Strategic Sectors Archives - Page 3 of 6

Six Startups Awarded Vouchers to Help Them to Access Amenities at World-Renowned NJ Universities

TRENTON, N.J. (September 27, 2021) – The Commission on Science, Innovation and Technology (CSIT) today announced that six startups have been approved, with more in the pipeline, to participate in its Clean Tech Research and Development (R&D) Voucher Program. The $435,000 program helps early-stage New Jersey clean technology companies more easily access resources such as specialized equipment at one of the state’s many world-class universities or federal laboratory facilities. CSIT continues to accept program applications on a rolling basis. The application is available at https://application.njeda.com/csit. The program was developed in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA).

“Through the Clean Tech R&D Voucher Program, we are able to support the cultivation of innovative technologies in our state’s earliest stage companies and showcase the breadth of amenities that our world-class universities offer to the innovation community,” said CSIT Chairman Gunjan Doshi. “We encourage all emerging companies to explore how this program can further their growth.”

Doshi noted that in addition to the six approvals announced today, another 10 applications are under review.

Through the Clean Tech R&D Voucher Program, eligible applicants receive vouchers to subsidize the costs associated with using equipment at a New Jersey university or federal laboratory for product testing and development. Each eligible applicant can apply for multiple vouchers up to a cap of $15,000 within any 12-month period. An approved voucher is valid for a period of three months.

The program specifically funds work on projects that are developing clean technologies that recapture or avoid emissions of greenhouse gases and/or criteria pollutants. 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. A New Jersey clean tech asset map listing university and federal laboratory resources in NJ is available on the CSIT website.

“The Clean Tech R&D Voucher Program is making it easier for startups around the state to leverage one of New Jersey’s greatest assets – its globally-recognized higher education network – as they work toward commercialization and beyond,” said NJEDA Chief Executive Officer Tim Sullivan. “This will have the dual benefit of supporting both technological advances and job creation as these young companies grow, a priority for Governor Phil Murphy and his entire administration.”

To be eligible for the Clean Tech R&D Voucher Program, applicants must be registered to conduct business in New Jersey and must have no more than 50 full-time employees at the time of application. Additionally, 100 percent of the project work for which the voucher is being sought must be conducted in New Jersey. Full eligibility requirements can be found at https://www.njeda.gov/csit.

“Governor Murphy has put forth an ambitious vision to achieve 100 percent clean energy by 2050 and we are helping carry out that vision through our robust offshore wind, solar, energy efficiency and vehicle electrification programs,” said NJBPU President Joseph L. Fiordaliso. “Our state’s vibrant startup community is also playing an instrumental role in helping us reach the Governor’s goal. Supporting these emerging companies through innovative programs such as the Clean Tech R&D Voucher Program will lead to long-term economic success, environmental sustainability and a vibrant clean energy economy.”

The following startups were each approved for vouchers totaling $15,000, unless otherwise noted:

Parsippany-based BRISEA Group Inc. has provided environmental and energy professional services, technology and know-how transfer from the United States to the developing nations for over two decades. With support from the Clean Tech R&D Voucher Program, the company is using equipment at the New Jersey Institute of Technology’s (NJIT’s) Otto York Center to develop technology that enables massive disinfection of personnel and medical equipment, material surfaces and waters that humans come in contact.

Eion NJ Corporation, located in Princeton, is developing a specialty fine-grained mineral product that rapidly captures and stores CO2 when applied to agricultural soils. Funding through the Clean Tech R&D Voucher Program will support Eion Corporation’s use of equipment at the Rutgers University’s School of Environmental and Biological Science’s Greenhouses to further its efforts. Eion NJ Corporation previously received funding through CSIT’s Clean Tech Seed Grant Program.

Bordentown-based HiT Nano Inc. develops next-generation, low-cost and high-performance lithium ion (Li-ion) battery materials and energy storage systems by using novel high temperature nanotechnologies. The company will use equipment at the Princeton University’s – Princeton Institute of Materials (Imaging and Analysis Center and Micro and Nano Fabrication Center) to further the R&D of its technologies. (HiT Nano Inc. has been approved for $11,250 in vouchers through the program).

Michrinik Technologies, LLC., located in Cedar Knolls, is a green technology company focused on creating new materials for energy storage application. Support from the Clean Tech R&D Voucher Program will help the company offset the cost of using equipment at the NJIT’s Maker Space and Otto York Centers it works toward commercialization of its products.

Nanosepex Inc., located in Newark, is an environmental research company that is developing what it considers to be the next generation desalination and water treatment technology. The company plans to use equipment at NJIT’s Laboratory for Analytical Chemistry and Nanotechnology to further its development of technologies to treat industrial wastewater (such as power plants and Fracking water) and ultimately reduce greenhouse gas emission.

RRTC, Inc., located in Bella Mead, is developing advanced composite materials for a myriad of uses based on Low Temperature Solidification (LTS) technology originally developed at Rutgers University. The company is using vouchers from the Clean Tech R&D Voucher Program to offset the costs of equipment at Rutgers University’s Materials Science and Engineering core facility as it produces materials for such applications as wind turbine blades, wood substitutes and capture media for a new solid-state carbon capture system.

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/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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Port offers offshore wind developers and manufacturers unrivalled access to East Coast offshore wind sites, with room to grow

TRENTON, N.J. (September 23, 2021) The New Jersey Economic Development Authority (NJEDA) today announced that it will shortly be launching the next phase of its tenant selection process for the New Jersey Wind Port. The Wind Port, located on the Delaware River in Lower Alloways Creek in Salem County, will be a transformative, hub-style port serving offshore wind (OSW) projects in New Jersey and up and down the U.S. East Coast. The Port, which is due to commence construction this year, represents a new approach to economic development that will spur both job creation and opportunities for businesses throughout the offshore wind supply chain.

On September 9th, Governor Phil Murphy led the celebration for a groundbreaking at the site of the New Jersey Wind Port. The event kicked off a new chapter for the Wind Port, a first-in-the-nation infrastructure investment that will provide a location for essential staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast. The event also included the signing of a project labor agreement (PLA) for the project and was followed by the signing of a 78-year lease between the NJEDA and PSEG for the site. The State is committed to using union labor to construct the Wind Port and intends to set a new standard for inclusion of minority and women workers and business owners. Construction is targeted to begin in 2021.

The New Jersey Wind Port has the potential to create up to 1,500 manufacturing, assembly, and operations jobs, as well as hundreds of union construction jobs in New Jersey, and projects supported by the Wind Port will drive billions of dollars in economic growth.

The NJEDA will shortly be seeking non-binding offers from OSW developers and component manufacturers on four parcels of property at the Port. Available properties include:

Two parcels of property with the potential to be purpose-built for offshore wind marshalling, staging and final assembly of turbines; and
Two parcels of property with the potential to be purpose-built for offshore wind turbine component manufacturing and assembly.

NJEDA anticipates that certain parcels will be available for sublease from 2023. A notice for the sublease of property will be issued in coming weeks and will be available at Bidding Opportunities – NJEDA.

“The New Jersey Wind Port is a strategic economic driver that not only furthers Governor Phil Murphy’s goal of 100 percent clean energy for New Jersey by 2050, but also presents extraordinary economic potential for businesses up and down the OSW manufacturing supply chain,” said NJEDA CEO Tim Sullivan. “Wind turbines are comprised of numerous elements, and each element in the manufacturing process represents an entry point for businesses and a need for skilled workers. These available properties offer incomparable access to opportunity in the heart of this rapidly emerging manufacturing hub.”

The Port is situated at the geographical center of the United States’ burgeoning OSW sector – with in excess of 38 gigawatts (“GW”) of committed and planned OSW projects along the East Coast, including 7.5 GW of committed projects off the coast of New Jersey.

Based on the current design, the Port will offer OSW industry tenants the following key features:

Access to the Atlantic Ocean free of vertical restrictions;
Upland acreage purpose-built for marshalling and component manufacturing;
A wide approach channel from the main Delaware River Channel;
A purpose-built heavy-lift wharf, comprising both delivery and installation berths; and
Heavy-haul road connections between inland port parcels and the Wharf.

With proximity to 50 percent of current East Coast OSW development areas, and unmatched transportation connectivity to major United States and overseas cities, there is no better place to anchor and grow the nation’s OSW industry. Further information on the Port is available at: https://www.nj.gov/windport/.

Home to a high concentration of skilled labor, a well-established maritime industry and workforce, and a network of highly-regarded colleges and universities, New Jersey is ideally-placed to drive the development of the offshore wind industry in the United States.

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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TRENTON, N.J. (August 5, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it has awarded a total of $748,000 in seed grant funding to 10 New Jersey clean technology-focused startups through its Clean Tech Seed Grant Program. The program, which is funded by the New Jersey Board of Public Utilities (NJBPU), is designed to help accelerate development and innovation of clean technologies by furthering research and development (R&D) within New Jersey’s startup economy. The Clean Tech Seed Grant Program was created in partnership with the New Jersey Economic Development Authority (NJEDA).

The awardees are each working on projects that involve 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. Funding through the program will help the startups 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. The funding is being provided through NJBPU’s Clean Energy Program.

“New Jersey’s innovation ecosystem stands at the forefront of the global transformation toward a clean energy future,” said CSIT Executive Director Gunjan Doshi. “Critical funding provided through the Clean Tech Seed Grant Program will help propel the projects created by these 10 startups toward commercialization and into the hands of consumers within the worldwide clean technology marketplace.”

The following startups were each awarded approximately $75,000. The exact grant sizes are noted in parentheses.

Andluca Technologies Inc., located in Princeton, is a spin-out of Princeton University that is developing solar-powered smart glass technology. ($74,969)
Arbela Laboratories, located in Randolph, is creating a methanol-fed Pichia platform designed to increase the scale and reduce the costs of biomanufacturing. ($73,000)
Eion NJ Corporation, located in Princeton, is developing a specialty fine-grained mineral material that rapidly captures and stores carbon dioxide when applied to agricultural soils. ($75,000)
Farm to Flame Energy, located in Kearny, provides scalable, end-to-end electricity generation systems using biomass for communities in underdeveloped countries. ($74,995)
Green Blu, located in Hamilton, is developing a solar thermal energy-powered brine separation technology for use in desalination, agriculture, and water industries. ($75,000)
NextGen Battery Technologies, LLC., located in Somerset, is developing a high-voltage, non-flammable solid-state electrolyte for lithium batteries. ($74,939)
Princeton NuEnergy, located in Bordentown, is developing a battery recycling technology to recycle and reuse used lithium-ion batteries from electric vehicles, portable electronics, and other energy storage devices. ($75,000)
RenewCO2, LLC., located in Cranford, is developing an electrochemical process that converts carbon dioxide to plastic precursors and other value-added chemicals conventionally sourced from fossil fuels. ($75,000)
SunRay Scientific, LLC., located in Eatontown, is commercializing an advanced material adhesive for use in electronics and semiconductor packaging. ($75,000)
WeSolar CSP Inc., located in Princeton, designs and builds scalable and modular Concentrated Solar Power (CSP) plants for energy and heating solutions for government, utilities, corporations, industry and community/micro-grids. ($75,000)

Seventy percent of the awardees were businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses, and/or businesses with technology coming out of New Jersey universities.

“Under Governor Murphy’s leadership, New Jersey is recapturing its role as a leader in innovation in a diverse, inclusive, and equitable manner,” said NJEDA Chief Executive Officer Tim Sullivan. “As we begin to see success stories that result from the funding announced today, we look forward to watching the impact these companies will have both on the international stage and here at home as they expand their footprint and create high-paying jobs.”

CSIT Executive Director Judith Sheft noted that the Commission received nearly two dozen applications for this inaugural round of funding and expects to launch a second round later this year with funding that has already been approved by the NJBPU.

“The high-level of interest we received during the inaugural round of our Clean Tech Seed Grant Program is indicative of both the vibrancy of our innovation ecosystem and the need for seed funding that all startups face,” Sheft said. “The NJBPU and the NJEDA have been tremendous partners to CSIT in helping to cultivate opportunities for very early-stage New Jersey companies in the clean energy space and we are pleased we will be able to reach even more young companies in the months ahead.”

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 NJBPU, 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.

“Building and strengthening New Jersey’s clean energy economy has been a priority for Governor Murphy throughout his administration as we work to reduce the state’s dependence on fossil fuels,” said NJBPU President Joseph L. Fiordaliso. “NJBPU is proud to support the Clean Tech Seed Grant Program and to fund early-stage companies that are developing vital technologies to achieve this goal. Startups within our innovation economy play a key part in creating clean technologies that will enable us to reach the Governor’s goal of 100 percent clean energy by 2050.”

New Jersey State Senator Robert Singer and Assemblyman Andrew Zwicker are among the CSIT members who helped bring the Clean Tech Seed Grant Program to fruition.

“Through innovative programs like this one, we are reaffirming and upholding our commitment to ensuring that New Jersey entrepreneurs have every available resource to fuel the growth of their companies,” Senator Singer said. “By connecting these 10 startups with access to precious seed capital, we are helping them work toward commercialization and reach a point where they can attract outside investors and begin to compete in the global economy.”

“As both a scientist and the Chairman of the Assembly’s Science, Innovation & Technology committee, I know the value that seed funding brings to young, innovative startups” Zwicker said. “I applaud each of our awardees for the ground-breaking work they are doing and am pleased to play a role in furthering their success.”

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.

TRENTON, N.J. (June 30, 2021) – The New Jersey Economic Development Authority (NJEDA) signed a memorandum of understanding (MOU) with New Jersey City University (NJCU) in Jersey City today to help advance New Jersey’s leadership in the online sports wagering technology and financial technology (fintech) sectors. The MOU with NJCU will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center.

NJEDA´s Chief Executive Officer Tim Sullivan, joined by NJCU´s President Sue Henderson, signed the agreement this morning in the NJCU’s School of Business at the university’s Harborside location in Jersey City. The MOU will provide $200,000 in funding and staff resources to support technological and product innovation as well as workforce development in sports wagering and fintech at the Center. This support will bolster the Center’s goals of providing an incubator for the sports wagering and fintech industries and acting as a connector between industry, academia, and relevant State agencies to grow and support innovation in sports wagering technology and fintech.

This partnership with NJCU aligns with Governor Phil Murphy’s vision for a stronger, fairer New Jersey economy by supporting and growing one of the state’s emerging, innovative industries, with a focus on ensuring diversity and equity. It also leverages one of the state’s most valuable assets – its network of highly-respected universities – and includes the necessary infrastructure to serve as a physical hub for R&D and innovation.

“The Innovation Center at NJCU’s Exchange Place Campus in Jersey City will help to advance Governor Murphy’s commitment to fortifying New Jersey’s position as the national leader in innovation. The MOU signed today will help solidify New Jersey as both a top consumer market in this growing industry, and an engineof leading industry innovations and workforce development programs,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to support this important project, and we look forward to working with President Henderson, the School of Business Dean Bernard McSherry, and the team at NJCU to make it a success.”

Sports wagering in New Jersey has experienced incredible growth in the two-plus years since its legalization, with nearly one billion dollars wagered in-state per month, routinely surpassing Nevada in monthly volume. Technology and innovation have helped facilitate the growth and resilience of New Jersey’s sports wagering industry, with over 90 percent of wagers in the state placed online or via mobile platforms, positioning the Garden State as the optimal jurisdiction for scaling tech-centric product innovations within this industry.

Promoting and strengthening diversity, equity, and inclusion as essential components of industry culture are also focus points for this Center, which aims to promote opportunities for underrepresented groups as sports wagering and fintech expand. Likewise, the Center will work to engage with diversity- and inclusion-oriented organizations to attract women and minorities to diversify the pipeline of future leaders within the industry.

This initiative will also serve to connect private industry, academia, and relevant State agencies to catalyze and connect Sports wagering technology and fintech startups and innovation with more mature companies in these sectors. With the NJEDA’s backing, NJCU believes the Center will cement New Jersey’s position as a leader in sports wagering and financial technology, create new academic and workforce development opportunities, and support local economic development.

“The NJCU family is honored to partner with the NJEDA as we work together to establish New Jersey as a hub for sports wagering and financial technology,” said NJCU President Sue Henderson. “This is a wonderful opportunity to build upon our expertise in sports management, financial technology, and data analytics to put our students and our state at the forefront of this exciting new field.”

In addition to the MOU signed with New Jersey City University, the NJEDA recently signed a separate agreement with Stockton University to support the establishment of an esports Innovation Center at the university’s Atlantic City Campus, which is expected to contribute to establishing Atlantic City as a hub for the rapidly growing esports industry.

More information about NJCU is available here.

About the New Jersey Economic Development Authority

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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Early-Stage Companies Have Until June 30 to Apply to Sell their Net Operating Losses for Cash

TRENTON, N.J. (June 25, 2021) – The New Jersey Economic Development Authority (NJEDA) today reminded New Jersey’s emerging technology and life sciences companies that they have until June 30 to apply to the state’s Net Operating Loss (NOL) Program. The application can be found at https://www.njeda.gov/nol/.

New Jersey’s NOL Program enables the state’s early-stage technology and life sciences companies to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. Hailed 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 R&D expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the program’s inception in the late 1990s. In 2020, 49 companies were approved to sell a combined $54 million through the program. The average award for companies approved to sell their net operating losses through the program last year was $1.1 million.

The NOL Program was expanded in January 2021, when Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. Part of the Act 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.

“Our top priority as we continue to recapture New Jersey’s role as a leader in innovation is ensuring that emerging companies have access to the capital they need to grow and thrive in our state,” said NJEDA Chief Executive Officer Tim Sullivan. “Entrepreneurs frequently cite the enormous impact of our NOL Program on their companies’ success. Now, thanks to enhancements made through the New Jersey Economic Recovery Act of 2020 by Governor Murphy, we will be able to support even more early-stage businesses in the years ahead.”

About the New Jersey Economic Development Authority

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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NJEDA Chief Economic Growth Officer Brian Sabina and Stockton University President Dr. Harvey Kesselman sign an MOU enabling the NJEDA to provide $200,000 in funding plus staff resources to Stockton University for its esports initiative.
Photo credit: Stockton University

TRENTON, N.J. (June 22, 2021) – The New Jersey Economic Development Authority (NJEDA) and Stockton University signed a memorandum of understanding (MOU) today enabling the NJEDA to provide $200,000 in funding plus staff resources to Stockton University for its esports initiative, which includes Stockton’s establishment of an Esports Innovation Center at the university’s Atlantic City campus. The Center is expected to help to advance the goal of establishing Atlantic City as a hub for the rapidly growing esports industry.

“Esports presents a rare chance to cultivate an entirely new industry that will create good paying, skilled jobs, along with an opportunity to build industry leadership,” said New Jersey Lieutenant Governor Sheila Y. Oliver. “With a renowned higher education partner like Stockton University, and our unparalleled pool of technology talent I am confident that New Jersey is well-equipped to support the rapidly-growing esports industry and the economic potential it can offer our residents and small businesses.”

The esports industry has swiftly grown in popularity in the United States, with total revenues in North America projected to reach $250 million this year and a viewing audience of 57 million people. By 2025, the industry is expected to reach $9 billion globally.

The esports industry can help diversify New Jersey’s tourism and entertainment sector and be a source of new high-quality, high-wage jobs, such as software engineers, product developers, and content provision/event production roles. The industry is large and rapidly growing, with total esports employment in the US nearly doubling from Q2 2019 to Q2 2020.

“Creating new innovation-focused spaces and centers of knowledge where industry stakeholders can collaborate and gain expertise is an important element of catalyzing the State’s innovation economy,” said NJEDA Chief Economic Growth Officer Brian Sabina. “The NJEDA is proud to support this important project, and we look forward to working with Dr. Kesselman and the team at Stockton University to build New Jersey’s leadership in this emerging and exciting industry.”

Thanks to New Jersey’s strong technology infrastructure and innovation ecosystem, the esports industry has already taken root in the state, and the Esports Innovation Center will build on that momentum to establish New Jersey, and Atlantic City, as the epicenter of esports growth. This Center will also be a huge step forward in creating the most diverse innovation ecosystem in the country and will help to close the racial and gender wage and employment gaps.

“The new Esports Innovation Center will work with Stockton and industry partners to position Atlantic City and New Jersey as esports leaders and help shape the future of the esports landscape,” said Stockton University President Dr. Harvey Kesselman. “Esports industry partners will have the ability to become members of the Esports Innovation Center and join in the center’s research, events, and activities.”

Among other activities, the Center will focus on catalyzing collaborative technology innovation, supporting workforce development within the esports industry, positioning New Jersey and Atlantic City as an esports leader through events and thought leadership, identifying and promoting best practices for regulating wagering on esports and ensuring integrity in competitions, and promoting diversity and inclusion, as well as healthy gaming practices, as essential components of esports culture.

The Esports Innovation Center will also work with the Division of Gaming Enforcement and independent bodies that govern integrity in competitions to position New Jersey as a national leader in regulation and integrity practices for esports and will promote diversity and inclusion, as well as healthy gaming practices, in the esports industry.

Supporting the Esports Innovation Center is part of Governor Murphy’s commitment to building a stronger, fairer New Jersey economy that creates opportunities for all New Jersey residents, and NJEDA’s wider strategic effort to grow New Jersey’s innovation, sports wagering, and fintech ecosystems. In addition to the MOU with Stockton University, the NJEDA concurrently approved a separate agreement with New Jersey City University (NJCU) to support the Sports Wagering and Financial Technology Workforce Development and Innovation Center at NJCU. This Center will provide an incubator for the sports wagering and fintech industries and act as a connector between industry, academia, and relevant State agencies to grow and support innovation in sports wagering technology and fintech.

More information about the Esports Innovation Center and Stockton University’s other esports programs is available at https://sites.google.com/stockton.edu/stockton-esports/home.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (June 3, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that VentureWell’s ASPIRE Program has become the third accelerator approved to participate in its NJ Accelerate program. NJ Accelerate was created by the NJEDA last year to grow New Jersey’s innovation ecosystem by promoting greater participation by Garden State entrepreneurs in qualified accelerator programs throughout the United States. It is also designed to incentivize graduate companies from approved accelerators to consider locating in NJ, as well as to showcase the talent in Garden State accelerators on a national stage. More information about NJ Accelerate can be found at https://www.njeda.gov/njaccelerate.

An accelerator is a fixed-term, cohort-based training experience for startups that offers educational and mentorship programs and facilitates connections to venture capitalists, angel investors, mentors, customers, industry experts, and corporate executives who can help early-stage companies grow. Many accelerators also provide investment capital and office, lab, or prototyping space.

Through NJ Accelerate, the NJEDA will match investments made by an approved accelerator into startups that locate in New Jersey within six months after graduating from the participating accelerator’s program. NJEDA’s match will be in the form of a direct loan up to $250,000. A five-percent match bonus is available for companies that are certified as women- or minority-owned in New Jersey. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.

VentureWell joins Cleantech Open Northeast and Morgan Stanley Multicultural Innovation Lab as the third accelerator approved to participate in NJ Accelerate to date.

“Every New Jersey startup brings a unique idea or perspective to our state’s vibrant innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “In order to recapture New Jersey’s role as a leader in innovation, we must continue to connect these young companies with tools to address their individual needs. We’re quickly scaling up NJ Accelerate so that entrepreneurs can leverage resources offered by well-known and highly-regarded accelerators throughout the country while reaping the benefits of locating in the Garden State.”

Massachusetts-based VentureWell is a nonprofit that supports early-stage science- and technology-based inventors driven to solve the world’s biggest challenges. Its E-Team Grant Program helps science- and engineering-based student teams from across the nation commercialize their high-impact innovations. During ASPIRE, VentureWell’s third and final phase of the E-Team Grant Program, startup companies participate in an intensive program that prepares them for the investments and partnerships necessary to launch their ventures. Mentors-in-residence work one-on-one with startups to simulate due diligence conversations and integrate feedback into deal room materials in real-time.

For each cohort of ASPIRE, VentureWell selects 10-15 dedicated science- and engineering-based startups from across the nation that are launching inventions. Upon completion of all three stages of the E-Team Grant Program, the accelerator may provide investments up to $50,000. All participants tap into VentureWell’s large mentor and alumni network, which includes over 5,000 teams of entrepreneurs across all programs. VentureWell was founded with support from The Lemelson Foundation, and has received funding from Qualcomm, the National Science Foundation, the United States Department of State, the United States Agency for International Development, and the Bill & Melinda Gates Foundation, among many others.

“The E-Team Grant Program has a proven track record of supporting early-stage innovators with early funding and targeted training to move out of the labs and into the marketplace,” said Christina Tamer, Director of Programs – Early-Stage Innovation & Venture Development at VentureWell. “New Jersey is home to thousands of scientists and entrepreneurs working to develop life-saving and life-enhancing technologies. We are excited to invite them into our programs to support their efforts to commercialize their products as a result of our participation in NJ Accelerate.”

Since its inception in 2015, 117 startups have participated in ASPIRE and have raised over $189 million in follow-on funding since participating in the program. The E-Team Grant program overall, with its three stages, has supported 652 unique teams that have raised a total of $645 million. Participants have been recognized by national publications, including being listed on “Forbes 30 under 30” and being featured in the New York Times and National Geographic.

In addition to benefiting New Jersey startups, the NJ Accelerate program also provides exposure and funding for the approved accelerators. The NJEDA will disseminate information about VentureWell and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 per event capped at $100,000 in total sponsorship funding for accelerator-led events, such as Accelerator Demo-Days, cohort road shows, in-person classes, pitch competitions, and networking events held in New Jersey.

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

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.govand follow @NewJerseyEDA on Facebook, Instagram, Twitter, and LinkedIn.

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TRENTON, N.J. (May 19, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that it is accepting public feedback on the proposed rules for the expanded Angel Investor Tax Credit Program. Members of the public can read the draft rules and provide written feedback at www.njeda.gov/program-specific-feedback.

Originally established in 2013, the Angel Investor Tax Credit Program was expanded under the New Jersey Economic Recovery Act of 2020 (ERA). The rule proposal aligns with changes made to the program pursuant to P.L. 2019 c. 145 and implements changes in the ERA. This includes: an increase to the amount of tax credits available each year, an increase in the amount of tax credits available per qualified investment, the availability of bonus credits for qualified investments in targeted locations or in certified minority or women-owned businesses, and the ability for investors to receive a tax credit for investments made in qualified venture funds.

“Ensuring early-stage companies have access to the financial resources they need to launch and grow is crucial to reestablishing New Jersey as the State of Innovation and achieving Governor Phil Murphy’s vision for a stronger, fairer recovery from COVID-19,” said NJEDA Chief Executive Officer Tim Sullivan. “By incentivizing angel investors to support New Jersey-based companies and providing bonuses for investments in minority- and woman-owned companies, the expanded Angel Investor Tax Credit Program will move us closer to our goal of building the most diverse, inclusive innovation ecosystem in the nation and driving long-term, equitable economic growth.”

The New Jersey Angel Investor Tax Credit Program incentivizes angel investment into emerging New Jersey technology businesses by authorizing the NJEDA to provide tax credits to investors based on percentage of a qualified investment made in a New Jersey business conducting research or engaged in pilot-scale manufacturing or technology commercialization in advanced computing, advanced materials, biotechnology, carbon footprint reduction technology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. In addition to being engaged in one of these eligible industries, the business receiving the investment must employ fewer than 225 employees, at least 75 percent of whom work in New Jersey.

In 2019, Governor Phil Murphy expanded the Angel Investor Tax Credit Program to increase the available tax credits on qualified investments and provide bonuses for investments in businesses located in targeted locations or certified minority or women-owned businesses.

Since inception of the Angel Investor Tax Credit Program, the NJEDA has approved more than 1,600 applications from investors representing more than $615 million in total qualified investment into emerging New Jersey technology companies.

The draft rule proposal reflects the 2019 legislative changes to the Angel Investor Tax Credit Program including an increase of the amount of the allowed tax credit from ten percent to twenty percent of an investor’s qualified investment in an emerging New Jersey technology business, as well as a five percent bonus tax credit for qualified investments in businesses located in a qualified Opportunity Zone or New Markets Tax Credit census tract or businesses that are New Jersey certified minority- or woman-owned. The maximum allowed tax credit amount will remain $500,000 for the tax credit vintage year for each qualified investment.

Pursuant to the ERA, the draft rules for the expanded Angel Investor Tax Credit Program also implement the ERA’s expansion of the program. This includes expanding the definition of a qualified investment to include an irrevocable contractual commitment to invest in a qualified venture fund. As defined in the draft rules, a qualified venture fund is a partnership, corporation, trust, or limited liability company that invests cash in a business during the early or expansion stages of a business in exchange for an equity stake in the business. This may include a venture capital fund, a family office fund, or a corporate investor fund; however, the fund must be administered by a professional manager and the qualified investment must be non-refundable and non-transferrable. In addition, the fund must commit to invest at least 50 percent of its committed funds in New Jersey-based businesses. Furthermore, a bonus of 5 percent is available if the fund invests 50 percent of its funds in New Jersey diverse entrepreneurs.

Members of the public can submit written feedback on the draft rules for the Angel Investor Tax Credit Program via www.njeda.gov/program-specific-feedback.

In addition to the expanded Angel Investor Tax Credit program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

About the New Jersey Economic Development Authority

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TRENTON, N.J. (May 14, 2021) – The New Jersey Economic Development Authority (NJEDA) Board recently approved a memorandum of understanding (MOU) with New Jersey City University (NJCU) in Jersey City that will help advance New Jersey’s leadership in the online sports wagering technology and financial technology (fintech) sectors. The MOU with NJCU will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center.

This MOU is part of a broader NJEDA strategic initiative to support Governor Phil Murphy’s vision for a stronger, fairer New Jersey economy by establishing innovation centers throughout the state that bring together academic, industry, and government stakeholders to grow key industry sectors.

“The agreement with NJCU will build on New Jersey’s existing value proposition for the online sports wagering and fintech sector to position the state as an industry hub,” said NJEDA Chief Executive Officer Tim Sullivan. “New Jersey offers a highly educated and talented technical workforce with proximity and connectivity to New York City and Philadelphia. We also have world-class technical infrastructure such as broadband and fiber-optic connectivity, and the regulatory leadership of the New Jersey Division of Gaming Enforcement that recognizes the importance of innovation, collaboration, and competition for a healthy and sustainably-growing industry.”

The emergence of legalized and regulated sports wagering in New Jersey represents a unique opportunity to position the state as the epicenter of this growing, rapidly-innovating industry. In the three years since legalizing sports betting, New Jersey has become one of the largest sports wagering markets in the United States, routinely surpassing Nevada in monthly handle, with nearly $1 billion per month wagered toward the end of 2020.

Moreover, New Jersey leads the country in customer adoption of mobile and online sports wagering. And with over 90 percent of wagers in the state placed online or via mobile platforms, New Jersey has positioned itself as the optimal jurisdiction for scaling tech-centric product innovations within this industry.

Under the terms of the MOU approved today, the NJEDA will provide $200,000 in funding and staff resources to support technological and product innovation as well as workforce development in sports wagering and fintech at the Sports Wagering and Financial Technology Workforce Development and Innovation Center at NJCU. This support will bolster the Center’s goals of providing an incubator for the sports wagering and fintech industries and acting as a connector between industry, academia, and relevant State agencies to grow and support innovation in sports wagering technology and fintech.

“We are so excited and honored to partner with NJEDA to establish this new center for sports wagering and financial technology,” said NJCU President Sue Henderson. “NJCU has long been an academic innovator for launching new programs in emerging fields. This is a wonderful opportunity to build upon our expertise in sports management, financial technology, and data analytics to put our students and our state at the forefront of this exciting new field.”

With the NJEDA’s backing, NJCU believes the Center will cement New Jersey’s position as a leader in the sports wagering and fintech industries, positioning the Garden State as not just a top consumer market for these innovative products but also a productive engineof leading industry innovations and workforce development programs.

Supporting the Sports Wagering and Financial Technology Workforce Development and Innovation Center is part of a wider NJEDA strategic effort to grow New Jersey’s innovation, sports wagering, and fintech ecosystems. In addition to the MOU with New Jersey City University, the NJEDA concurrently approved a separate agreement with Stockton University to support the establishment of an esports Innovation Center at the university’s Atlantic City Campus, which is expected to contribute to establishing Atlantic City as a hub for the rapidly growing esports industry.

More information about NJCU is available here.

About the New Jersey Economic Development Authority

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