A new, independently prepared report details businesses that participated in NOL employ over 31,000 New Jerseyans

TRENTON, N.J. (May 20, 2025) – The New Jersey Economic Development Authority (NJEDA) today released findings from an economic impact assessment of the Technology Business Tax Credit Certificate Transfer Program, known as the Net Operating Loss (NOL) Program. The results found that the NOL Program is crucial to driving economic activity and enhancing business sustainability in the state, contributing to the growth of emerging companies in New Jersey’s technology and biotech sectors.

“Under Governor Phil Murphy’s leadership, New Jersey has significantly expanded its support for entrepreneurs, creating a robust environment where startups can thrive and scale,” said NJEDA Chief Executive Officer Tim Sullivan. “Since its launch in 1999, the NJEDA’s NOL Program has provided nearly 600 emerging technology companies with critical growth capital—driving substantial economic returns, reinforcing the state’s leadership in innovation, and supporting thousands of high-quality jobs.

The report found that more than half of the 589 program recipients since inception continue to operate in New Jersey, employing an estimated 31,200 workers in the state and generating $28.1 billion in direct and indirect economic impact in 2024. Since 1999, participating companies have generated an estimated tax impact of $2.84 billion compared to a program cost of $1.35 billion, contributing $2 in state tax revenue for every dollar in tax credits. The actual survival rate of program recipients is 72 percent, more than doubling the technology industry benchmark of 36 percent.

“BioNJ is honored to have played a pivotal role alongside our legislative partners and the New Jersey Economic Development Authority in the creation and ongoing success of the groundbreaking Net Operating Loss (NOL) Program,” said BioNJ President and CEO, Debbie Hart. “Widely hailed as a financial lifeline for early-stage businesses not yet generating profits, the NOL Program has empowered innovation, fueled job creation, and reinforced New Jersey’s enduring reputation as a national leader in biotechnology and life sciences.”

“The NOL Program is an integral part of the NJEDA’s innovation toolkit, contributing to a thriving startup ecosystem in the state that includes support from academia, government, and the private sector,” said NJEDA’s Chief Economic Transformation Officer Kathleen Coviello. “This economic impact report proves that robust investment in emerging companies results in economic benefits for all New Jerseyans, supporting state tax revenues, family-sustaining jobs, and inventive new ideas and products.”

The independent report was conducted by Econsult Solutions Inc. The study was conducted through data gathering, analysis, and industry benchmarking to assess the program’s outcomes, ensuring an impartial and data-driven assessment of the program’s impact. The full report can be found here.

Up to $75 million in funding is available annually under the NOL program, with $15 million set aside for businesses located in the state’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, businesses within Opportunity Zones, or certified minority or woman-owned businesses. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

Applications for the 2025 NOL program are open and will close at 11:59 p.m. Eastern Daylight Time on Monday, June 30th. For more information on program eligibility and application requirements, visit http://www.njeda.gov/nol.

Apprentice, a fast-growing life sciences technology company based in Jersey City, develops AI-powered manufacturing execution software to modernize and optimize pharmaceutical production. Founded in 2014 to address inefficiencies in drug manufacturing, the company has rapidly expanded, becoming a trusted partner for some of the most advanced therapies on the market. Today, Apprentice’s platform supports the production of critical treatments, including all of Moderna’s manufacturing, GLP-1 weight loss drugs, and cutting-edge CRISPR-based gene therapies.

New Jersey’s strong biotech ecosystem and resources such as the NOL Program played a crucial role in Apprentice’s decision to establish and grow its business in the state. With a dense concentration of pharmaceutical firms, talent, and a business climate supportive of life sciences, New Jersey provided the ideal foundation for Apprentice’s expansion.

“For a startup like us, there was no better place to start the company because so many of the large pharma companies and specifically their manufacturing sites are here in the state,” said Apprentice Co-Founder and Chief Executive Officer Angelo Stracquatanio.

BioAegis Therapeutics, a clinical-stage biopharmaceutical company based in North Brunswick advancing a new approach to immunotherapy by developing innovative therapies, established operations in New Jersey because of its innovation-friendly business climate. In addition to the NOL Program, the company utilized the NJEDA’s Angel Investor Tax Credit Program.

“We looked at Connecticut, New York, and New Jersey, and ultimately chose New Jersey because of its very attractive incentives,” said BioAegis Therapeutics Co-Founder and Chief Operating Officer Valerie Ceva. “Developing a biologic is incredibly capital-intensive…so anything that can monetize those operating losses now is a great benefit.”

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 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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Three Additional Firms Can Now Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (September 12, 2023) – The New Jersey Economic Development Authority (NJEDA) today approved three additional venture capital firms as Qualified Venture Firms (QVFs) in the New Jersey Innovation Evergreen Fund (NJIEF). With these latest approvals, a total of 10 QVFs can each access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 will result in the funding of initial investments into high-growth businesses in New Jersey.

“Governor Phil Murphy has always prioritized connecting New Jersey startups with access to the funding they need to succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF offers a unique and responsive solution for getting capital into the hands of the state’s youngest companies while also building on New Jersey’s role as a leader in innovation.”

Sullivan noted that venture capital firms throughout the world can apply to be QVFs to invest in early-stage businesses and potentially receive matching capital to further benefit the startups. The QVFs approved today have a proven track record of investing in the growth of emerging companies throughout the country.

The three QVFs approved today are:

“Venture firms nationwide are taking notice of New Jersey’s leadership in innovation and are eager to invest into our state’s high-growth startups through the NJIEF,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “We are excited to partner with the approved QVFs as we begin to make strategic investments that will benefit emerging companies as they expand and thrive in the Garden State.”

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The ten firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers.   

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total unallocated capital available for new investments stands at over $46 million. 


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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NJ Tech & Life Sciences Companies Can Now Apply to Sell Their Net Operating Losses & Unused Research & Development Tax Credits for Cash

TRENTON, N.J. (May 3, 2023) – The New Jersey Economic Development Authority (NJEDA) opened applications this week for its 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. The program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.

The NOL Program is accepting applications through June 30, 2023, at http://www.njeda.gov/nol. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

The New Jersey Economic Recovery Act of 2020 (ERA), which was signed into law by Governor Phil Murphy in 2021, increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

“It’s fitting that the application for this year’s NOL Program opened during Small Business Week, as the program routinely helps companies keep their lights on, their employees paid, and propels their research and development forward,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “Enhancements made to the program by the ERA help ensure emerging companies have access to the capital they need to succeed, which is a key component of fulfilling Governor Murphy’s vision to establish New Jersey as a leader in innovation.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website, which covers eligibility requirements in detail at http://www.njeda.gov/nol and attend the NJEDA’s upcoming NOL Program webinar on May 9. Registration can be found at http://www.njeda.gov/nol. A recording of the webinar, which will include a walk-through of the application, will be available at http://www.njeda.gov/nol following the event.  

Since the program’s inception in the late 1990s, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million.

“Given the broad range of acceptable funding uses, the NOL Program has been hailed for decades as a lifeline for emerging companies that have yet to reach profitability,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The ability to secure an average award of over $3 million without giving up any equity makes this extremely attractive to entrepreneurs. At the same time, it complements the state’s many assets as an attraction tool for entrepreneurs choosing to grow their businesses in New Jersey.”   

United Silicon Carbide, BioAegis Therapeutics, and Palatin Technologies are among the hundreds of companies that have taken advantage of the program. Here’s what their CEOs had to say about the program:

“The NOL Program was a consistent source of funding for us and was among the many state resources that helped sustain us until we were acquired by Qorvo in 2021. My advice to entrepreneurs just starting out is simple: Apply for this program. It gives you cash without requiring you to give up equity.”

–Dr. Christopher Dries, former United Silicon Carbide President and CEO and current General Manager of Power Device Solutions for Qorvo
United Silicon Carbide also previously benefited from the NJEDA’s Angel Investor Tax Credit Program and its Edison Innovation Fund

“We’ve been fortunate to leverage a variety of New Jersey’s assets as we’ve worked to develop groundbreaking discoveries in inflammation and infection. The ability to sell our losses for cash through the NOL Program, combined with the Garden State’s proximity to major pharmaceutical companies and highly talented scientists, make this the ideal place for biotechnology companies like ours.”

–Dr. Susan Levinson, CEO of BioAegis Therapeutics
BioAegis Therapeutics is a tenant at the NJEDA’s NJ Bioscience Center – Step-Out Labs and a graduate of its NJ Bioscience Center – Incubator.

“New Jersey’s decision to increase the lifetime cap from $15 million to $20 million has afforded us the opportunity to realize the benefits of the NOL program for additional years. Funding provided through the program has been critical to the growth of our bio-pharmaceutical R&D company, and we are thankful to the NJEDA for aiding our efforts as we work to continue to develop drugs for various indications.”

–Dr. Carl Spana, CEO of Palatin Technologies

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 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 Will Award Grants of up to $75,000

TRENTON, N.J. (March 31, 2023) – The New Jersey Commission on Science, Innovation and Technology (CSIT) plans to create a $750,000 grant program to help New Jersey startups develop innovative solutions designed to improve food security statewide.

Through the Food and Agriculture Research & Development (R&D) Pilot Seed Grant Program, CSIT will provide grants of up to $75,000 to startups working on food and/or agriculture-related innovation in the life sciences, technology, and food and beverage (non-retail) sectors.

The grants will enable awardees to accelerate their R&D to transform new discoveries from the research stage into commercially viable products and services that address food security needs of communities across New Jersey. Projects do not need to be located within a food desert community, but applicants should describe how their proposal will impact residents in food desert communities and food-insecure New Jerseyans more broadly. Complete eligibility requirements can be found here.  

“Food insecurity is a critical issue and New Jersey startups are developing innovative solutions in areas surrounding food processing, food access, and information on nutrition,” said CSIT Executive Director Judith Sheft. “Under Governor Phil Murphy’s leadership, we are supporting this next generation of entrepreneurs as they work to address the needs of the hungry. From companies like Campbell’s Soup Company and Wakefern Food Corporation to B&G Foods and Mars Chocolate, New Jersey is already home to numerous food and beverage giants, and we look forward to watching startups in this vital sector grow and expand their footprints in the Garden State.”

Sheft noted that this program will bolster New Jersey’s leadership role as it gains further recognition as one of the nation’s key hubs for food innovation and technology. New Jersey has many assets that are helping attract and retain companies in this growing sector, specifically its strategic location, expansive transportation infrastructure, and easy access to the Port of New York and New Jersey, which serves as the second busiest port in North America and is the largest on the East Coast.

CSIT will host an informational webinar on the Food and Agriculture R&D Pilot Grant Program prior to the application opening. Details of that webinar will be posted on CSIT’s website once it is scheduled. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event.

CSIT expects to begin accepting applications for this program later this Spring. 

A commitment of $750,000 from the New Jersey Economic Development Authority (NJEDA) to CSIT to fund the Food and Agriculture R&D Pilot Seed Grant program was approved by both Boards this month. The funding allocation from the NJEDA was appropriated through New Jersey’s Fiscal Year 2022 state budget, which dedicated $3.5 million to the Authority for “Food and Agriculture Innovation.”

“The Food and Agriculture R&D Pilot Seed Grant Program is an important tool in furthering Governor Murphy’s vision to make New Jersey a leader in innovation while increasing access to healthy food for every resident,” said NJEDA Chief Executive Officer Tim Sullivan. “This program will also harness the brainpower of New Jersey entrepreneurs – one of our state’s greatest assets – to aid in our whole-of-government approach to combatting food insecurity.”

In keeping with Governor Murphy’s goal of creating the most diverse and inclusive innovation ecosystem in the country, bonus scoring will be awarded to applicants that are New Jersey-certified women-owned, minority-owned, or veteran-owned businesses or have a primary place of business/research and development located either within an opportunity zone eligible census tract or within Trenton, Paterson, or Atlantic City. Bonus scoring will also be awarded to applicants using intellectual property initially developed at a New Jersey university, under an executed license agreement with such university. To increase the percentage of first-time CSIT awardees, staff will implement a new scoring bonus for applicants that have not previously been awarded a CSIT grant or voucher.

“Given the food insecurity in New Jersey and throughout the world, the Commission is proud to launch this important pilot program which will support entrepreneurs as they innovate to address this challenge,” said CSIT Chair Debbie Hart. “This program literally has the potential to change the world starting in the neighborhoods of New Jersey.”

The CSIT Board approved the creation of the Food and Agriculture R&D Pilot Seed Grant Program at its meeting last week.

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 http://www.njeda.gov/csit and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Award Will Provide Gap Financing for Future World-Class Hub of Innovation

TRENTON, N.J. (February 9, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved the first award under the Aspire program to support the development of the New Jersey Health + Life Sciences Exchange (HELIX) in downtown New Brunswick. The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The award was provided to NJ Innovation Associates Urban Renewal, LLC, a special purpose entity, of which New Brunswick Development Corporation (Devco) – the developer of the HELIX – is the sole member.

Created under the New Jersey Economic Recovery Act of 2020, Aspire is New Jersey’s new gap financing program designed to support commercial, industrial, mixed-use, and residential real estate development projects, with an emphasis on underserved communities.

“Yesterday’s Board approval represents an important step in our efforts to create jobs and revenue-generating assets in the innovation economy, with a particular focus on high-growth, high-wage strategic sectors,” said Governor Phil Murphy. “The HELIX will bring the state’s corporate, innovation, and higher education communities together and will provide the dual benefit of spurring the growth of startups and attracting global companies looking to benefit from a New Jersey location.”

The award approved yesterday is specific to the first phase of the HELIX, known as H-1. H-1, with estimated capital investments of $750 million, entails the construction and development of a 12-story, 573,400-square-foot building in downtown New Brunswick, consisting of three major components: the New Jersey Innovation HUB, which will offer space for innovation and startups, new research laboratories for Rutgers – the State University of New Jersey’s translational research effort, and a new medical education facility for the Rutgers Robert Wood Johnson Medical School. In addition, the following entities will be anchor tenants at the HUB: Rutgers – the State University of New Jersey, Hackensack Meridian Health, RWJ Barnabas Health, and Middlesex County. Princeton University and DEVCO also plan to have a presence onsite. The project also includes public space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick Train Station, and the Government and Arts District in the City’s downtown. Governor Murphy first announced plans for an innovation hub in New Brunswick in 2018.

“The Aspire Program was specifically created to support projects that revitalize our downtowns into premier destinations, enabling communities to better serve residents and help attract successful companies and top-notch talent,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “The HELIX, a signature part of Governor Murphy’s economic plan to recapture New Jersey’s role as a leader in innovation, will foster the growth of startups and new technologies in a range of industries and will benefit entrepreneurs for decades to come.”

Sullivan noted that the project leverages the state’s leadership position by targeting the high growth life sciences industry and builds on the competitive advantages that the State’s mass transit, world-class universities, and other economic development assets offer. 

The project represents the largest capital investment in translational research in the state’s history and Rutgers has committed to investing $270 million to recruit and retain clinical researchers to further advance these translational research efforts. Additionally, the significant expansion of the state’s leading medical school will greatly increase clinical opportunities for students.

“The HELIX will be transformative for Rutgers, for New Brunswick and for the entire state,” said Rutgers President Jonathan Holloway. “This visionary project brings together academics, researchers and innovators under a single banner, it will create thousands of good-paying union jobs and will supercharge the innovation economy.  Simply put, the HELIX will put New Jersey on the cutting edge of global innovation.”

The NJEDA Board approved NJ Innovation Associates Urban Renewal, LLC for an award of up to 40 percent of total eligible project costs, not to exceed $271.19 million in Aspire tax credits over 10 years. According to the NJEDA’s calculations, the present value of the economic benefit of this project to the State is $340.4 million, which is 187 percent of the present value of the tax credit award.

Devco was established in 1976 as a nonprofit development company to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick. Since that time, Devco has overseen and managed over $3.5 billion of redevelopment activity including the development of residential, commercial, office, and other projects in order to aid in the city’s economic revitalization.

“The creation of H-1 at the HELIX represents a singular opportunity to create a first in class ecosystem to fuel New Jersey’s innovation economy, allowing the state to reclaim its leadership of the American innovation economy,” said Devco President Christopher Paladino. “This ecosystem will allow academic translational research to expand its connection to the innovation economy, state of the art medical education to lay the groundwork for a healthier New Jersey, the attraction of more National Institute of Health (NIH) research funding, and the NJ Innovation HUB’s establishment of a collaborative platform where companies will accelerate innovation and commercialization.”

“This is another step forward in the transformation of New Brunswick as a world-class center for innovation in the modern economy,” said Senator Bob Smith. “The HELIX initiative will help create jobs and spur economic activity as New Brunswick becomes a prime center for health and life sciences. Combining the resources of higher education, research and medical care will allow us to capitalize on the talent and abilities of our most valuable assets as we continue to move forward.”

“We continue to see the fruits of the Economic Recovery Act of 2020 as we cement New Jersey’s leadership on innovation and economic opportunity,” said Assembly Speaker Craig J. Coughlin. “The first transformative project under the law to be approved in Central Jersey, this is a historic day. It’s this type of vision for collaboration and strategic cross-sector partnership, all converging under one roof, that serves as the foundation for getting big things done. I thank all those, at every level, involved in taking this momentous step forward into our state’s bright future.”

“Today’s exciting investment into the HELIX will bring the public, private, and academic sectors together in New Brunswick to create opportunity and grow our innovation economy,” said Assemblymen Joseph Egan and Joe Danielsen. “This project will bring our state forward by establishing New Jersey as a leader in innovation and attracting business to our state.”

“The HELIX is directly aligned with the County’s strategic plan for economic growth, Destination 2040,” said Middlesex County Commissioner Director Ronald G. Rios. “Our future-forward vision is aimed at fostering emergent opportunities and established industries from Autonomous Technology, Food Innovation, and Life Sciences. We’re poised to become an economic powerhouse in Central Jersey – attracting industry giants to new entrepreneurs as well as top talent to our region. The County’s key investment in the HELIX development and our long-standing partnerships will have a reverberating, positive impact to our business eco-system and the residents for decades to come.”

“New Brunswick has long been on the cutting edge of new initiatives introduced by our State leadership,” said New Brunswick Mayor Jim Cahill. “The HELIX project, catapulted by the backing of the Aspire tax credit program, propels this exciting endeavor rapidly forward and sets a new standard for successful economic redevelopment.”

“RWJBarnabas Health is incredibly proud to be associated with the HELIX project, not only as a founding tenant of the New Jersey Innovation HUB, but also as an anchor institution for Middlesex County and the City of New Brunswick,” said Mark E. Manigan, President & CEO, RWJBarnabas Health. “We view the projects within this phase of the HELIX to be truly transformational for all of the collaborating organizations – particularly our academic partner Rutgers University – and the many constituents we serve across the region.”

“Our mission at Hackensack Meridian Health is to transform healthcare and be the leader of positive change and our participation in the HELIX and future projects is a great example of living this mission,’’ said Robert C. Garrett, CEO of Hackensack Meridian Health. “This new venture also supports New Jersey’s great legacy of innovation and we look forward to continued collaboration to continue this rich tradition.’’

“Today’s announcement represents an important step forward in establishing the HELIX, a new model for multi-institutional and multi-disciplinary partnerships that will help attract and retain the best talent and establish Central New Jersey as a global example for innovation and entrepreneurship,” said Craig B. Arnold, Vice Dean of Innovation at Princeton University. “Princeton University remains committed to fostering a diverse and inclusive innovation ecosystem throughout our region and we are eager to work with our academic, government and industrial collaborators.”

“Today’s announcement is incredibly important,” said BioNJ President and CEO Debbie Hart. “The HELIX will be a game-changer for New Jersey – bringing together public and private sectors, along with academia and investors, allowing for ‘new businesses to be born’ and ‘new jobs to be created.’ This is a significant milestone for New Jersey’s innovation ecosystem.”

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 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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First Lady Tammy Murphy (immediately left of podium) poses with NJEDA Chief Executive Officer Tim Sullivan (behind podium), CSIT Executive Director Judith Sheft (far right), CSIT staff members and Maternal and Infant Health R&D Grant Program awardees following today’s event.

Trenton, N.J. (January 20, 2023) – The Commission on Science, Innovation and Technology (CSIT) Board today awarded a combined $1.275 million in grants to 17 startups to accelerate the development of technologies, products, and services that support maternal and child wellbeing. The grants were awarded through CSIT’s Maternal and Infant Health Research & Development (R&D) Grant Program, which launched last June.

Through the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to support maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

“New Jersey is home to some of the most innovative startups across a myriad of industries, and it is my honor to be here today to recognize some of the top startups in maternal and infant health,” said First Lady Tammy Murphy. “As we celebrate our sixth annual Maternal Health Awareness Day here in New Jersey, I reflect on the significant work we have accomplished and what has yet to come. In the next three years, a top priority is to build a thriving Maternal and Infant Health Innovation Center in Trenton that will continue this groundbreaking work long past the Murphy administration. I am certain that today’s grant recipients will be essential partners to the Center and to Nurture NJ.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation economy in the nation, the awardees announced today represent a diverse group of entrepreneurs focused on supporting maternal health in New Jersey. Nearly 40 percent of awardees are self-reported minority-owned startups and 33 percent are self-reported women-owned businesses. The following startups within New Jersey’s life sciences, technology, and non-retail food and beverage sectors were each awarded grants of up to $75,000:

“We are proud to work with First Lady Murphy and our partners around the state to support the crucial and lifesaving work being done through the Nurture NJ initiative,” said CSIT Executive Director Judith Sheft. “Helping these startups to advance their products and services from ideas through commercialization will have a lasting impact on the quality of care for New Jersey’s mothers and infants.  The awardees are working on a variety of drug, diagnostic, hardware and software solutions to address and improve maternal and infant health.”

The Maternal & Infant R&D Seed Grant Program started as a $750,000 program, but given the high volume of quality applications and interest from the startup community, the CSIT Board announced additional funding today that nearly doubles the amount available for awards to $1.275 million. As part of the agreement signed last year between the New Jersey Economic Development Authority (NJEDA) and CSIT, the NJEDA dedicated $250,000 from the Economic Recovery Fund towards this program. CSIT provided the remainder of the funding from its Fiscal Years 2022 and 2023 budgets.

NJEDA Chief Executive Officer Tim Sullivan noted that the NJEDA’s investment in this program represents the Authority’s commitment to maternal and infant health innovation. The awardees exemplify the type of innovative work that will be housed at the Maternal and Infant Health Innovation Center currently being developed in Trenton.

“Under Governor Murphy’s and First Lady Murphy’s leadership, CSIT and the NJEDA are finding innovative ways to help make New Jersey the safest place to give birth and focusing on ending racial disparities in maternal and infant health,” Sullivan said. “These grant awards serve the dual purpose of prioritizing investment into programs, research, and services that improve the lives of women and children, while also working to drive down the racial inequities that exist in access to care. In addition, we are furthering opportunities for young, innovative companies in the Garden State.”

First Lady Murphy joined Sheft, Sullivan, CSIT Board members, legislators, and industry leaders to announce the awards today at the NJEDA’s New Jersey Bioscience Center (NJBC) – Step-Out Labs in North Brunswick. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, the NJBC Step-Out Labs provides a life sciences workplace environment for post-incubation and rapidly growing biopharmaceutical companies.

“Today, through the combined work of so many partners, 17 startups are poised to receive more than $1 million in funding to move their projects forward,” said CSIT Chair Debbie Hart. “We applaud those innovators who are creating solutions where they are so desperately needed, as well as the First Lady for her foresight and commitment to this important work. We are grateful to have the opportunity to partner in this way and that babies and their families will benefit in meaningful ways.”

About the New Jersey 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.

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, 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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Opportunity for stakeholders to learn about this first-in-the-nation investment program

TRENTON, N.J. (January 20, 2023) – The New Jersey Economic Development Authority (NJEDA) will hold a virtual information session to provide venture capitalists, private equity investors, and New Jersey startups with information on how they can access capital from the New Jersey Innovation Evergreen Fund (NJIEF). Established by Governor Phil Murphy’s New Jersey Economic Recovery Act of 2020, the NJIEF is a ground-breaking tool designed to grow the state’s innovation economy by catalyzing up to $600 million to support early-stage innovation-focused businesses in New Jersey, while creating mentoring, networking, and educational opportunities to help position these companies for success.

Last month, the NJEDA announced the results of a $50 million tax credit auction, in which established corporations committed funding, technical assistance, and mentorship to help startup businesses in the state. Funds raised through the tax credit auction are expected to help support six to ten high-growth businesses this year.

The information session will be held on January 26th at 9:30 a.m. Register at https://www.njeda.gov/event/njeda-innovation-evergreen-fund-investment-program/. A recorded version of the information session will be posted at http://www.njeda.gov/evergreen following the event.  

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 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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Would-Be Entrepreneurs Can Learn How to Apply for
Up to $400,000 in Income Replacement Funding & Mentorship

TRENTON, N.J. (January 13, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced it will host a webinar next week for would-be entrepreneurs to learn how they can apply for grants of up to $400,000 to pursue their endeavors through the upcoming $10 million New Jersey Innovation Fellows (NJIF) program. The January 19th virtual information session will offer an overview of the program and will provide insight on how the competitive program will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period. Entrepreneurs interested in attending the webinar can register at https://www.njeda.gov/event/njeda-innovation-fellowship-program/.

Applications are expected to launch in the first quarter of 2023 for the NJIF, which is designed to replace a stream of income an entrepreneur might forgo to launch an early-stage business. The NJEDA anticipates that support from the NJIF Program will attract innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to the need for income or, in the case of a recent graduate, who would choose to accept employment in lieu of entrepreneurship due to socio-economic constraints. The program will be open to would-be entrepreneurs in the following industries: advanced transportation and logistics, advanced manufacturing, aviation, autonomous vehicle and zero-emissions research or development, clean energy, clean technology, life sciences, hemp processing, information and high technology, finance and insurance, professional services, film and digital media, and non-retail food and beverage business (including food innovation).

The NJIF Program will award 10 to 16 grants across two cohorts annually of $200,000 per team. In keeping with Governor Murphy’s vision for inclusive economic growth, teams may access an additional $50,000 award on top of the $200,000 base award if one entrepreneur verifies residency in a designated Opportunity Zone in New Jersey. Teams may be awarded an additional $50,000 for each entrepreneur leader who self-certifies as a minority or female entrepreneur or is a graduate of a New Jersey college or university. Qualifying teams may receive additional bonuses of up to $150,000 in aggregate for certifying team members, resulting in a total $400,000 award. To be eligible for the NJIF Program, at least half of the team must certify as “first-time entrepreneurs” and at least half of the entrepreneur team must come directly from the workforce. In addition to the financial benefits of the program, all entrepreneur fellows must participate in a mentorship program.

The NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024, until funds are exhausted.

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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CSIT Begins Managing Newly-Expanded Platform That Showcases Massive Volume of Research Being Conducted Statewide

TRENTON, N.J. (November 28, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the expansion of ResearchwithNJ.com to provide local, national, and international innovation communities with insight into groundbreaking research being conducted at five New Jersey universities – Montclair State University, New Jersey Institute of Technology (NJIT); Princeton University; Rowan University; and Rutgers, the State University of New Jersey. The Commission also announced that it has taken over management of the portal from the New Jersey Economic Development Authority (NJEDA) and the New Jersey Office of the Secretary of Higher Education (OSHE) due to its close ties to both the startup and academic communities.

The free, online portal, which can be accessed at www.researchwithnj.com, offers more than 250,000 pieces of research output that commercial enterprises, ranging from startups to global corporations, can use to fuel their growth. Topics range across a broad spectrum of disciplines, such as biology, chemistry, mathematics, psychology, sociology, and others. The newly-expanded Research with NJ portal now has search capabilities for specific subject matters that align with NJ’s strategic industry sectors through the site’s “strategic pillar” tabs.

Governor Phil Murphy announced the launch of Research with NJ in the summer of 2018, at the same time he announced the establishment of CSIT. Research with NJ was originally developed as a collaborative effort by the NJEDA and the OSHE to forge stronger connections between New Jersey’s research universities and the industry. Given CSIT’s goal of expanding partnerships between early-stage companies, entrepreneurs, and universities, the Commission assumed management of the portal and will work closely with the participating universities to ensure the continued support and growth of the online site. 

“Our close ties to both the startup community and the state’s many academic institutions made the management of Research with NJ by CSIT a natural fit,” said CSIT Executive Director Judith Sheft. “We anticipate the expansion of Research with NJ, combined with our ongoing efforts to enhance outreach to emerging companies and academic professionals, will help strengthen connections between New Jersey’s research universities and the industry.”

Research with NJ highlights the Garden State’s leading research experts and facilities, enhancing the visibility of research output. It also increases opportunities for users to create partnerships and build innovative new businesses and products based on the latest scientific and technological breakthroughs. Businesses can gain access to relevant areas of expertise, facilitating the transfer of technology to the marketplace. This includes information on subject matter experts, facilities, publications, intellectual property, news, and events. Investors considering investing in a startup can also use Research with NJ to learn about research done by members of the company prior to investment.

“One of New Jersey’s greatest assets is our vast network of globally-recognized universities, including all of the academic institutions that are a part of the Research with NJ portal,” said CSIT Chair Debbie Hart. “Through Research with NJ, we are harnessing the brainpower of our state’s highly-talented researchers and providing their intellectual data, free of charge, to individuals worldwide in order to help propel our innovation ecosystem forward.”

To date, the Research with NJ platform has sourced nearly 268,000 outputs from all participating universities, incorporating more than 4,500 individual profiles, over 150 core facilities, and grants/projects topping 6,200.

“New Jersey already has a tremendous story to tell when it comes to the breadth of innovation stemming from our world-class universities and the impact researchers and innovators are having on the global stage,” said Dr. Brian Bridges, the New Jersey Secretary of Higher Education. “Research with NJ will continue to strengthen the state’s ability to promote the high quality and volume of research produced by our researchers to an even broader audience.”   

Research with NJ was developed under the leadership of an Advisory Board consisting of the participating research universities and industry representatives from the NJEDA, OSHE, New Jersey Business & Industry Association, Choose New Jersey, BioNJ, the HealthCare Institute of New Jersey, the Research & Development Council of New Jersey, and TechUnited. The Advisory Board provides oversight and recommendations to ensure the portal’s sustainability and success.

“The Research with NJ portal offers a glimpse into the groundbreaking developments and discoveries being made at our state’s esteemed research universities,” said NJEDA Chief Executive Officer Tim Sullivan. “I am confident that this expanded resource will foster new opportunities for innovators and companies at every stage of growth and will help us achieve Governor Murphy’s goal of recapturing New Jersey’s role as a national leader in innovation.”

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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Newly-Approved Program Will Help Entrepreneurs Focus Full-Time on Building Their Startups

TRENTON, N.J. (November 17, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced plans to create a competitive program – the New Jersey Innovation Fellows (NJIF), which will offer mentorship and grants of up to $400,000 to teams of first-time entrepreneurs. The program will provide income replacement so that entrepreneurs can devote their full-time attention to building out their startups. The announcement follows yesterday’s NJEDA Board approval of this new program.

“New Jersey is committed to ensuring that passionate entrepreneurs are equipped with the resources they need to turn their innovative ideas and vision into a viable enterprise,” said Governor Phil Murphy. “By supplementing the income of startup founders, we are helping to remove the barriers that too often exist on the path to success. The NJIF Program will be a game-changer by supporting innovators in overcoming the financial obstacles associated with advancing early-stage companies.”

Through the NJIF Program, the NJEDA will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period. The grant funding is designed to replace a stream of income an entrepreneur might forgo to launch an early-stage business. The NJEDA anticipates that support from the NJIF Program will attract innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to the needs for income or, in the case of a recent graduate, who would choose to accept employment in lieu of entrepreneurship due to socio-economic constraints.

“Building a successful company takes both financial resources and guidance from seasoned subject matter experts,” said Senator M. Teresa Ruiz (D-Essex), who sponsored legislation establishing the NJIF Program. “Funding and mentorship are the two most sought-after commodities by entrepreneurs and the NJEDA is packaging both into the NJIF Program to help New Jersey’s innovators thrive.”

NJEDA Chief Executive Officer Tim Sullivan cited the high correlation between socio-economic background and entrepreneurship as one of the main drivers for the creation of the program.

“Under Governor Murphy’s leadership, we are working to level the playing field for prospective New Jersey entrepreneurs by ensuring they have access to capital and mentorship, regardless of their socio-economic status,” said Sullivan. “Providing grants through the NJIF Program will give more individuals the financial flexibility to take calculated business risks and follow their entrepreneurial dreams.”

The NJIF Program will award grants of $200,000 per team. In keeping with Governor Murphy’s vision for inclusive economic growth, teams may access an additional $50,000 award on top of the $200,000 base award if one entrepreneur verifies residency in a designated Opportunity Zone in New Jersey. Teams may be awarded an additional $50,000 for each entrepreneur leader who self-certifies as a minority or female entrepreneur or is a graduate of a New Jersey college or university. Qualifying teams may receive additional bonuses of up to $150,000 in aggregate for certifying team members, resulting in a total $400,000 award. To be eligible for the NJIF Program, at least half of the team must certify as “first-time entrepreneurs” and at least two-thirds of the entrepreneur team must be coming directly from the workforce.

In addition to the financial benefits of the program, all entrepreneur fellows will participate in a mentorship program. The NJEDA plans to enter into agreements with the New Jersey Institute of Technology’s (NJIT’s) New Jersey Innovation Institute and Rowan University’s Center of Innovation and Entrepreneurship for these universities to design and implement mentorship programs for the fellows. The initial curriculum will train entrepreneurs in such subjects as managerial finance, accounting, and financial statement preparations; human resources development and management; business model design; marketing and customer development; and more. The mentorship will last for the duration of the two-year NJIF Program.

“The personalized expertise NJIF Program participants will receive from NJIT and Rowan University will position them well for future success,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Through the NJIF Program’s mentorship and financial commitments, we are unlocking opportunities for entrepreneurs to follow their passions and turn their ideas into startups and ultimately into thriving companies.”

 Coviello noted that the NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024.

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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