Technology Archives - Page 3 of 7

Fund Will Drive Investment and Cultivate Entrepreneurship

Trenton, N.J. (April 13, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the New Jersey Innovation Evergreen Fund (NJIEF), a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. The NJIEF will create partnerships between the state and the private sector to collaboratively align New Jersey’s well-resourced corporations, and national investors to support entrepreneurs and grow the innovation economy in the state.

Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state. Established by the New Jersey Economic Recovery Act of 2020, the NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

The New Jersey Innovation Evergreen Fund is a groundbreaking public-private partnership that will fuel our innovation economy by attracting entrepreneurs and venture capital to the state,” said Governor Phil Murphy. “The NJIEF draws on the strengths of New Jersey’s world-class corporate leaders to create a steady stream of investment and expertise that will nurture the next generation of innovators. By fostering investments in entrepreneurship and start-up companies, we are driving job creation and economic growth for New Jersey.”

The concept for the NJIEF was first announced in October 2018 as part of Governor Murphy’s economic development strategic plan The State of Innovation: Building a Stronger and Fairer Economy in New Jersey.

“New Jersey has long served as fertile ground for inventions that changed our world – from Thomas Edison and the creation of the lightbulb to Beatrice Hicks and the development of a switch that helped land the Apollo spaceship on the moon,” said New Jersey State Senator Andrew Zwicker. “Our state has a long history of investing in entrepreneurs, and the NJIEF is a key component of reclaiming New Jersey’s leadership role in innovation by creating a vibrant culture of investment that is dedicated to growing the companies of the future.”

“When entrepreneurs think of leaders in innovation, New Jersey should be at the top of their list,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF will not only serve as a novel approach to investing in entrepreneurs, but also a key contributor for job creation and sustainable economic growth. Today’s announcement serves as a testament to Governor Murphy’s leadership in growing NJ’s innovation economy by investing in New Jersey companies and startups.”

“The NJIEF is a game-changing program that will catalyze venture capital investments into New Jersey startups,” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer. “The state’s role as an equity investor will encourage established corporations to commit capital and knowledge-sharing resources, creating a dynamic cycle of innovation.”

The seed capital to launch the NJIEF will be raised by auctioning up to $300 million in transferrable tax credits — with an annual cap of $60 million during each of the first five years after program launch — to corporations registered to do business in New Jersey. Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year.

Auction bids will be evaluated according to price and the specific strategic commitments the bidding company makes to support NJIEF’s portfolio companies and the state’s broader innovation ecosystem, including networking and mentorship opportunities. Once the funding is raised, the NJEDA will partner with professional venture capital firms operating anywhere in the country to co-invest the funds in eligible high growth businesses in New Jersey.

Full details on the NJIEF are available at https://www.njeda.gov/economicrecoveryact/. The NJEDA expects to launch the NJIEF later this year.

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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Programs Connect NJ Startups with Amenities at NJ Universities & Federal Laboratories

TRENTON, N.J. (April 11, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced plans to open applications for the newly-created Catalyst Research & Development (R&D) Voucher Pilot Program and Round 2 of the state’s Clean Tech R&D Voucher Program. The programs are designed to connect early-stage New Jersey technology companies with access to laboratory facilities and specialized equipment statewide. CSIT expects to open applications for both programs on May 2, 2022 at http://www.njeda.gov/csit. The programs were developed in partnership with the New Jersey Economic Development Authority and New Jersey Board of Public Utilities (NJBPU).

Both the Catalyst R&D and Clean Tech R&D Voucher programs will help the state’s startups accelerate development and transform new discoveries from research stage to commercially viable products and services. Eligible applicants can receive vouchers to defray the costs associated with the use of equipment and technicians for testing and development, and for training in preparation for independent use of the equipment from participating University Facilities or Government or non-profit labs.

“New Jersey’s universities and colleges are uniquely positioned to assist and support entrepreneurs that are developing innovative technologies,” said CSIT Executive Director Judith Sheft. “By harnessing the resources of these world-class higher education institutions and other facilities statewide, the programs announced today will help accelerate the growth of New Jersey startups and strengthen our innovation ecosystem as we continue to reclaim our status as a leader in innovation.”

CSIT will host an informational webinar on the programs on April 19 at 10:00 a.m. to offer tips and advice to potential applicants. Registration information can be found at http://tinyurl.com/CSIT-May2022. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. Applications will be accepted beginning May 2 on a rolling basis until funding from both programs is allocated.

“New Jersey entrepreneurs are creating truly extraordinary things and developing technologies that will have a lasting impact,” said CSIT Acting Chair Debbie Hart. “The programs announced today will enable some of the best minds to leverage state resources as they continue to make their mark on their communities and the innovation ecosystem as a whole.”

Through the $275,000 in total funds provided by the Catalyst R&D Voucher Program, eligible applicants can apply for vouchers to defray the cost associated with eligible services or activities. The vouchers can also be used to hire technicians for testing and development as well as the use of participating facilities. A startup can apply for multiple vouchers, capped at $25,000, within any 12-month period. An approved voucher will be valid for a period of twelve months, starting from the date of the voucher reservation approval letter.

The following technology areas are eligible under the program: advanced manufacturing, advanced transportation and logistics, film and digital media, life sciences (therapeutic drug development and other), non-retail food and beverage, professional and financial services, and technology. Complete eligibility criteria and usage of funds can be found at https://www.njeda.gov/catalyst-voucher.

The Catalyst R&D Voucher Program is a complement to CSIT’s Catalyst R&D Seed Grant Program, which saw a high level of interest from New Jersey’s startup community. That program provided seed funding to approved applicants developing technologies in all industry sectors except clean tech (which has a separate dedicated funding pool).

CSIT also announced today that it will provide vouchers totaling up to $375,000 to eligible startups within the clean technology sector through Round 2 of the Clean Tech R&D Voucher Program. Eligible startups can apply for multiple vouchers up to a cap of $25,000 within any 12-month period. Each approved voucher will be valid for a period of six months, starting from the date of the voucher reservation approval.

The program is open to New Jersey companies with fewer than 25 full-time employees that are developing or testing clean technologies intended to avoid emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture in the following target areas: chemicals/advanced materials; energy distribution/storage; energy efficiency; energy generation; green buildings; transportation; waste processing; and water and agriculture. Complete eligibility criteria and usage of funds can be found at https://www.njeda.gov/cleantechvoucher.

Funding for the Clean Tech R&D Voucher Program is provided by NJBPU.

“Our support of these programs will help pave a path for New Jersey to reach Governor Murphy’s important goal of 100 percent clean energy by 2050,” said NJBPU President Joseph L. Fiordaliso. “Startups play an essential role in our state’s growth and success and supporting them will push us forward toward a sustainable future.”

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

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

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NJ’s Venture Capital Deal Flow More Than Doubles to $5.5 Billion in 2021
as State’s Innovation Ecosystem Sees Flurry of Activity

Trenton, N.J. (March 4, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that New Jersey now ranks ninth in the nation based on venture capital (VC) dollars invested per state. According to PitchBook, innovation-focused companies in New Jersey secured $5.5 billion in 219 venture capital deals in 2021, up from $1.7 billion thorough 154 deals in 2020. This represents a significant improvement for New Jersey relative to 2017, when the state saw a total of $818 million in 143 venture capital deals. In this latest ranking, New Jersey jumped three spots from where it stood at #12 in 2020, and seven spots from #16 in 2013. New Jersey’s share of the Northeast market also grew, by 1.4 percentage points in 2021 to 5.5 percent.

“We’re very encouraged to see the VC community invest in New Jersey startups on a scale we haven’t seen in decades,” said Governor Phil Murphy. “It’s well known that New Jersey is the birthplace of innovation, but investors are clearly showing that our state is the future of innovation as well.”

Throughout his first term, Governor Murphy prioritized recapturing New Jersey’s role as a leader in innovation and creating the most diverse and inclusive innovation ecosystem in the nation. In January 2021, the Governor signed the New Jersey Economic Recovery Act of 2020 (ERA). In part, the ERA calls for the establishment the New Jersey Evergreen Fund (NJIEF), which is designed to create the ecosystem conditions necessary for entrepreneurs to succeed. Expected to launch this year, the NJIEF will create a platform for even greater investment opportunity in NJ businesses by leveraging public and private funds to invest in New Jersey-based companies. Details of the NJIEF, which is currently under development, can be found at https://www.njeda.gov/evergreen/.

The ERA also made enhancements to the state’s Angel Investor Tax Credit Program. Last summer, the NJEDA approved expanding the Angel Investor Tax Credit Program based on those enhancements as well as revisions made to the program through legislation signed by Governor Murphy in 2019. Examples of the enhancements include increasing the amount of tax credits available annually under the program from $25 million to $35 million. It also increased the amount of tax credits available per qualified investment in an emerging New Jersey technology business from 10 percent to 20 percent and adding five percent bonus credit for qualified investments made in a New Jersey certified minority-or women-owned technology business or a technology business that is located in a qualified Opportunity Zone or New Markets Tax Credit Census Tract.

Last year, the NJEDA approved a record-breaking 559 Angel Investor Tax Credit Program applications, a nearly 400 percent increase over 2020. These approved applications represented the injection of more than $100 million in 39 New Jersey businesses. This constitutes a more than threefold year-over-year increase in investment and tax credit totals.

“The Murphy Administration has taken numerous steps to bolster New Jersey’s innovation economy and the investment community is taking notice,” said NJEDA Chief Executive Officer Tim Sullivan. “In addition to our spot within the Top 10 spot for venture capital dollars, we are also seeing companies of all size choosing to benefit from all that New Jersey has to offer. This, in turn, will lead to the creation of thousands of jobs and bring in even more investment dollars in the coming years.”

As an example, Sullivan cited the commitment of the NJEDA and Princeton-based venture capital firm SOSV to bring SOSV’s acclaimed HAX hard tech startup development program to Newark. SOSV will also establish the U.S. headquarters of the HAX program at the Newark site. SOSV selected Newark as the location for the new HAX program through a competitive process that included locations across the country. SOSV intends to take 100 companies through the HAX program over the next five years and invest $25 million in these startups. The NJEDA has also committed $25 million toward this initiative. Participating companies may receive up to $50 million from SOSV as follow-on financing to support the companies as they grow. With this support, companies participating in the HAX program are expected to create at least 2,500 new, high-paying jobs in the decade ahead as well as attract millions in new capital.

The NJEDA’s Angel/Venture Capital Funding website launched in early 2021 to showcase capital raises, along with mergers and acquisitions throughout the Garden State. Investors or founders interested in having their investments listed on the page should email njinvestments@njeda.com.

About NJEDA

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

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Program Will Offer up to $150,000 in grants to NJ Startups

TRENTON, N.J. (November 23, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the creation of a $1.5 million Catalyst Seed Research and Development (R&D) Grant Program to help New Jersey-based startups accelerate development of technologies. The funding will help the companies transform new discoveries from the research stage into commercially viable products and services. The application, which opens on December 6, will be available at http://www.njeda.gov/csit.

The Catalyst Seed R&D Grant Program will be open to companies conducting R&D or testing technologies in the following areas that were identified as targeted industries in Governor Phil Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey: Advanced Manufacturing, Transportation and Logistics, Film and Digital Media, Life Sciences (including, but not limited to: therapeutic drug development, diagnostics, and medical devices), Non-Retail Food and Beverage, Finance and Professional Services, and Technology.

“The new Catalyst Seed R&D Grant Program will vastly expand the scope of projects and companies that CSIT is able to support,” said CSIT Executive Director Judith Sheft. “Providing seed capital to businesses in high-wage, high growth sectors is both beneficial to the individual entities and important to the strength of our overall innovation economy.”

The program will offer two grant components:

Grants of up to $150,000 for projects that are developing life sciences therapeutics. It is anticipated that five awards will be made in this area.
Grants of up to $75,000 for other innovation projects – non–life sciences therapeutics drug R&D projects and projects that are not eligible for the Clean Tech Seed Grant. It is anticipated that 10 awards will be made in this area.

Sheft noted that the Catalyst Seed R&D Program is modeled after CSIT’s successful Clean Tech R&D Seed Grant Program, which awarded nearly $750,000 to startups statewide earlier this year. CSIT anticipates opening a second round of its Clean Tech Seed Grant program in early 2022. Therefore, companies that are working on research regarding the avoidance of emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture, will not be eligible to participate in the Catalyst Seed R&D Grant Program.

Applications for the Catalyst Seed R&D Grant Program will open on December 6, 2021. CSIT will host an information webinar on December 7, 2021 at 10:00 a.m., which will include a walk-through of the application. Anyone interested in attending can visit http://tinyurl.com/NJCSIT to register. A recording of the webinar will also be available on CSIT’s website. Entrepreneurs can also get information about this and other programs designed to help their early-stage companies grow during the NJEDA’s November 30 Innovation Economy Programs webinar. Attendees can register for the event at http://tinyurl.com/NJ-Innovation.

“Under Governor Murphy’s leadership, New Jersey is receiving national and international attention as an excellent place to locate and grow a startup,” NJEDA Chief Executive Officer Tim Sullivan said. “The Catalyst Seed R&D Grant Program will be an important tool for helping us continue to foster an environment where these startups can succeed and thrive.”

Applicants for the Catalyst Seed R&D Grant Program will be required to demonstrate at least one of the following for their projects in order to be eligible for funding: description of the proof of concept results, published paper outlining results achieved, successful completion of a federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant or contract related to the project, and/or confirmation documentation from a university tech transfer office if the project relates to technology that has been developed at a university. Complete eligibility requirements can be found at http://www.njeda.gov/csit.

In support of CSIT’s mission to foster diversity and inclusion, one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is women-owned as certified by the State of New Jersey and one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is minority-owned as certified by the State of New Jersey. If there are no applicants that meet these criteria the funds may be allocated to other applicants.

In their roles on the CSIT Board, New Jersey State Senator Robert Singer and Assemblyman Andrew Zwicker have been vocal champions of creating resources such as the Catalyst Seed R&D Program to support New Jersey startups.

“Access to seed capital is among the most vital tools for very young companies that are often too early-stage to attract outside capital,” Senator Singer said. “Giving them that access now will pay dividends for our innovation ecosystem in the future.”

“New Jersey startups already have a tremendous number of assets available to them – including proximity to world-class universities, a top-notch talent pool, and a supportive innovation ecosystem,” Assemblyman Andrew Zwicker said. “Adding the Catalyst Seed R&D Grant Program to the suite of resources that CSIT offers startup companies will further Governor Murphy’s goal vision of making New Jersey the nation’s premier hub for innovative, science-and-technology focused entrepreneurism.”

About CSIT

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

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

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TRENTON, N.J. (November 10, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback rules for the Net Operating Loss (NOL) Program as updated under the New Jersey Economic Recovery Act of 2020 (ERA) and P.L. 2021, c. 160, including new measures to support woman- and minority-owned businesses. Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website.

“Governor Phil Murphy is committed to driving long-term economic growth in New Jersey by building the most diverse, inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “The NOL Program has a long history of success helping early-stage companies with the greatest growth potential launch and grow in New Jersey. The updated program rules released today will increase this important program’s impact and help us continue to grow New Jersey’s innovation economy.”

The NOL Program enables tech and life sciences companies to sell their New Jersey net operating losses and/or research and development (R&D) tax credits for cash. Buyers can purchase tax credits at a discount and apply them to reduce taxable income.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the NOL 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 updated rules released today incorporate changes mandated in the ERA, including increasing the NOL Program’s annual cap from $60 million to $75 million and raising the lifetime cap for an individual company from $15 million to $20 million. The updated rules also expand the type of participating companies subject to the initial allocation to include companies located within an opportunity zone and certified woman- or minority-owned businesses.

Draft NOL Program rules will be available for public comment until November 24, 2021. Members of the public can review the rules and provide comment at https://www.njeda.gov/economicrecoveryact/program-specific-feedback/.

In addition to the NOL 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. The NJEDA will continue to engage the public as new programs and rules are developed.

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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NJ Accelerate Will Support Companies Locating in NJ After Graduating from Launch Lane

*Launch Lane Leadership and Advisory Team*

TRENTON, N.J. (October 7, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that the Philadelphia-based University City Science Center’s Launch Lane accelerator has been approved to participate in its NJ Accelerate program. NJ Accelerate is designed to grow New Jersey’s innovation ecosystem by promoting greater participation by the state’s entrepreneurs in qualified accelerator programs throughout the United States. It also incentivizes graduate companies from approved accelerators to consider locating in New Jersey, as well as to showcase the talent in the state’s accelerators on a national stage. More information about NJ Accelerate can be found at http://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 matches 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.

“New Jersey entrepreneurs are continually coming up with high-caliber ideas for products that will transform the global marketplace, and we are committed to connecting them with the tools necessary to bring those ideas from thoughts to prototypes and commercialization,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, we have rolled out a suite of resources, including NJ Accelerate, to help early-stage companies access capital, mentorship, and real estate with the goal of achieving the Governor’s vision for recapturing New Jersey’s leadership in innovation.”

Launch Lane helps entrepreneurs in the technology, tech-enabled, and digital health spaces scale their startups and commercialize their products. Since its launch in 2014, Launch Lane has invested capital into 35 companies, including four based in New Jersey. Combined, these alumni have generated over $50 million in revenue and raised over $300 million in funds and employ more than 400 people.

In addition, Launch Lane frequently brings in members in the greater Philadelphia community to engage with participants on a range of relevant topics, such as hiring talent, licensing, marketing, product development, change management, and sales/value proposition. Launch Lane participants also have the ability to tap into the University City Science Center’s vast network of resources, including hundreds of vetted mentors, advisors, seasoned entrepreneurs, and investors who can provide mentorship to the growing companies. Founded in 1963, the University City Science Center is Philadelphia’s premier catalyst of entrepreneurial activity, healthcare innovation, and economic growth.

“Our proximity to southern New Jersey makes us an ideal choice for entrepreneurs who have already set down roots and are looking to expand their footprint in the Garden State,” said Aron Starosta, University City Science Center’s Vice President, Commercialization & New Ventures. “Joining the NJ Accelerate program is a wonderful way for us to leverage the strengths of the region to increase visibility among New Jersey early-stage companies and reinforces the Science Center’s regional and global approach to technology commercialization. We encourage anyone interested in applying to our nationally-recognized program to learn more about our hands-on approach to helping startups grow.”

Launch Lane is the fourth accelerator approved to participate in NJ Accelerate to date, joining VentureWell’s Aspire Program, Cleantech Open Northeast and Morgan Stanley Multicultural Innovation Lab as approved accelerators.

In addition to benefiting New Jersey startups, the NJ Accelerate program also provides exposure and funding for participating accelerators. The NJEDA will disseminate information about Launch Lane and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 per event capped at $100,000 per participating accelerator 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. Approved accelerators with a diversity and inclusion focus may be eligible for an additional five percent bonus.

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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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 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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$1.25 Million Available to Support Startups Engaged with Federal SBIR/STTR Programs

TRENTON, N.J. (August 10, 2021) – The New Jersey Commission on Science, Innovation and Technology today announced that it will open applications for a $1.25 million round of grant funding through its New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) Direct Financial Assistance Program on Monday, August 16, 2021. New Jersey startups can apply online at https://www.njeda.gov/csit. The program provides a $25,000 to $50,000 funding match to New Jersey-based companies that have received federal SBIR/STTR grants.

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

“Under Governor Phil Murphy’s leadership, New Jersey is quickly recapturing its role as a leader in innovation thanks to startups such as those involved with the federal SBIR/STTR programs,” said CSIT Chairman Gunjan Doshi. “CSIT is committed to ensuring that our state’s entrepreneurs have access to every available resource to best position themselves for success. The New Jersey SBIR/STTR Direct Financial Support Program has a proven track record of doing just that.”

Doshi noted that, through two prior rounds of the New Jersey SBIR/STTR Direct Financial Assistance Program, CSIT has awarded a total of $825,000 to 29 New Jersey companies.

This third round of the program will offer $1.25 million in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to up to 30 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The grant is aimed at helping awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding. The second component (Bridge funding) will provide $50,000 grants to up to ten NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. The grant will enable the awardees to maintain operations while waiting on Phase II awards and cover general operational expenses directly related to the project/product for which a Federal Phase II award is being sought.

“We are pleased to be able to significantly increase the amount of funding we are providing through this latest round and look forward to welcoming new startups into the program as a result,” said CSIT Executive Director Judith Sheft.

Sheft encouraged entrepreneurs that are interested in applying to the New Jersey SBIR/STTR Direct Financial Assistance Program to attend an August 19 information webinar to learn about the application process. A link to the webinar can be found at ttps://www.njeda.gov/event/csit-round-3-sbir-sttr-grant-assistance-program/. A recording of the webinar will also be available on CSIT’s website.

The application, which will be available at https://application.njeda.com/CSIT, will be open until October 8, 2021 at 4:00 p.m. EST.

“Startups within the innovation ecosystem are important drivers of job creation and employment and their success is absolutely essential to the vibrancy of New Jersey’s economy,” said State Senator Paul Sarlo. “Funding these early-stage companies through programs like the New Jersey SBIR/STTR Direct Financial Assistance Program will not only benefit the individual entities, but also their communities, the state, and the global marketplace at large.”

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

“New Jersey offers startups the full package when it comes to reasons to grow here – close proximity to numerous world-class universities, a diverse and highly-educated pool of talented workers, and an innovation ecosystem that supports them from the earliest stages through valuable programs such as this one,” said Assemblyman Christopher DePhillips.

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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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

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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