TRENTON, NJ (February 11, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that interest in its Angel Investor Tax Credit Program saw record levels in 2020, as investors submitted more than 700 applications, nearly three times the average of previous program years. Applications also hit the legislative cap of $25 million in late October, marking the first time the program cap had ever been reached.

The Angel Investor Tax Credit Program offers investors refundable tax credits against qualified investments for New Jersey businesses. The program supports technology businesses with a physical presence in New Jersey that conduct research, manufacturing, or technology commercialization in the state. Seen as a means to not only invest in emerging companies but also attract capital into the New Jersey, the Angel Investor Tax Credit Program is open to investors throughout the world, not just those located in the Garden State. Investors have six months from the time of investment to apply to the program.

2020 was the first year that investors could benefit from the program’s expansion, which was signed into law by Governor Phil Murphy in the summer of 2019. Under enhancements to the program, which took effect January 1, 2020, investors can receive an increase in the tax credit from 10 percent to 20 percent on a qualified investment. The expansion also added a five-percent bonus for investments in businesses located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned. 

Today’s announcement comes a month after Governor Murphy signed the New Jersey Economic Recovery Act of 2020, part of which increases the legislative cap on this program from $25 million to $35 million for the 2021 program year and going forward.

“The expanded Angel Investor Tax Credit Program has been heralded throughout New Jersey’s innovation community as an enormous asset to our state,” said NJEDA Chief Executive Officer Tim Sullivan. “The combination of increased funding allocation and program enhancements, including adding a bonus to encourage investment in women- and minority-owned businesses, has a double benefit to the entire ecosystem. These tools help emerging companies attract capital, which will fuel their growth, and encourage new businesses to establish themselves in our state. We thank Governor Murphy and the legislature for bolstering this critical resource.”

The NJEDA approved 142 applications through the Angel Investor Tax Credit Program in 2020, representing an injection of $35.8 million into 21 New Jersey companies and support of 348 jobs in total. The $35.8 million figure is a $2.7 million increase from 2019.

Sullivan noted that NJEDA staff is continuing to review applications and that applications submitted to the NJEDA up to November 1, 2020 (up to the $25 million program cap), will be considered for the 2020 Program Year. Applications that were submitted after that date will be considered for the 2021 Program Year.

In the fourth quarter of 2020 alone, the NJEDA approved 72 Angel Tax Credit Program applications. This represents nearly $18.4 in private investments into 14 unique technology and life science companies, employing more than 265 full-time personnel.

The Angel Investor Tax Credit Program had one first-time participant in the fourth quarter of 2020. Bionex Pharmaceuticals benefited from a $200,000 investment in October and the investor qualified to receive the additional five-percent bonus for investing in a certified woman owned business. Bionex is a tenant at the NJEDA’s Bioscience Center – Step-Out Labs in North Brunswick. The Step-Out Labs is an intermediate space designed for Incubator graduates or other life sciences companies that have outgrown their incubation space.

The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation.


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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Program Makes up to $75,000 Available to Companies Furthering Clean Tech R&D

TRENTON, N.J. (February 8, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today opened the application for its Clean Tech Seed Grant Program. The program will help accelerate development and innovation of clean technologies by furthering research and development (R&D) within the Garden State’s clean technology startup community. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA). The application is available at: https://application.njeda.com/csit


The Clean Tech Seed Grant Program provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies. Specifically, the program will fund projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: Chemicals/Advance Materials, Energy Distribution/Storage, Energy Efficiency, Energy Generation, Green Buildings, Transportation, Waste Processing, and Water and Agriculture.

These grants will help businesses continue their work toward the proof of concept and prototyping stages, at which point they can more readily attract outside investors and, in some cases, begin to generate revenue.

CSIT hosted an informational webinar last month on the Clean Tech Seed Grant Program. During the webinar, CSIT Executive Director Judith Sheft offered tips and advice to entrepreneurs that were considering applying to the program. A recording of the webinar can be found here. 

The application will be open until April 5, 2021 at 4:00 p.m. or until the program receives 50 completed applications, whichever comes first. Qualified applicants can receive up to $75,000 in grants through the Clean Tech Seed Grant Program and the total funding for this initial pilot program is $750,000. The funding is being provided through NJBPU’s Clean Energy Program.
Complete program eligibility requirements can be found at https://www.njeda.gov/clean-tech-grant.

Applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria.


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.

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Program Will Make up to $75,000 Available to Companies Furthering Clean Tech R&D

TRENTON, N.J. (January 12, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it will launch its Clean Tech Seed Grant Program next month. The program will help accelerate development and innovation of clean technologies by furthering research and development (R&D) within the Garden State’s clean technology startup community. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA). The application will be available at https://www.njeda.gov/csit.

The Clean Tech Seed Grant Program provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies. Specifically, the program will fund projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: Chemicals/Advance Materials, Energy Distribution/Storage, Energy Efficiency, Energy Generation, Green Buildings, Transportation, Waste Processing, and Water and Agriculture.

These grants will help businesses continue their work toward the proof of concept and prototyping stages, at which point they can more readily attract outside investors and, in some cases, begin to generate revenue.

“New Jersey is ripe with young, innovative companies that have the potential to upend the current global clean technology marketplace,” said CSIT Chairman Gunjan Doshi. “The Clean Tech Seed Grant Program we’re launching soon will help these startups continue their critical R&D as they work toward commercialization.”

Doshi noted that CSIT will host an informational webinar on the Clean Tech Seed Grant Program on January 20, 2021.  Registration information can be found on the CSIT webpage. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event.  Please note that applications can be submitted starting on February 8, 2021.  

The application will be open until April 5, 2021 at 4:00 p.m. or until the program receives 50 completed applications, whichever comes first. Qualified applicants can receive up to $75,000 in grants through the Clean Tech Seed Grant Program and the total funding for this initial pilot program is $750,000. The funding is being provided through NJBPU’s Clean Energy Program.

“Creating opportunities for startups to flourish in the clean technology sector will have a long-lasting impact on the state’s clean energy economy and critical environmental infrastructure,” said NJBPU President Joseph L. Fiordaliso. “By investing in early-stage companies through this program, we are investing in the sustainability of our environment and our state’s clean energy future.”

All applicants for the Clean Tech Seed Grant Program should be between a minimum technology development level of Technology Readiness Level (TRL) 3 (analytical and experimental critical function and/or characteristic proof of concept) and maximum of TRL 7 (Full-scale, similar (prototypical) system demonstrated in relevant environment), based on the Department of Energy definitions. Applicants should use the tool included in the Technical Proposal attachment on the application portal to determine TRL score.

Additional eligibility criteria require that applicants:

  • Be authorized and in good standing to conduct business in New Jersey as evidenced by New Jersey business registration and current New Jersey tax clearance certificate;
  • Have a minimum of one full-time employee (working 35 hrs. per week);
  • Have 50 percent or more of the work of its employees and contractors conducted in NJ (calculated on a full-time equivalent basis – 35 hours per week);
  • Have 50 percent or more of employees/contractors live or pay withholding taxes in NJ;
  • Have less than one million dollars ($1,000,000) in prior third-party funding over its lifetime (excluding government grants);
  • Have less than two hundred and fifty thousand dollars ($250,000) in previous calendar year sales revenue.

Applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria.

“The Clean Tech Seed Grant Program sits at the intersection of two of Governor Murphy’s key priorities – reclaiming New Jersey’s role as a leader in innovation and reducing the Garden State’s dependence on fossil fuels.” said NJEDA Chief Executive Officer Tim Sullivan. “When startups succeed, they create jobs and fuel our economy. In this case, there is the added element of bolstering the state’s crucial clean technology sector.”

In January 2020, Governor Murphy unveiled the state’s Energy Master Plan, which outlines key strategies to reach the Administration’s goal of 100 percent clean energy by 2050. In May 2018, Governor Murphy’s Executive Order No. 28 directed the New Jersey Board of Public Utilities, in partnership with other state agencies, to develop this statewide clean energy plan and shift away from energy production that contributes to climate change. The Energy Master Plan laid out ways to fuel the clean technology economy through workforce training, investments in developing clean energy knowledge, and the growth of world-class R&D.

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.

About 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.

About NJBPU
NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/tls or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.
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TRENTON, N.J. (December 15, 2020) – The New Jersey Economic Development Authority (NJEDA) today approved the Morgan Stanley Multicultural Innovation Lab to participate in NJ Accelerate. The Multicultural Innovation Lab is the first “Approved Accelerator” accepted into the program, and the NJEDA expects to announce additional participants in the coming months. In addition to support participating entrepreneurs receive from the accelerator program, the NJEDA will also provide direct loans and rent support for graduates from the program that are located in New Jersey. Additional information on NJ Accelerate is available at https://www.njeda.gov/njaccelerate.
 
“New companies that scale and grow in New Jersey are one of the biggest drivers of long-term economic growth. Providing the support these businesses need to succeed is central to Governor Murphy’s strategy for building a stronger, fairer New Jersey. Connecting New Jersey-based companies with leading accelerator programs from around the country and incentivizing graduates from these programs to establish operations in New Jersey through the NJ Accelerate program will not only help our entrepreneurs succeed, but will also bring hundreds of jobs and millions of dollars into the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Partnering with Morgan Stanley’s Multicultural Innovation Lab is an important step toward these outcomes that also aligns closely with our overarching goal of creating the most diverse innovation ecosystem in the nation and doubling venture capital investment in the state.”
 
The NJEDA launched NJ Accelerate in 2020 to grow New Jersey’s innovation ecosystem by incentivizing accelerators to recruit participants in New Jersey and startups to locate in the state after graduating from approved accelerators. An accelerator is a cohort-based “boot camp” for startups that offers educational and mentorship programs as well as providing connections to venture capitalists, angel investors, and corporate executives who can help early-stage companies grow. Many accelerators also provide investment capital and office space.
 
The Morgan Stanley Multicultural Innovation Lab was created in 2017 to drive positive economic outcomes for multicultural and women-led companies in the post-seed to Series B funding rounds by providing content, visibility, technical support, and connectivity with important stakeholders who can accelerate the growth of participants’ businesses. The accelerator is built around tailored support and expertise entrepreneurs receive from a dedicated Morgan Stanley team.
 
“Morgan Stanley is committed to bringing attention to the funding gap facing women and multicultural entrepreneurs and offering strategies for investors to close the gap, as evidenced in our recent research report,” said Carla Harris, Vice Chairman and Co-Head of the Multicultural Client Strategy Group at Morgan Stanley. “It’s programs like NJ Accelerate and the MCIL that are critical in helping diverse entrepreneurs have equitable access to capital, and I look forward to partnering with the team at NJEDA to make strides on this mission.”
 
To date, 32 tech or tech-enabled companies have participated in the Lab, with many going on to successful acquisitions and additional funding rounds. The 2020 cohort startups include companies with innovative strategies across sectors such as health care, human-resources tech, food tech, materials, and business analytics.
 
“Despite evidence proving that diverse companies perform better, it remains challenging for women and multicultural entrepreneurs to access funding, mentorship opportunities, and other resources that can allow them to grow their businesses. This not only hurts the companies, but it also deprives all of us of the creative ideas and groundbreaking products that these innovators could pioneer if given equitable access to opportunities,” said Alice Vilma, Co-Head of the Multicultural Innovation Lab. “The Multicultural Innovation Lab aims to address these inequities in the innovation ecosystem and help women and multicultural entrepreneurs succeed. We are proud to work with the NJEDA to expand access to this important program.”
 
The NJEDA will disseminate information about the Multicultural Innovation Lab and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 in sponsorship funding for accelerator-led events, such as road shows, in-person classes, pitch competitions, and networking events held in New Jersey.
 
The Multicultural Innovation Lab’s Approved Accelerator status will also benefit companies that participate in the accelerator if they locate in New Jersey after completing the program. The NJEDA will match funding provided by accelerators up to $250,000 for businesses that locate in New Jersey within six months after graduating from the approved programs. A five percent bonus is available for companies that are certified as women- or minority-owned. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.
 
Accelerators and entrepreneurs interested in participating in the NJ Accelerate program are encouraged to contact the NJEDA at NJAccelerate@njeda.com. Additional information and detailed eligibility criteria for both accelerator programs and entrepreneurs are available at https://www.njeda.gov/njaccelerate.
 
 
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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (November 24, 2020) – The New Jersey Commission on Science, Innovation and Technology today announced that early-stage innovation companies engaged in the Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) funding can now apply for financial assistance through the New Jersey SBIR/STTR Direct Financial Assistance Program. This marks the second consecutive year that CSIT is offering the program, which was created to enhance the state’s innovation economy by strengthening the competitiveness of Garden State businesses engaged in the federal SBIR/STTR Program. The application can be found at https://www.njeda.gov/csit. 

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

“Governor Phil Murphy has made a strong commitment to reclaiming New Jersey’s role as a leader in innovation while focusing on increasing diversity and inclusion in the state’s innovation ecosystem,” said CSIT Chairman Gunjan Doshi. “Through initiatives like the New Jersey SBIR/STTR Direct Financial Assistance Program, CSIT is furthering this goal by connecting early-stage companies with capital they need to accelerate the commercialization of their technologies.”

Doshi noted that this round of the New Jersey SBIR/STTR Direct Financial Assistance Program will offer $550,000 in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to twelve (12) small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The second component (Bridge funding) will provide $50,000 grants to five (5) NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. These funds can be utilized to maintain project activities and cover general operating costs.

“Emerging New Jersey companies have a proven track record of discovering and developing ground-breaking technologies and life-saving therapies that impact the global marketplace,” said CSIT Executive Director Judith Sheft. “Funding through this program will serve to bolster their financial positions as they vie for federal grants and continue their critical R&D.”   

The application, which can be accessed directly at https://application.njeda.com/CSIT, will be open until January 8, 2021. CSIT will hold an informational webinar on December 9 for potential program applicants to learn about the application process. A link to the webinar will be available at https://www.njeda.gov/csit.

“Providing funds through the NJ SBIR/STTR Direct Financial Assistance Program not only supports the efforts of emerging New Jersey companies as they collaborate with governmental agencies, but also adds to the attractiveness that the Garden State offers small, innovation-focused businesses considering growing here,” said State Senator Robert Singer.

In keeping with the Governor’s vision, applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria. Additionally, applicants who are winning a federal award for the first time will also receive a scoring bonus.

“Two of New Jersey’s greatest assets are the diversity of its people and the talent of its workforce,” said Assemblyman Andrew Zwicker. “Ensuring that New Jersey scientists and innovators have the resources they need to compete on the worldwide stage is fundamental to our duties as Commission members and as leaders of the innovation ecosystem.”

In addition to Senator Singer and Assemblyman Zwicker, Senator Paul Sarlo and Assemblyman Christopher DePhillips are members of the bi-partisan Commission, which also includes representatives from the public and private sectors, as well as academia.

The New Jersey SBIR/STTR Support Program awarded state funding to13 companies during its initial round.

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TRENTON, N.J. (September 2, 2020) – The New Jersey Economic Development Authority (NJEDA) today reminded emerging technology and life sciences companies in the Garden State that they have until September 30 to apply to the State’s 2020 Technology Business Tax Certificate Transfer Program, better known as the Net Operating Loss (NOL) Program.

Through the NOL Program, New Jersey businesses can apply to sell their net operating losses and/or unused research and development (R&D) tax credits in exchange for non-dilutive cash. Heralded as a lifeline for companies that have not yet reached profitability, the capital raised through this program can be used for costs including, but not limited to, the expenses of fixed assets, such as the construction, acquisition and development of real estate, materials, start-up, tenant fit-out, working capital, salaries, and research and development expenditures.

“Governor Phil Murphy’s focus on connecting innovative companies with access to much-need capital long predates COVID-19 and has become more important than ever in recent months as they face financial hurdles imposed by the pandemic,” said NJEDA Chief Executive Officer Tim Sullivan.
Sullivan noted that entrepreneurs routinely find tremendous value in the NOL Program as a way to sell their losses without having to forgo equity in their businesses.   
 Additional NOL Program benefits include:

* Emerging companies can use the funding they receive as working capital, and the businesses to which they sell are able to lower their tax burden;
* The average historical award is over $1 million;
* Nearly 90 percent of applicants successfully receive funding.

To participate in this year’s NOL Program, companies must apply online by September 30, 2020. New Jersey state taxes must be filed in order to participate in the program. The deadline for the annual program is traditionally June 30, however Governor Murphy extended it via Executive Order 159 earlier this summer due to the COVID-19 pandemic. The NJEDA works collaboratively with the New Jersey Department of Treasury’s Division of Taxation to administer the program.

To access the NOL Program application, as well as information about the program, including frequently asked questions, a complete list of eligibility requirements, and program details, please visit https://www.njeda.gov/nol. Questions about the NOL program may be submitted to nol@njeda.com. 

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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TRENTON (June 26, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced it has supported 12 investments totaling more than $700,000 into five small businesses through the newly-created New Jersey Entrepreneur Support Program. These are the first companies to benefit from the program, which is designed to support New Jersey’s COVID-19-impacted small businesses in the Garden State’s innovation ecosystem.

The New Jersey Entrepreneur Support Program is a $5 million program that will create a guarantee to support repayment of an investor loan advanced for working capital purposes and is designed to encourage investors to support businesses within their portfolios. It provides an NJEDA guarantee of up to 80 percent for an eligible new loan or convertible note by a qualified investor into a New Jersey qualified business, not to exceed a $200,000 guarantee per company.

Investors are qualified for the program if they have already provided funding to a New Jersey company through a simple agreement for equity (SAFE), convertible note, or equity investment as of March 9, 2020 (the date of the Governor's Executive Order 103). Participating investors are not required to be New Jersey residents and can include, but are not limited to, individuals, trusts, and corporations. There will be no fees associated with the NJ Entrepreneur Support Program.

“Continued investments into New Jersey’s emerging innovation companies is fundamental to their ability to survive, especially as they seek to weather the financial impacts of COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we’re committed to ensuring that investment dollars don’t stop flowing to all sectors of the innovation economy during this critical period. The New Jersey Entrepreneur Support Program is key to that strategy.”

Roselle Park-based 3D Custom Foods Corp., doing business as Holi Chow, offers an online, customizable, subscription dog food service. The business, which has two employees, works with veterinary nutritionists to create the optimal blend of plant-based superfoods, and uses only freeze-dried raw animal proteins. Holi Chow closed on guarantees on two investments that totaled $50,000 through the New Jersey Entrepreneurship Support Program.

“The Coronavirus pandemic has affected every single industry, including ones as specialized as ours,” said Holi Chow Chief Executive Officer David Kovacs. “Securing funding guaranteed through the New Jersey Entrepreneur Support Program has made a tremendous difference in our ability to offering our products to our customers around the world.” 

Holmdel-based Hope Portal Services, d/b/a Hope Trust, is a technology-based trust company specializing in helping families and their loved ones with special needs. The company’s team of social workers, medical professionals, lawyers and financial experts craft individualized plans for caring for individuals with unique challenges and utilize trust assets to meet the identified trust goals. Hope Trust received a $200,000 investment through the New Jersey Entrepreneur Support Program.

Technology company iSport360, based in Manalapan, has a virtual youth sports platform that has helped coaches, players and parents connect and train during the COVID-19 crisis and as they return to play. iSport 360 received a $25,000 investment through the New Entrepreneur Support Program to help bridge the company to its August Series A.

Ricovr Healthcare Inc., located in Princeton, has developed a biosensor technology platform for saliva-based Point-of-Care medical devices. The technology is meant to be used by a diverse market of customers, including businesses, law enforcement, and the medical community. The patented technology is extremely sensitive and will speed up the testing for drugs-of-abuse and medical diagnostics. Through the New Jersey Entrepreneur Support Program, Ricovr Healthcare, Inc., which has four employees, received $200,000 in investments.  

SunRay Scientific LLC., based in Eatontown, is a global technology company that develops and manufactures cutting edge conductive adhesive materials for miniaturized, flexible electronics. Through the New Jersey Entrepreneur Support Program, the woman-owned company closed on guarantees on five investments totaling $230,000. SunRay Scientific has five employees and is planning for significant growth.

“Investing in startups is risky, and even more so during these volatile times,” Alexander Pavliv, an investor in SunRay Scientific. We’re appreciative that, through its New Jersey Entrepreneur Support Program, the NJEDA is helping us to alleviate a large portion of our risk.”

The NJ Entrepreneur Support Program complements the NJEDA’s existing suite of financial resources for early-stage technology and life sciences businesses. These include the state’s Net Operating Loss Program, expanded Angel Investor Tax Credit Program, NJ Ignite, NJ CoVest Fund, and the Edison Innovation Fund. Entrepreneurs can also benefit from the creation of the New Jersey Chapter of Golden Seeds, which launched last year in partnership with First Lady Tammy Murphy, as well as the incubation and intermediate lab space at the NJEDA’s New Jersey Bioscience Center.

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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14 Early-Stage Companies Selected to Benefit from Program

TRENTON, N.J. (June 18, 2020) – The New Jersey Commission on Science, Innovation and Technology (CSIT) announced today that 14 early-stage companies will receive funding through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The $400,000 grant program is designed to enhance New Jersey’s innovation economy by providing technical and financial support to New Jersey small businesses pursuing, or participating in, the federal SBIR/STTR program.

“New Jersey has all the ingredients to lead the nation in innovation and supporting young companies from their earliest stages is essential to achieving that goal,” CSIT Chairman Gunjan Doshi said. “Alleviating some of the financial burdens these companies face as they compete for SBIR and STTR grants is critical to strengthening their competitiveness in the marketplace. This has always been the case and is even more significant as our economy begins to re-emerge and re-open from the COVID-19 pandemic.”

The federal SBIR and STTR grant program provides more than $3 billion each year to small businesses in a variety of research areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

“Several of the companies selected to receive funding are working on technologies that are directly related to addressing health, economic and societal challenges caused by the COVID19 pandemic,” CSIT Executive Director Judith Sheft said. “Since March, New Jersey’s innovation ecosystem has been at the forefront in the fight against the virus. The SBIR/STTR funding will help early-stage companies strengthen their position in the marketplace as they work toward commercializing potentially life-saving and life-enhancing therapies and technologies.”

The New Jersey SBIR/STTR Support Program provides direct grant funding for businesses that are currently part of the federal SBIR/STTR program.

The New Jersey SBIR/STTR Support Program offers $400,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR program. During this round of the Program, CSIT is awarding $25,000 matching grants for general business operating costs to twelve businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to two NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.
“Providing the resources that enable businesses to collaborate with governmental agencies and New Jersey’s world-class academic institutions as they grow has two key benefits — increasing each company’s competitiveness and bolstering the Garden State’s vibrant life sciences community,” said Debbie Hart, President and Chief Executive Officer of BioNJ and CSIT Vice Chair.

Phase 1 winners:

  1. Bezwada Biomedical LLC (Somerset County)
  2. Bright Cloud International Corporation (Middlesex County)
  3. Cascade Biotechnology, Inc. (Middlesex County)
  4. Cloud Juncxion Inc. (Somerset County)
  5. GreenBlu Inc. (Mercer County)
  6. Nangio Tx Inc. (Essex County)
  7. Oculomotor Technologies (Essex County)
  8. Plumeria Therapeutics (Mercer County)
  9. Prokaryotics (Union County)
  10. Spreadsheet Labs Manual (Gloucester County)
  11. Twinleaf LLC (Middlesex County)
  12. Viocare, Inc. (Mercer County)

Phase 2 winners:

  1. Chiral Photonics Inc. (Morris County)
  2. Visikol, Inc. (Hunterdon County)  

 
“What we hear time and again from members of the technology and life sciences community is the need for capital for early-stage businesses to fuel their growth,” said Assemblyman Andrew Zwicker, who chairs the Assembly Science Innovation and Technology Committee. “Today we have taken an important step to ensure that these 14 New Jersey early stage companies have the funding they need to succeed.”

“Early-stage technology and life sciences often struggle to secure funding and the COVID-19 pandemic has made fundraising even harder,” said State Senator Robert Singer. “It is imperative that we, as a state, provide the necessary tools for our innovation economy to thrive, even in these adverse times.”

In addition to Assemblyman Zwicker and Senator Singer, Senator Paul Sarlo and Assemblyman Christopher DePhillips are members of the bi-partisan Commission, which also includes representatives from the public and private sectors, as well as academia.
 

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Grants and Technical Assistance Available to NJ Small Businesses Seeking Federal SBIR/STTR Funding

TRENTON, N.J. (December 23, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) is now accepting applications for grants through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The program provides technical and financial support to Garden State companies pursuing SBIR and STTR funding. Learn more and apply for funding here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.  

“The innovation and research and development (R&D) contributions coming from New Jersey’s technology and life sciences communities are both impressive and vital to the creation of groundbreaking drugs and therapies,” CSIT Chairman Gunjan Doshi said. “Enabling entrepreneurs to maximize financial and educational benefits as they vie for federal funding and work toward commercialization will serve to strengthen the competitiveness of New Jersey small businesses on the national stage.”

The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal R&D needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.

Initially capitalized with $500,000, the New Jersey SBIR/STTR Support Program has two core components: technical assistance for companies applying for federal SBIR/STTR funding and direct grant funding for businesses that are currently part of the federal program. The technical assistance piece of the program offers help with proposal preparation, specialized reviews, and critiques of draft proposals. The CSIT will also create a State SBIR/STTR one-stop website and establish a SBIR/STTR Alumni Advisory Group to provide additional support for New Jersey businesses that are applying to the federal SBIR/STTR Programs.

In addition to providing these resources for applicants, the CSIT will also provide up to $125,000 of matching grant funding to one New Jersey technical assistance provider per year that is applying to the Federal and State Technology (FAST) Grant Program. The FAST Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that increase the number of SBIR/STTR applications. Applications for this component of the program are due January 13, 2020.

The second component of the New Jersey SBIR/STTR Support Program offers $375,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR programs. The CSIT will award $25,000 matching grants for general business operating costs to seven businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to four NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. Companies can use these funds to maintain project activities and cover general operating costs. Applications for these grants are due January 20, 2020.

Information about program requirements and application materials for both components of the New Jersey SBIR/STTR Support Program are available here: https://www.njeda.gov/about/Public-Information/CSIT/Federal-and-State-Technology-(FAST)-Partnership-Pr.  
 

Application Timelines
 Component 1:
Grants for Technical Assistance Providers
 		Component 2:
Grants for Businesses that have been Successful in the SBIR/STTR Program
 
Application AvailableDecember 16, 2019December 16, 2019
Application DueJanuary 13, 2020January 20, 2020
Winners AnnouncedFebruary 21, 2020February 21, 2020
 
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  JudithSheft2019.jpg
Judith A. Sheft, Executive Director, Commission on Science, Innovation and Technology

TRENTON, N.J. (December 18, 2019) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it has named Judith A. Sheft as its Executive Director. Sheft, who has an extensive background in fostering opportunities for early-stage New Jersey companies and for the next generation of New Jersey entrepreneurs, will officially take the helm of the CSIT beginning January 13, 2020.

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.

Sheft brings nearly two decades of expertise in New Jersey’s innovation ecosystem to her new position. She spent the past 18 years as an Associate Vice President at NJIT.

“New Jersey already has the resources necessary to restore its innovation ecosystem to preeminence, including globally-recognized academic institutions and a highly talented workforce,” Sheft said. “I am honored to accept the Executive Director position and am excited to work with the Commission members and our partners throughout the Garden State to ensure that entrepreneurs worldwide know all that the state has to offer.”

At NJIT, Judith oversaw the Enterprise Development Center (EDC) (now known as Venturelink), the university’s high-tech accelerator/incubator, which falls under the auspices of the New Jersey Innovation Institute at NJIT. She was also responsible for managing the university’s Office of Technology Development and creating programs and policies focused on patent creation, intellectual property (IP) valuation, and the strategic use and protection of IP assets — elements that are crucial to emerging technology companies. In recent years, Sheft focused her efforts on helping further strengthen the health information technology (HealthIT) cluster in the state through the HealthIT Connections program funded in part by a grant from JPMorgan Chase through its Small Business Forward initiative. Earlier this year, Sheft was appointed Associate Vice President, Strategic Relationships & External Affairs: Senior Advisor to the NJII President Dr. Donald H. Sebastian.

Beyond her role at NJIT, Sheft devotes much of her free time to serving on boards that help New Jersey technology companies grow, including the NJEDA’s Technology Advisory Board and Einstein’s Alley, created to promote the vast array of resources available to entrepreneurs and innovators in central New Jersey. She was a member of Governor Murphy’s transition team and serves as a member of the New Jersey Israel Commission and the board of the Women’s Center for Entrepreneurship Corporation.

“Judith has been a vocal champion for innovation within New Jersey, and she will be a great voice for the Commission to push forward the work of the CSIT and drive the innovation economy in New Jersey,” Chairman Gunjan Doshi said.

CSIT members include the State's Chief Innovation Officer, the Secretary of Higher Education; the Commissioner of Education; and the CEO of the New Jersey Economic Development Authority (NJEDA). Chaired by Gunjan Doshi, InRythm Founder and CEO, the Commission also includes Senator Paul Sarlo, Senator Robert Singer, Assemblyman Christopher DePhillips, and Assemblyman Andrew Zwicker, a physicist who chairs the Assembly Science, Innovation and Technology Committee, as well as the presidents of the New Jersey Institute of Technology (NJIT), Rutgers University, and Stevens Institute of Technology, David Pascrell, co-chair of Government and Regulatory Affairs at Gibbons, P.C., and Charlene Brown, regional vice-president of AT&T External Affairs. BioNJ President and CEO Debbie Hart is CSIT’s Vice Chair.

To learn more about resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/tls or follow @NewJerseyEDA on Twitter, Facebook, and LinkedIn.

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