NJEDA Opening Innovation Fellows Application on March 14th
Program Offering Entrepreneurs up to $400,000 in Grants for Income Replacement
TRENTON, N.J. (March 7, 2023) – The New Jersey Economic Development Authority (NJEDA) will open the application for the New Jersey Innovation Fellows (NJIF) program on March 14th at 10:00 a.m. This program levels the playing field for first-time entrepreneurs in underrepresented groups looking to start businesses in New Jersey.
Startup groups of three or more members can apply for a two-year grant to help start a business in a targeted industry. The funding is intended to serve as income replacement, which should entice those who would normally be unable to commit full-time efforts to entrepreneurship due to financial constraints. Groups are eligible for $200,000 in funding, which can increase with the inclusion of residents of Opportunity Zones, graduates of New Jersey colleges and universities, as well as females and minority entrepreneurs. The maximum grant awarded will be $400,000.
To qualify, applicant teams must have at least one-half of the group certify as “first-time entrepreneurs,” while at least two-thirds of the group must come from the workforce. Recipients will also receive mentorship and training in a variety of business and managerial subjects during the grant period, with curriculum developed by some of New Jersey’s top universities.
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.
February 29, 2024
NOTICE OF NJEDA BOARD MEETING - 03/07/2024
The New Jersey Economic Development Authority's next public Board Meeting will be held in person and via teleconference on Thursday, March 7, 2024, at 10:00 am.
February 20, 2024
NJEDA to Create Grant Program to Help Small Business Owners Purchase Commercial Properties
TRENTON, N.J. (February 20, 2024) – The Board of the New Jersey Economic Development Authority (NJEDA) has approved the creation of a pilot program that will help boost small business owners’ liquidity following the purchase of a commercial property.
February 15, 2024
NJEDA to Hold Monthly Office Hours Highlighting Innovation Programs
TRENTON, N.J. (February 15, 2024) – To respond to challenges faced by New Jersey technology and biotechnology companies in raising capital, the New Jersey Economic Development Authority (NJEDA) is launching monthly Innovation Programs Office Hours to highlight programs offered by the Authority to stimulate the innovation economy.