Technology Archives - Page 5 of 7

“Removing Barriers for Diverse Entrepreneurs” Will Include Overview of Recently-Proposed Black and Latino Seed Fund

TRENTON, N.J. (April 1, 2021) – The New Jersey Economic Development Authority (NJEDA) and Newark-based nonprofit digitalundivided today announced that they will hold an Instagram Live event on April 7, 2021 at 6:00 p.m. to highlight public and private resources available to entrepreneurs of color.

Nationwide, the innovation economy is facing a diversity crisis. According to Crunchbase, American companies raised a record-setting $150 billion in venture capital funding in 2020, but less than one percent of this went to Black-owned companies. The numbers are even worse for women. According to digitalundivided’s ProjectDiane, Black and Latino women received just 0.64 percent of total venture capital investment between 2018 and 2019.

During “Removing Barriers for Diverse Entrepreneurs,” NJEDA Chief Executive Officer Tim Sullivan and digitalundivided CEO Lauren Maillian will talk about ways their organizations are working to increase access to capital for minority-owned businesses and discuss initiatives created to empower Black and Latino founders, foster equitable entrepreneurship, and create the most diverse innovation ecosystem in the country.

Sullivan will also provide an overview of New Jersey’s proposed Black and Latino Seed Fund, which will focus on driving capital to Black- and Latino-owned enterprises. Governor Phil Murphy has proposed a $10 million Fiscal Year 2022 budget allocation to create the Fund.

Members of the innovation community are encouraged to tune into the Instagram Live event by logging on to digitalundivided’s Instagram page and clicking on the IGTV icon.

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.

About digitalundivided

digitalundivided is a non-profit, social startup that leverages data and advocacy to catalyze economic growth for Black and Latinx women entrepreneurs in innovation and technology. Our goal is to create a world in which all women of color own their work. digitalundivided merges data and heart to change the trajectories of women’s lives. We are a connector and a catalyst, supporting Black and Latinx women entrepreneurs through best-in-class programming, mentorship, training, resources and investment. We offer unparalleled thought leadership in the space. And we bring together the shared experiences of our community to produce ground-breaking authoritative research on Black and Latinx women entrepreneurs. For more information, visit: www.digitalundivided.com and follow us on Twitter (@digundiv) and on Instagram and Facebook (@digitalundivided).

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

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TRENTON, N.J. (March 18, 2021) – Thirteen months ago, Golden Seeds, a nationwide angel investor network dedicated to investing in women-led startups, launched a New Jersey chapter in partnership with First Lady Tammy Snyder Murphy and the New Jersey Economic Development Authority (NJEDA) to increase available capital for female-led businesses. Since then, Golden Seeds has connected more than 80 female-led companies with seasoned angel investors through a series of monthly office hours and follow-up conversations. In celebration of Women’s History Month, the NJEDA takes a closer look at the chapter’s important role in New Jersey’s innovation economy and the resources available to female entrepreneurs.

Since its inception in 2005, Golden Seeds has become a leading force in focusing on women’s leadership, gender diversity and entrepreneurship. In its sixteen years, Golden Seeds has had over 850 investors nationally – in the angel network and/or as fund investors. Combined, the members and funds have invested approximately $140 million in over 200 companies. Despite COVID-19 impacting investing worldwide, Golden Seeds invested $12 million in 33 investments nationwide in 2020.

The New Jersey chapter of Golden Seeds currently has 27 members. The chapter holds monthly office hours, during which investors meet privately with individual entrepreneurs to help them build, grow, and eventually fund their companies. Seven to 12 investors attend each office hours session. When the COVID-19 lockdown began shortly after the New Jersey chapter of Golden Seeds launched, the investment network moved its office hours online and continued its one-on-one meetings virtually. In November 2020, East Hanover-based ROAR Augmented Reality became the first New Jersey company to close on an investment from Golden Seeds since the launch of the New Jersey chapter. The chapter is actively seeking new entrepreneurs who want to connect with knowledgeable and experienced angel investors.

“Golden Seeds has a proven track record of successfully investing in, and creating opportunities for, women-led startups nationwide and we have experienced first-hand the impact that this angel investor network has on our state’s female entrepreneurs,” said First Lady Murphy. “Our flourishing New Jersey chapter continues to open doors and provide opportunities for women-led companies throughout the state. Establishing a Golden Seeds chapter in New Jersey has been vital in building our innovation ecosystem and driving sustainable, economic growth that will continue to thrive after the pandemic.”

NJEDA Executive Vice President for Technology, Life Sciences & Entrepreneurship Kathleen Coviello is a member of the New Jersey chapter of Golden Seeds, through the NJEDA.

“Access to capital has always been one of the greatest barriers to success for female founders, and under Governor Phil Murphy’s leadership, New Jersey is focused on removing that impediment,” Coviello said. “By connecting female founders directly with experienced investors who can offer feedback and guidance and the potential for funding, we are arming them with the tools they need to best position their early-stage companies for growth.”

The national Golden Seeds network is headed by Loretta McCarthy, Peggy Wallace, and Jo Ann Corkran. McCarthy is one of Golden Seeds’ managing partners and focuses on the network’s membership, orientation and engagement. She is also a frequent speaker, both in the United States and internationally, about early-stage investing, women entrepreneurs, and gender diversity. Wallace, also a managing partner and fund partner, works to build out a post-investment ecosystem that fosters the acceleration and growth of Golden Seeds companies. Corkran is a managing partner and fund partner who manages deal flow for Golden Seeds.

“Women’s History Month celebrates not only the accomplishments of female entrepreneurs, but also the vast network of mentoring and guidance they receive from other women throughout the state,” McCarthy said. “Golden Seeds’ New Jersey chapter is a perfect example of this support in action and I am so proud of all that our members have done to bolster female-led companies during this past year.”

Golden Seeds was featured in three sessions recently during the third annual Women of Color Connecting (WOCCON) 2021 virtual conference, including a session on March 11th offering opportunities for entrepreneurs to meet one-on-one with Golden Seeds investors through “office hours” sessions; an information session on March 18th that provided an overview of Golden Seeds and advice to entrepreneurs on finding investors; and remarks by First Lady Murphy at a Golden Seeds-hosted reception on March 19th.

The Institute for Entrepreneurial Leadership (IFEL) launched WOCCON in 2018 to focus attention on Women of Color entrepreneurs, a powerful but often overlooked group of high-value professionals, customers, suppliers, investment targets, and job creators. The initiative focuses on eradicating the long-standing systemic barriers that Women of Color entrepreneurs face. WOCCON 2021 kicked off on March 11th and continues through Thursday, March 25th.

The creation of the New Jersey chapter of Golden Seeds is one of numerous initiatives launched under Governor Murphy’s administration to spur opportunities for entrepreneurs within New Jersey’s innovation economy. In the summer of 2019, the Governor signed legislation doubling the amount of tax credits (from 10 percent to 20 percent) an investor could receive on an eligible investment into a qualifying New Jersey company through the state’s Angel Investor Tax Credit Program. It also added a five-percent bonus for investments made into women- or minority-owned companies. Under the New Jersey Economic Recovery Act of 2020, which Governor Murphy signed into January, the legislative cap on this program increased from $25 million to $35 million for the 2021 program year and going forward. The Act also bolstered New Jersey’s Net Operating Loss (NOL) Program, which allows technology and life sciences companies that have yet to reach profitability to sell their net operating losses and unused research and development tax credits for cash. 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.

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TRENTON, N.J. (March 12, 2021) – The New Jersey Economic Development Authority (NJEDA) announced today that it sent final approval letters last week to the 49 technology and life sciences companies that are participating in the 2020 Net Operating Loss (NOL) Program.

Hailed as a lifeline for New Jersey companies that have yet to reach profitability, the NOL Program enables participants to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

The average award for companies approved to sell their net operating losses through the program in 2020 was $1.1 million. Fourteen of the 49 participating companies set to receive funding are participating in the NOL Program for the first time. Those new to the program are noted with an asterisk in the table at the end of this news release.

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.

The NOL Program got a boost 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.

“The NOL Program has historically been one of our most sought-after programs by entrepreneurs as they grow their companies here in the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “Thanks to action taken by Governor Murphy and the Legislature, we will be able to connect even more companies with access to capital in the coming years. This, in turn, will lead to additional job creation within New Jersey’s innovation ecosystem and to the advancement of life-saving and life-enhancing technologies.”

Sullivan noted that the NJEDA plans to open the application for the 2021 NOL Program in early May.

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 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.

Ailares Inc. in Princeton, Clinical Genomics in Bridgewater, and TrueFort in Weehawken, were among the 14 early-stage companies that were new to the NOL Program in 2020.

Ailares Inc. is a financial technology company that leverages machine learning (ML) and artificial intelligence (AI) in the fields of wealth management, investment management, and risk management. The company seeks to streamline the investment process for its clients by offering a platform that gives its user direct access to investment strategies and products.

“We founded Alaires with the goal of closing the wealth gap between those with access to ML/AI and those without it and to level the playing field for investors,” said Ailares CEO and Chief Investment Officer Kenneth Xu. “By leveraging the non-dilutive capital we receive through the NOL Program, we will be able to further our mission and connect every-day investors with the tools they need to invest strategically and successfully.”

Female-led Clinical Genomics, a biotechnology firm whose global headquarters are located in Bridgewater, develops technology to screen for, and monitor, colorectal cancer. Clinical Genomics’ products span the full spectrum of colorectal cancer testing from screening to post-treatment monitoring.

“New Jersey is home to the most scientists per square mile and top-notch resources like the NOL Program, which are tremendous assets for up-and-coming biotechnology companies like ours,” said Clinical Genomics President and CEO Betsy Hanna. “We have found the Garden State to be the perfect location to base our global operations as we continue to broaden access to our life-saving diagnostic tests for hospitals and testing facilities around the world.”

TrueFort develops cybersecurity software products used by enterprises to protect their critical business applications on premise and in the cloud. The TrueFort Fortress is a real-time enterprise security platform that defends high-value cloud, hybrid, and legacy environments from hidden risks using a unique application-centric approach. The company was founded by former information technology executives from JPMorgan Chase, Bank of America Merrill Lynch and Goldman Sachs. TrueFort announced last week it received accolades from Futuriom and the Cybersecurity Excellence Awards for its app and cloud workload protection innovations.

“This past year, more than ever, has shown the importance of keeping data safe in an increasing digital world,” said TrueFort President and CEO Sameer Malhotra. “We’re proud to be able to offer our clients peace of mind through our industry-leading technology. We are also grateful that the NJEDA’s NOL Program will enable us to keep building out our business as we expand our customer base.”

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	Company	Company Headquarters/Base of Operations (Municipality)	Company Headquarters/Base of Operations (County)
1	Acuitive Technologies	Allendale	Bergen
2*	Ailares Inc.	Princeton	Mercer
3	AIM ImmunoTech, Inc.	New Brunswick	Middlesex
4	Angel Medical Systems	Eatontown	Monmouth
5	Avlino Inc.	Holmdel	Monmouth
6	Bellerophon Therapeutics	Warren	Somerset
7*	Bloqcube Inc.	Bridgewater	Somerset
8	Brilliant Light Power Inc.	Eatonton	Monmouth
9	Caladrius Biosciences, Inc.	Basking Ridge	Somerset
10	Celsion Corporation	Lawrenceville	Mercer
11	Celularity, Inc.	Warren	Somerset
12	CircleBlack, Inc.	Princeton	Mercer
13*	Clinical Genomics	Bridgewater	Somerset
14	CorMedix Inc.	Berkeley Heights	Union
15	Cytosorbents Medical Inc.	Monmouth Junction	Middlesex
16	electroCore, Inc.	Basking Ridge	Somerset
17	Elite Laboratories	Northvale	Bergen
18	EOS Energy Storage	Edison	Middlesex
19*	Forefront Telecare Inc.	Hamilton Twp.	Mercer
20*	Fusion Recruiting Labs, Inc.	Red Bank	Monmouth
21	Gadget Software, Inc.	Newark	Essex
22	Hope Portal Services, Inc DBA Hope Trust	Holmdel	Monmouth
23*	Interpace Biosciences, Inc.	Parsippany	Morris
24	IoTecha Corp	Piscataway	Middlesex
25	Matinas Biopharma	Bedminster	Somerset
26	Miami International Holdings, Inc	Princeton	Mercer
27	MYOS RENS Technology Inc.	Cedar Knolls	Morris
28	Nanotech Industrial Solutions	Avenel	Middlesex
29	Ocean Power Technologies, Inc.	Monroe Township	Middlesex
30	Oncosec Medical	Pennington	Mercer
31*	Onkos Surgical Incorporated	Parsippany	Morris
32	Orthobond Corporation	Princeton	Mercer
33	PDS Biotechnology Corporation	Florham Park	Morris
34*	Princeton Identity	Hamilton Twp.	Mercer
35	Provention Bio, Inc.	Red Bank	Monmouth
36	Rafael Pharmaceuticals, Inc.	Newark	Essex
37	Scynexis, Inc	Jersey City	Hudson
38	Solidia Technologies	Piscataway	Middlesex
39	Soligenix Inc.	Princeton	Mercer
40*	SPES Pharmaceuticals Inc.	North Brunswick	Middlesex
41*	Sunbird Software, Inc.	Somerset	Somerset
42	Svelte Medical Systems	New Providence	Union
43*	Tallyx, Inc.	Princeton	Mercer
44*	Throtle, Inc.	Red Bank	Monmouth
45	TrialScope	Jersey City	Hudson
46*	Truefort Inc	Weehawken	Hudson
47*	Tulex Pharmaceutical Inc	Cranbury	Middlesex
48	United Silicon Carbide Inc.	Monmouth Junction	Middlesex
49	WellSheet, Inc.	Newark	Essex

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TRENTON, N.J. (February 25, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it has awarded a total of $450,000 to 16 early-stage companies through the state’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) Direct Financial Assistance Program. Each of the awardees is currently engaged in the federal SBIR and/or STTR programs. The awards will enhance the state’s innovation economy by strengthening the competitiveness of Garden State businesses participating in the federal programs. To date, CSIT has awarded a total of $825,000 to 29 New Jersey companies during the program’s two funding rounds.

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.

“New Jersey’s emerging businesses are generating an abundance of innovation and supporting them as they tap into the federal SBIR/STTR programs will have lasting economic effects at both local and global levels,” said CSIT Chairman Gunjan Doshi.

CSIT Executive Director Judith Sheft noted that nearly a third of the 16 awardees for this round of funding are NJ state certified as women- owned businesses. Awardees hail from 10 different counties within the Garden State and more than two-thirds of companies have an affiliation with New Jersey universities.

“The combination of our state’s highly-talented workforce and our world-class research universities make New Jersey the ideal spot for innovative companies to succeed,” said Sheft. “We are very encouraged to see such a high percentage of applicants benefiting from partnership opportunities with these universities as they work toward commercialization.”

Fourteen companies that have received federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II awards/contracts were each awarded a grant of $25,000. The selected companies include:

Atux Iskay Group LLC – Plainsboro
BRISEA Group Inc. – Parsippany (NJ State Certified Woman/Minority-owned)
DMK Pharmaceuticals Inc. – Gladstone
Drone Go Home, LLC – Oceanport (NJ State Certified Woman-owned)
Innovations Unlimited, LLC – Pennsauken (NJ State Certified Woman-owned)
Mgenuity Corporation – Lincroft
MRIMATH, LLC – Voorhees
Neutroelectric, LLC – Williamstown (NJ State Certified Woman-owned)
RenewCO2, LLC – Cranford
Rizlab Health, Inc. – Princeton Junction
SAPHTx Inc. – Newark
ShockTech – Mahwah
SunRay Scientific, LLC – Eatontown (NJ State Certified Woman/Minority-owned)
Telluric Labs, LLC – Red Bank

Additionally, the following two New Jersey small businesses will each receive $50,000 bridge funding grants. They have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.

Andluca Technologies Inc. – Princeton
BioInvenu – East Hanover

These funds can be utilized to maintain project activities and cover general operating costs.

The awardee’s focus areas fell into the following categories, all of which were identified in Governor Phil Murphy’s economic development strategic plan as high-wage, high growth sectors: technology, life sciences, clean energy, and advanced manufacturing.

“Participants in this program run the gamut from drug-discovery companies to a business creating a drone detection system to one that develops an augmented/mixed-reality medical and surgical assist system for astronauts of exploration-class space missions,” said Assemblyman Christopher DePhillips. “The work they are doing is both critical and far reaching. We are proud to support them in their endeavors.”

State Senator Paul Sarlo sees the awards announced today as critical to recapturing New Jersey’s role as a leader in innovation.

“The strength of our innovation ecosystem is directly correlated to the economic vibrancy of our state,” Senator Sarlo said. “Resources like the NJ SBIR/STTR Direct Financial Assistance Program are useful tools as we seek to attract businesses to locate to, and grow within, the Garden State.”

In June, CSIT awarded $375,000 in matching grants to 13 New Jersey small businesses that were engaged in the federal SBIR/STTR program.

About CSIT

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

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Selected Applicant will Receive $225,000 to Help Emerging Companies Apply to SBIR/STTR Program

TRENTON, N.J. (February 24, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced that it will begin accepting applications next month for a competitive matching grant that will provide $225,000 to a New Jersey technical assistance provider vying for participation in the Federal and State Technology (FAST) Partnership Program. CSIT plans to award the grant to one organization seeking to execute state/regional programs that bolster the number of proposals submitted to the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) Support programs. The application for the grant opens March 22 and will be available at https://www.njeda.gov/csit.

The FAST Partnership Program provides federal financial assistance to local organizations for outreach, technical assistance, and financial assistance initiatives that are designed to increase the number of SBIR/STTR applications. The FAST Program requires a state-level match to receive any federal funding. Technical assistance to be offered by the selected organization will include informational and technical seminars on SBIR/STTR, one-on-one support for proposal preparation, specialized reviews, webinars, online assistance, critiques and suggestions on how to create competitive applications and submission guidance.

The highly-competitive, three-phase federal SBIR and STTR grant programs provide qualified small businesses opportunities to propose innovative ideas that meet specific research and development (R&D) needs of the federal government. The SBIR 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 a small business and a research institution such as a university, federal R&D center, or a non-profit research institution. Eligibility requirements for both SBIR and STTR include that a company must be a U.S.-based, for-profit small business with fewer than 500 employees.

“Our top priority at CSIT is ensuring that young, innovative companies have the resources they need to succeed in the global economy,” said CSIT Chairman Gunjan Doshi. “Identifying and funding a technical assistance provider that can help businesses build a more comprehensive and robust SBIR/STTR application is imperative to increasing the success rate of emerging New Jersey businesses engaged with these federal programs.”

In addition to the $225,000 matching grant, CSIT will also work with Governor Phil Murphy’s office to provide the required corresponding supporting letter necessary for the organization to apply to the Federal FAST grant. This will allow the New Jersey applicant to submit a competitive application while also leveraging 1-to-1 matching CSIT funds if they are selected for the FAST Partnership Program. The funds will be made available to the NJ organization regardless of whether they receive the federal FAST Partnership Program award.

“This competitive grant is intended to harness the expertise of a seasoned technical assistance provider to propel New Jersey companies toward success within the SBIR/STTR programs while simultaneously supporting the provider’s own FAST Partnership Program application,” said CSIT Executive Director Judith Sheft. “We have a strong base of innovation in New Jersey, yet the Garden State ranks fifth regionally in total awards received through the SBIR/STTR programs, behind Massachusetts, New York, Maryland and Pennsylvania. We see the program announced today as an excellent opportunity to leverage one of our state’s greatest resources – its people – to move up in the ranking and showcase the breadth of innovation stemming from the Garden State.”

CSIT will host an informational webinar on the FAST Grant Program on March 2. Registration information can be found on the CSIT webpage. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. Please note that applications can be submitted March 22, 2021 through April 5, 2021.

To be eligible for the FAST Grant Program, applicants must be New Jersey-based organizations and must have at least three years of experience administering technical assistance programs including outreach activities and financial support activities. Full eligibility requirements and application details can be found at https://www.njeda.gov/csit.

This FAST Grant Program technical assistance grant is part of the NJ SBIR/STTR Program, which was originally announced in 2019. The NJ SBIR/STTR Support Program has two components, technical assistance and direct financial assistance. CSIT anticipates announcing the awardees of the latest round of direct financial support in the coming days.

About CSIT

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

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

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

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

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

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

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

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

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

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

About the New Jersey Economic Development Authority

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

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

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

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

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

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

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

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

About CSIT

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New Program Incentivizes Use of Zero-Emission Vehicles in Camden and Newark

TRENTON, N.J. (January 15, 2020) – The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved the New Jersey Zero Emission Incentive Program (NJ ZIP). The $15 million pilot program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations in the greater Newark and Camden areas for the purchase of new, zero emission medium and heavy-duty vehicles (MHDVs). Bonuses will be available for small businesses and minority-, women-, and veteran-owned businesses. The NJEDA anticipates launching the program in the coming months.

“NJ ZIP brings a tried-and-true model for increasing the adoption and use of zero emission vehicles to New Jersey, with a focus on reducing emissions in the greater Camden and Newark areas,” said Governor Phil Murphy. “This is a critical step toward our environmental justice initiatives that I hope will spark the widespread adoption of zero emission vehicles across the state.”

“The adoption of zero emission vehicles will reduce dangerous emissions within the greater Newark and Camden communities and drive future economic growth by creating jobs critical to supporting and accelerating adoption of these vehicles,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ ZIP moves us closer to these goals by providing a new resource that will enable businesses and institutions to invest in zero emission vehicles. We will look to learn from this initial pilot program in two of the most over-burdened communities in our state, near major ports and transportation hubs; and if successful, we will look to expand to other regions.”

“Increasing the use of zero emissions vehicles is central to achieving the targets set out in the Energy Master Plan and the RGGI Strategic Funding Plan,” said NJBPU President Joseph L. Fiordaliso. “NJ ZIP moves us toward these goals, in parallel with our other EV programs such as Charge Up New Jersey and hand-in-hand with Governor Murphy’s vision for a cleaner, healthier energy future.”

“Together, we can spark real and lasting change to reduce greenhouse gases from New Jersey’s cars and trucks,” said New Jersey Department of Environmental Protection Commissioner Catherine R. McCabe. “Transportation is by far the largest source of greenhouse gas emissions in New Jersey, and most of these emissions come from commercial vehicles. NJ ZIP will enable businesses of all sizes, with a special emphasis on micro and small businesses, to replace their current medium duty vehicles with zero emission alternatives. Together with the DEP’s grant program, this important initiative will protect our environment, improve public health, and advance Governor Murphy’s environmental justice and clean energy goals.”

Transportation accounts for 42 percent of greenhouse gas emissions in New Jersey; more than double the emissions from the second largest source. Specifically, medium and heavy-duty vehicles (MHDVs) contribute the majority of New Jersey’s transport-sector emissions. For this reason, increasing the use of zero emission vehicles is central to many State plans for protecting the environment, including Governor Phil Murphy’s Economic Development Strategic Plan, New Jersey’s Energy Master Plan, and the RGGI Strategic Funding Plan.

NJ ZIP is the first initiative in the State’s holistic, RGGI-funded effort to support the deployment of zero emission MHDVs. The pilot program approved today allocates $15 million to provide vouchers to businesses and organizations purchasing new, class 2b to class 6 vehicles. The size of vouchers awarded through the program will vary depending on the class of vehicle being purchased, from a minimum of $25,000 for Class 2b vehicles to $100,000 for Class 6 vehicles. Bonuses will be available for small businesses; women-, minority-, and veteran-owned businesses; vehicles that are manufactured in New Jersey; small businesses that scrap their eligible MHDVs; and vendors that invest in driver education and training. More information is available at https://www.njeda.gov/njzip.

Vouchers will be available on a first-come, first-served basis with $5 million set aside for micro and small businesses. Initially, NJ ZIP will only be available in the greater Newark and greater Camden areas, defined as the overburdened communities within or intersected by a circle with a 10-mile radius centered on Newark and Camden.

NJ ZIP will be funded using proceeds from New Jersey’s participation in RGGI, a multi-state “cap-and-trade” program regulating carbon dioxide emissions. The State plans to deploy those funds within four initiative categories identified in the RGGI Strategic Funding Plan: catalyzing clean, equitable transportation; promoting blue carbon in coastal habitats; enhancing forests and urban forests; and creating a New Jersey Green Fund. More information about New Jersey’s plans for using RGGI funding is available https://www.nj.gov/rggi/index.html.

About the New Jersey Economic Development Authority

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

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

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

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

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

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

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

Additional eligibility criteria require that applicants:

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

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

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

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

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

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

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

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