NJ ACCELERATE
The NJEDA is now accepting applications for this program. Please send an email to njaccelerate@njeda.gov to speak with an Innovation Officer.
NJ Accelerate encourages the participation of New Jersey Entrepreneurs in high-quality accelerator programs, which increase the growing young, innovative companies in the state.
TARGET APPLICANTS
Open to best-in-class accelerators and Approved Accelerator graduate businesses.
PROGRAM GUIDE
INNOVATION OFFICE HOURS NOtice of funding availability accelerator brochure Targeted IndustriesQUESTIONS
If you have any questions please reach out to njaccelerate@njeda.gov
NJ Accelerate Approved Accelerators
NJ Accelerate Approved Companies
NJ Accelerate is a two-step process to encourage the engagement of accelerator programs in New Jersey, while facilitating the participation of businesses in these accelerator programs.
PROGRAM DETAILS
NJ Accelerate recognizes the strengths of accelerators in nurturing the next generation of entrepreneurs. Through NJ Accelerate, the NJEDA seeks to provide entrepreneurs access to best-in-class programs and return home with the tools and support to grow their businesses in the Garden State.
An accelerator is a fixed-term, cohort-based “boot camp” offering educational programs for start-up founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists (VCs), angel investors, and corporate executives.
Through the NJ Accelerate Program, NJEDA will:
- Promote Approved Accelerator program opportunities to the NJ innovation ecosystem.
- Sponsorship grant funding support for Approved Accelerator programs and events held in NJ.
- Provide direct loans and rent support to eligible Approved Accelerator graduates.
- Support Governor Murphy’s goal of making NJ the most diverse innovation ecosystem in the country
NJ Accelerate is a two-step process to encourage the engagement of accelerator programs in New Jersey, while facilitating the participation of businesses in these accelerator programs:
1. Accelerator operators apply to the NJEDA to be pre-qualified as an “Approved Accelerator”.
2. Approved Accelerator graduates are eligible for financial assistance from the NJEDA in NJ.
Eligibility for Accelerators
The NJEDA will welcome all accelerators that meet the program criteria and evaluate them during the pilot on a first-come, first-served basis. The accelerator entity must meet the minimum following criteria:
- Accelerators must have graduated a minimum of two cohorts prior to application.
- A well-codified thorough and rigorous screening process for all applicants.
- A structured curriculum that is focused on supporting the growth of startups and at a minimum includes business strategy around product sales & marketing.
- High prior participant satisfaction, as verifiable through reference calls and testimonials.
- Access to at least 50 actively engaged subject matter experts/mentors across industries or functional capabilities to provide specific programmatic training for each company (e.g., Technology, Sales,Strategy, Financing, Accounting, Marketing, Fundraising, etc.)
- Program engagement of the broader startup Ecosystem of mentors, advisors or investors from outside the Accelerator and hosting a demo day viewable to outside participants.
- A minimum of 20 mentoring hours to the selected participants.
- A proven and documented or certified track record of success in prior graduates, demonstrated by at least 35% (to be reviewed and adjusted annually by NJEDA staff according to the prevailing market median data available) of graduates to receive follow-on funding from non-related parties (non-related defined as anyone not in participating
company managements), seeing strategic acquisition, significant (50%+) revenue growth in the last year or achieve an exit. - The existence of a platform to facilitate community engagement and networking for current and past program participants (i.e., an active alumni network)
- If a corporate accelerator, the active participation of staff at all levels of the organization, including Senior management and at the Corporation.
- The accelerator must include an in-person aspect and not be entirely virtual, which allows for engagement and personal mentoring of the selected companies; the physical space must be equipped to host events.
- The accelerator will provide financial investment in some form to at least one participant company per program, including direct investment or customer sales relationship (in-kind arrangements are insufficient)
- The Accelerator Program is open to applicants from NJ.
- The Accelerator Program supports innovation and has a consideration for, or focus on, at least one of the “Targeted Industries”.
- A preference and bonus will be granted for all accelerator programs that have a focus on supporting underserved groups including: female entrepreneurs and founders of color.
This preference translates into a monetary sponsorship bonus for Approved Accelerators with a diversity focus and their NJ-graduate companies that are certified by the state of NJ as a women or minority-owned business.
The Accelerator Program supports innovation and has a consideration for, or focus on, at least one of the “Targeted Industries” as identified by the NJEDA which currently includes:
- Advanced Transportation and Logistics
- Advanced Manufacturing
- Aviation
- Autonomous Vehicle and Zero-emissions
- Clean Energy
- Clean Technology
- Life Sciences
- Hemp Processing
- Information and High Technology
- Finance and Insurance
Full list is linked here
Eligibility Requirements for Businesses Participating in Approved Accelerators:
Companies must meet the following criteria within six months of graduation (or the latter date of departure out of the physical space offered, with respect only to the rent award of NJ Accelerate) from the Approved Accelerator to qualify for support.
- New Jersey Tax Clearance Certificate
- At least 50% of the company workforce works or pay taxes in NJ
- A minimum of 2 founders devoting 100% of their professional time to the Company in NJ and 80% of their time in New Jersey
- The Company is in one of the “Targeted Industries” as identified by the NJEDA
- For the Investment Loan Benefit only, the Company must have received an investment from the Approved Accelerator
Targeted industries are any industry identified from time to time by the NJEDA that shall initially include:
– Advanced Transportation and Logistics
– Advanced Manufacturing
– Aviation
– Autonomous Vehicle and Zero-emissions
– Clean Energy
– Clean Technology
– Life Sciences
– Hemp Processing
– Information and High Technology
– Finance and Insurance
If you’d like to review the definitions of each targeted industry further, please see the “Targeted Industry Definitions” document available for download on the right-hand side of this page.
- Investment Loan Benefit
- Application fee: $500
- Modification fee: $250 minor/ $1000 major
- Extension Fee: $750
- Please note, all fees associated with this application are non-refundable.
- Graduate Rent benefit
- No fees
- Event Sponsorship Benefit
- No fees