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

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

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

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

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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

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

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

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

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

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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Program Will Offer Grants of Up to $250,000 to Offset Costs Associated
with Demonstration & Validation in Real-World Settings

TRENTON, N.J. (November 18, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced plans to launch a competitive $2.5 million program to support New Jersey companies accelerating the commercialization and deployment of innovative clean energy technologies. The Pilot Clean Tech Demonstration Program will provide grants of up to $250,000 each to help startups develop their technologies intended to create a cleaner and greener future for New Jersey. Applications for this program open on December 5, 2022 and will be available at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

The Pilot Clean Tech Demonstration Program is designed to support clean technology businesses that have an existing prototype of their technologies and are ready to validate them in a real-world setting. Awardees can use the funding for such costs as testing and validating technological performance at customer sites, travel, equipment purchase, licensing, and patent fees. A complete list of acceptable uses will be available at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

“The majority of our clean technology portfolio companies have some form of prototype, and funding through this program will offset many of the costs associated with demonstration and validation as they work toward commercialization,” said CSIT Executive Director Judith Sheft. “This new program is a complement to our existing Clean Technology Seed Grant and Voucher programs, and we are proud to expand the continuum of support we offer clean technology businesses growing in New Jersey.”

Sheft noted that companies do not have to have participated in a previous CSIT program to be considered for this award.

Examples of some prototypes in the clean energy space include energy management solutions, electric storage devices, biomass powered generators, and wind turbine components.

“In addition to their innovations in the life sciences and technology sectors, New Jersey innovators are creating technologies that are intended to combat climate change and reduce carbon footprints worldwide,” said CSIT Chair Debbie Hart. “By providing resources necessary to support entrepreneurs as they bring their products to the marketplace, we are not only helping early-stage New Jersey companies succeed, but also helping to build the green economy that Governor Phil Murphy champions.”

CSIT will host an informational webinar on the Clean Tech Demonstration Programon November 30, 2022. Registration information can be found at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/. 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 December 5, 2022.  

The Pilot Clean Tech Demonstration Program will fund pilot demonstration projects intended to avoid emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture.  The proposed project must be between Technology Readiness Level (TRL) 6, ready to beta test the prototype, and TRL 8, in the pre-commercial demonstration. The TRL is a globally-recognized scale that measures and assesses a technology’s maturity. 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.

All applicants must have a minimum of two full-time employees and no more than 50 full-time equivalent employees at the time of application. Additionally, at least 50 percent of the work being performed by employees, including founders and contractors, must be conducted in NJ. Lastly, all pilot demonstration projects must be done in New Jersey. Complete program eligibility can be found at https://www.njeda.gov/pilot-clean-tech-demonstration-grant-program/.

Award scoring will be based on innovation, market opportunity, feasibility, and economic and environmental impact. In keeping with Governor Murphy’s goal of creating the most diverse and inclusive innovation ecosystem in the country, bonus scoring will be awarded to applicants that are New Jersey-certified women-owned, minority-owned, or veteran-owned businesses; or have a primary place of business/research and development located either within an opportunity zone eligible census tract or within Trenton, Paterson, or Atlantic City.

Funding for the Clean Tech Demonstration Program is being provided by the New Jersey Board of Public Utilities (NJBPU).

“CSIT has been a tremendous partner in our efforts to get funding to startups that are working to advance our clean energy future,” said NJBPU President Joseph L. Fiordaliso. “The clean tech program announced today is an important step in the State of New Jersey’s ability to reach even more emerging companies as we work to meet Governor Murphy’s goal of 100 percent clean energy by 2050.”

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

About 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, and follow NJBPU on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

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

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

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

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

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

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

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

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

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

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

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

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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Program Offers Non-Dilutive Funding for Working Capital or Research

TRENTON, N.J. (October 11, 2022) – Twenty-four technology and biotechnology companies that are in the building and investing stages of their business have been approved to participate in the state’s Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, the New Jersey Economic Development Authority (NJEDA) announced today. Combined, these companies were approved to receive a total of approximately $75 million through the program to fund working capital or research and development (R&D), the maximum amount available through the program. 

Now in its 23rd year, the NOL Program enables participants to sell their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the NOL Program, which has routinely been hailed as a “lifeline” by entrepreneurs seeking capital for their companies.

The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million. Thirty-six percent of program applicants are private businesses, while the remaining 64 percent are publicly traded companies. Two applicants are located in an Opportunity Zone, and three are located in an Innovation Zone. Three of the 24 approved companies are participating in the NOL Program for the first time this year. To date, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies since the program’s inception in the late 1990s. The complete list of approved participants can be found following this news release.

“One of the many advantages of the NOL Program is that it enables growing companies to obtain cash without sacrificing equity,” said NJEDA Chief Executive Officer Tim Sullivan “Bolstering the amount of extra capital that these businesses can use to create jobs, buy new equipment, or further R&D is a key way that we are working to fulfill Governor Phil Murphy’s goal of cementing New Jersey’s role as a national leader in innovation.”

In January 2021, Governor Murphy signed the New Jersey Economic Recovery Act of 2020 (ERA) which, in part, 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. This marks the second year that technology and life sciences companies have been able to benefit from the expanded NOL Program.

“Legislation created under the ERA has been extremely beneficial to New Jersey’s innovation community and to NOL Program participants in particular,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Companies that had previously maxed out of the program are able to participate once again due to the increased cap the Act provides to individual businesses. That extra capital has been instrumental in helping young companies commercialize their products and bring them to market.”

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can be applied to potentially reduce the buyer’s state tax obligation. The names of the buyers who chose to be publicly listed are on the NOL Program’s website.

Citius Pharmaceuticals is participating in the NOL Program for the first time this year. The Cranford-based biopharmaceutical company is focused on developing and commercializing critical care products with its diversified pipeline consisting of two late-stage assets. In May, Citius Pharmaceuticals announced it would expand the ongoing Phase 3 trial of its proprietary Mino-Lok therapy internationally. Mino-Lok is used to treat patients with catheter-related bloodstream infections. The Phase 3 trial of its oncology asset was completed at the end of 2021. Citius Pharmaceuticals expects to submit a biologics license application for this asset for the treatment of cutaneous T-cell lymphoma (CTCL) by the end of this year.

“Participating in a program that will connect us with cash in a non-dilutive manner will have a positive impact on our company,” said Citius Pharmaceuticals Co-Founder, CEO and Chairman Leonard Mazur. “As a serial entrepreneur, I know that the most successful businesses use every available resource to grow and scale. We are grateful to the NJEDA, and the State of New Jersey as a whole, for their commitment to emerging companies like ours.”

CytoSorbents Corporation (Nasdaq: CTSO), a Princeton medical device company focused on treating life-threatening conditions in the intensive care unit (ICU) and cardiac surgery with blood purification, has repeatedly benefited from the NOL Program. The company’s flagship product, CytoSorb®, is approved in the European Union and distributed in 75 countries around the world to treat deadly inflammation common to many lethal conditions in the ICU, such as sepsis and infection, COVID-19, trauma, liver failure, and complications of open-heart surgery, by removing inflammatory toxins from the bloodstream. Just recently, CytoSorbents announced final ISO 13485 certification of its new state-of-the-art manufacturing facility at its headquarters in Princeton that has the capacity to support up to $400 million in sales.

“It’s an exciting time for CytoSorbents as we work to positively impact critical care for patients worldwide,” said CytoSorbents Chief Financial Officer Kathleen Bloch. “The funding that we have received from the NOL Program over the years has been instrumental in our global expansion and was vital to our decision, as a vertically integrated manufacturer, to stay in New Jersey. We greatly appreciate the NJEDA’s ongoing support.”

IoTecha Corp. is a Cranbury-based clean technology company that has developed an integrated smart charging platform, including hardware, software, and cloud-based services, for the electric vehicle charging infrastructure. The company, which was recently listed on venture-capital firm Tracxn’s list of Top Electric Vehicle Startups, has benefited from the NOL Program twice in the past.

“New Jersey’s transformation to a green economy, combined with our ability to access state resources like the NOL Program, has been extremely beneficial to our company,” commented IoTecha Corp. CEO Oleg Logvinov. “We thank the NJEDA for its continued support and look forward to leveraging the funding announced today to further expand our activities in the state in the years ahead.”

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

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Companies that are new to the program are indicated with an asterisk (*) in the table below.

Approved Company

NJ HQ/Base of Operations

County

1

Acuitive Technologies, Inc

Allendale

Bergen

2

Advaxis, Inc.

Monmouth Junction

Middlesex

3

AIM ImmunoTech, Inc

New Brunswick

Middlesex

4

Angel Medical Systems, Inc.

Eatontown

Monmouth

5

Bellerophon Therapeutics, Inc

Warren

Somerset

6

Brilliant Light Power, Inc.

Cranbury

Middlesex

7

Caladrius Biosciences, Inc.

Basking Ridge

Somerset

8

Celsion Corporation

Lawrenceville

Mercer

9

Citius Pharmeceuticals, Inc.*

Cranford

Union

10

Cytosorbents Corp. (DBA Cytosorbents Medical, Inc.)

Princeton

Mercer

11

ElectroCore, Inc.

Rockaway

Morris

12

Hepion Pharmeceuticals, Inc.

Edison

Middlesex

13

IoTecha Corp

Cranbury

Middlesex

14

IVERIC Bio, Inc.*

Parsippany

Morris

15

Matinas BioPharma Holdings Inc

Bedminster

Somerset

16

Ocean Power Technologies, Inc

Monroe Township

Middlesex

17

OncoSec Medical Inc

Pennington

Mercer

18

Palatin Technologies, Inc.

Cranbury

Middlesex

19

PDS Biotechnology Corporation

Florham Park

Morris

20

Provention Bio, Inc.

Red Bank

Monmouth

21

Rafael Holdings, Inc.*

Newark

Essex

22

Rafael Pharmaceuticals, Inc. (FKA Cornerstone)

Newark

Essex

23

Soligenix, Inc

Princeton

Mercer

24

Truefort, Inc.

Weehawken

Hudson

ICGF Focuses on Investing in Minority- and Women-Owned Businesses

TRENTON, N.J. (September 23, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that its Board has approved investing up to $1 million into Innovate Capital Growth Fund (ICGF) through a limited partnership investment. ICGF marks the NJEDA’s 21st venture fund investment approval to date.

ICGF, a Delaware limited partnership, was created last year to provide growth capital, primarily in the form of equity, to minority- and women-owned businesses located substantially in the Mid-Atlantic region. ICGF is expected to invest an additional $2 in New Jersey-based companies for every $1 the NJEDA commits. This would result in a target of $3 million of capital invested into New Jersey companies.

“ICGF’s investment strategy aligns perfectly with Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through investments such as this one, we are providing much-needed capital for young companies to leverage as they grow, commercialize, and create good-paying jobs in New Jersey.”

Sullivan noted that, among its myriad resources for New Jersey’s innovation sector, the NJEDA helps increase available capital for emerging innovation-focused companies by investing as a limited partner in venture capital funds that invest in New Jersey-based enterprises. Gains resulting from these investments are then used to offer new funding opportunities to support New Jersey businesses. To date, the NJEDA has committed over $64.5 million to 20 venture capital funds since 1999, not including this latest approval.

The Fund will be managed by Innovate Capital Growth GP, LLC, which is owned in part by  The Enterprise Center (TEC). TEC is a nationally recognized community economic development center in Philadelphia that focuses solely on advancing economic growth by connecting minority and women-owned companies with business, capital, and community. TEC operates three federally contracted business centers, including the Camden Cares Business Center. The Camden Cares Business Center employs nearly 10 percent of TEC’s investment and operations professionals. TEC also operates a certified Community Development Financial Institution (CDFI). Across all of these instruments, TEC has helped small businesses earn more than $1 billion in contracts and financing, secure more than $7 million in start-up loans, and created more than 3,000 jobs for the local community.

ICGF managers recently participated in the NJEDA’s New Jersey Founder & Funders event, where they met one-on-one with emerging innovation-focused companies. ICGF Co-Managing Partner and TEC President Della Clark indicated that, as part of ICGF’s growing commitment to New Jersey’s innovation ecosystem, she and her co-managers intend to participate in additional New Jersey Founders & Funders events in the future.

“In recent years, New Jersey has shown a strong commitment to bolstering opportunities for minority- and women-led businesses and we are excited to have the NJEDA as one of ICGF’s investors,” said Clark. “We have been continually impressed with the high-caliber startups we have found in New Jersey and are proud to bolster our ability to support these emerging companies through this fund.”

ICGF was awarded a Small Business Investment Company (SBIC) license from the United States Small Business Administration. Having this designation will enable the firm to access a wider pool of capital from private lenders and banks that may support companies in their portfolio.

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. NJEDA is developing the Wind port on behalf of the State.

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

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TRENTON, N.J. (August 8, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) today announced that it has awarded a combined $3.9 million in grants to 45 startups statewide through its Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs. The awards will help these young companies accelerate development of their technologies and transform their discoveries from the research stage into commercially viable products and services.

“Funding New Jersey startups today through grant programs like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant helps to guarantee a strong economy in the future and furthers Governor Phil Murphy’s vision for the state,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps us to promote financial growth, sustainability, and economic mobility for years to come.”

CSIT’s Catalyst Seed R&D Grant Program has awarded 27 early-stage startup companies a total of $2.6 million in funding through grants of up to $150,000 for life sciences startups focusing on drug development and therapeutics and up to $75,000 for R&D. Emerging companies receiving awards for R&D are involved in technological innovation across manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology sectors, all of which are identified as targeted industries in Governor Murphy’s economic development plan. Of those receiving awards from CSIT, 95 percent (25) of awardees have five or fewer employees, 43 percent (12) are certified as minority-owned businesses, and 30 percent (9) are certified women-owned. Additionally, 22 percent (6) awardees have licensed technology from a New Jersey university.

“New Jersey’s startups are amongst the very best in the nation and truly place the State at the forefront of innovation and conservation,” said CSIT Vice Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst Seed R&D Grant and Clean Tech Seed Grant Programs reinforce the State’s commitment to its small businesses and nurtures advancements in a range of innovation areas including technology, life sciences, and clean tech sectors.”

A total of $1.3 million in funding will also be awarded to 18 companies chosen in Round 2 of the Clean Tech Seed Grant Program. The Clean Tech Seed Grant Program, which was jointly developed by CSIT and the New Jersey Economic Development Authority (NJEDA), provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies that will help them to advance their development on products and services to a point where they can more readily appeal to outside investors and, in some cases, begin to generate revenue. Seventy-two percent (13) of awardees have five or fewer employees. Additionally, 15 percent (3) of the awardees are certified as minority-owned businesses, and 15 percent (3) are certified women-owned. Eleven percent (two companies) awardees have licensed technology from a NJ university.

“Under Governor Murphy’s leadership, New Jersey has become one of the best places in the nation to grow and scale a company, especially a startup,” said NJEDA Chief Executive Officer Tim Sullivan. “CSIT’s Catalyst Seed R&D Grant and Clean Tech Seed Grant programs allow entrepreneurs to secure funding for vitally important research and new technologies that not only better our society, but also create new high-paying jobs grow our economy and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation.” 

“Grants such as the Clean Tech Seed Program bring us one step closer to achieving Governor Murphy’s goal of 100 percent clean energy by 2050,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “Our partnership with NJEDA and CSIT, coupled with today’s announcement, exemplifies this Administration’s cross-agency approach to developing and implementing initiatives that will simultaneously help us meet our clean energy goals and grow our green economy with exciting innovation.”

The funding for the Clean Tech Seed Grant Program, which is being provided through the NJBPU’s Clean Energy Program, will advance innovation that will help the state achieve Governor Murphy’s clean energy goals as outlined in New Jersey’s Energy Master Plan.  The plan, created in 2019, helps to set New Jersey on a path toward 100 percent clean energy by 2050.  

A list of all awardees can be found below:

Catalyst Seed Grant Program
(Drug Development)

Applicant Name (Funding Amount)

Catalyst Seed Grant Program
Other Categories
Applicant Name (Funding Awarded)

Clean Tech Seed Grant Program Awardees

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.


To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn. 

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Program Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (June 30, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) will open applications for its $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program on Friday, July 1. The application will be available at https://www.njeda.gov/maternal-and-infant-health-grant.

Through the Maternal and Infant R&D Seed Grant Program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women and new mothers. Specifically, the Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage.

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

In order to be eligible, applicants must be authorized and in good standing to conduct business in New Jersey, must have $1 million or less in 2021 calendar year sales revenue, and must have 25 or fewer full-time equivalent workers. Complete eligibility requirements can be found at https://www.njeda.gov/maternal-and-infant-health-grant. Applications from businesses located in an Opportunity Zone-eligible census tract or a Government Restricted Municipality (Atlantic City, Paterson, or Trenton), or businesses that are minority-, woman-, or veteran-owned are all eligible for bonus points with respect to the scoring criteria.

CSIT hosted an information session about the new grant program earlier this week. A recording of that session is available on CSIT’s website www.njeda.gov/csit. 

CSIT signed an agreement last month with the New Jersey Economic Development Authority (NJEDA) whereby the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget.

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

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

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Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation
Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (May 16, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) and the New Jersey Economic Development Authority (NJEDA) today announced plans to enter into an agreement that will lead to the establishment of a $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program. Through the program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women from pre-natal, through birth and post-partum, and into infancy.

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

“Mothers, those who are pregnant, and families are at the heart of the Nurture NJ Strategic Plan, which aims to make New Jersey the safest and most equitable place in the nation to give birth and raise a baby,” said New Jersey First Lady Tammy Murphy. “Investing in research and new technologies strengthens our families by ensuring the health and safety of mothers and their babies. I’m thrilled the Maternal and Infant Health R&D Seed Grant Program will advance our work to end racial disparities by funding New Jersey companies committed to supporting maternal and infant health through innovation.” 

As part of the agreement announced today, the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget. Both the NJEDA and CSIT Boards approved the agreement during their monthly meetings last week.

The Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage. CSIT will be hosting an information session about the new grant program in June and details will be available on the CSIT website www.njeda.gov/csit.  Applications for the program will open July 1, 2022.

“The Maternal and Infant Health R&D Seed Grant Program joins a suite of CSIT R&D Seed Grant programs designed to advance New Jersey’s innovation economy,” said CSIT Executive Director Judith Sheft. “By supporting early-stage innovationcompanies, the NJEDA and CSIT will help transform new discoveries from the research state into commercially-viable products and services that enhance the quality of care for women and infants.”

“Today’s announcement of $750,000 for CSIT’s Maternal and Infant Health R&D Seed Grant Program serves as a testament to New Jersey’s commitment to ending racial disparities and adverse health outcomes for New Jersey mothers and their children,”said CSIT Vice Chair Debbie Hart. “This funding will support research in an underinvested area of research while aiding in the development and discovery of new technologies designed to support pregnant people to reduce future rates of maternal and infant mortality.”

“Inequity in healthcare access is unacceptable, and under Governor Murphy and First Lady Murphy’s leadership, New Jersey is taking bold steps to invest in technologies, resources, and programs that ensure equitable care for women and children of all races and ethnicities,” said NJEDA Chief Executive Officer Tim Sullivan. “Providing seed funding to early-stage New Jersey-based companies dedicated to advancing maternal and pediatric health outcomes will not only contribute to our state’s growing innovation economy, but will produce long-lasting economic returns through advancements in research and increased health outcomes for mothers and infants. The Maternal and Infant Health R&D Seed Grant Program joins a suite of innovative products that leverages investment to drive real, meaningful, change within one of our state’s most vulnerable populations.”

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

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

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

TRENTON, N.J. (May 3, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. Hailed as a lifeline for companies that have yet to reach profitability, the NOL Program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The NJEDA is accepting applications online through June 30, 2022 at http://www.njeda.gov/nol.

Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with the operating their business such as salaries, R&D, and other working capital expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

Since the program’s inception in the late 1990s, $1.126 billion in funding has been distributed to more than 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2021 was $1.82 million.

The New Jersey Economic Recovery Act of 2020 (ERA), which Governor Phil Murphy signed into law last year, 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.

“Innovative New Jersey companies will be able to benefit from enhancements made to the NOL Program by the ERA as they work toward commercialization,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Connecting early-stage businesses with access to non-dilutive funding and helping them fuel their growth are key to achieving Governor Murphy’s goal of recapturing New Jersey’s role as a leader in innovation. We look forward to supporting even more young companies as a result of expanding this critical program.”

Coviello noted that $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website which covers the program’s eligibility requirements in detail. Companies are strongly encouraged to review the reference materials and  watch the program review and application walk-through videos posted on the program’s website at http://www.njeda.gov/nol.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to reduce the buyer’s state tax obligation. For example: a purchase of $1,000,000 of tax credit at 92 cents on the dollar would enable a buyer to decrease their New Jersey taxes payable by $1,000,000 for the price of $920,000, representing a savings of $80,000. Buyers can be publicly listed are on the NOL Program’s website, if they so choose. Entities interested in becoming a buyer through the NOL Program can visit the website http://www.njeda.gov/nol or reach out via email to nol@njeda.com for more information.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

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

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