The NJEDA anticipates notifying winners in March.
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.