Technology Archives - Page 6 of 7

TRENTON, N.J. (December 15, 2020) – The New Jersey Economic Development Authority (NJEDA) today approved the Morgan Stanley Multicultural Innovation Lab to participate in NJ Accelerate. The Multicultural Innovation Lab is the first “Approved Accelerator” accepted into the program, and the NJEDA expects to announce additional participants in the coming months. In addition to support participating entrepreneurs receive from the accelerator program, the NJEDA will also provide direct loans and rent support for graduates from the program that are located in New Jersey. Additional information on NJ Accelerate is available at https://www.njeda.gov/njaccelerate.

“New companies that scale and grow in New Jersey are one of the biggest drivers of long-term economic growth. Providing the support these businesses need to succeed is central to Governor Murphy’s strategy for building a stronger, fairer New Jersey. Connecting New Jersey-based companies with leading accelerator programs from around the country and incentivizing graduates from these programs to establish operations in New Jersey through the NJ Accelerate program will not only help our entrepreneurs succeed, but will also bring hundreds of jobs and millions of dollars into the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Partnering with Morgan Stanley’s Multicultural Innovation Lab is an important step toward these outcomes that also aligns closely with our overarching goal of creating the most diverse innovation ecosystem in the nation and doubling venture capital investment in the state.”

The NJEDA launched NJ Accelerate in 2020 to grow New Jersey’s innovation ecosystem by incentivizing accelerators to recruit participants in New Jersey and startups to locate in the state after graduating from approved accelerators. An accelerator is a cohort-based “boot camp” for startups that offers educational and mentorship programs as well as providing connections to venture capitalists, angel investors, and corporate executives who can help early-stage companies grow. Many accelerators also provide investment capital and office space.

The Morgan Stanley Multicultural Innovation Lab was created in 2017 to drive positive economic outcomes for multicultural and women-led companies in the post-seed to Series B funding rounds by providing content, visibility, technical support, and connectivity with important stakeholders who can accelerate the growth of participants’ businesses. The accelerator is built around tailored support and expertise entrepreneurs receive from a dedicated Morgan Stanley team.

“Morgan Stanley is committed to bringing attention to the funding gap facing women and multicultural entrepreneurs and offering strategies for investors to close the gap, as evidenced in our recent research report,” said Carla Harris, Vice Chairman and Co-Head of the Multicultural Client Strategy Group at Morgan Stanley. “It’s programs like NJ Accelerate and the MCIL that are critical in helping diverse entrepreneurs have equitable access to capital, and I look forward to partnering with the team at NJEDA to make strides on this mission.”

To date, 32 tech or tech-enabled companies have participated in the Lab, with many going on to successful acquisitions and additional funding rounds. The 2020 cohort startups include companies with innovative strategies across sectors such as health care, human-resources tech, food tech, materials, and business analytics.

“Despite evidence proving that diverse companies perform better, it remains challenging for women and multicultural entrepreneurs to access funding, mentorship opportunities, and other resources that can allow them to grow their businesses. This not only hurts the companies, but it also deprives all of us of the creative ideas and groundbreaking products that these innovators could pioneer if given equitable access to opportunities,” said Alice Vilma, Co-Head of the Multicultural Innovation Lab. “The Multicultural Innovation Lab aims to address these inequities in the innovation ecosystem and help women and multicultural entrepreneurs succeed. We are proud to work with the NJEDA to expand access to this important program.”

The NJEDA will disseminate information about the Multicultural Innovation Lab and encourage well-qualified companies to participate. In addition, the NJEDA will provide up to $25,000 in sponsorship funding for accelerator-led events, such as road shows, in-person classes, pitch competitions, and networking events held in New Jersey.

The Multicultural Innovation Lab’s Approved Accelerator status will also benefit companies that participate in the accelerator if they locate in New Jersey after completing the program. The NJEDA will match funding provided by accelerators up to $250,000 for businesses that locate in New Jersey within six months after graduating from the approved programs. A five percent bonus is available for companies that are certified as women- or minority-owned. The NJEDA will also provide rent support for up to six months if a company locates in an approved NJ Ignite collaborative workspace.

Accelerators and entrepreneurs interested in participating in the NJ Accelerate program are encouraged to contact the NJEDA at NJAccelerate@njeda.com. Additional information and detailed eligibility criteria for both accelerator programs and entrepreneurs are available at https://www.njeda.gov/njaccelerate.

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

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

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

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

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

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

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

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

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

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

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

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

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

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DIG Labs Co-Founders Tara Zedayko (left) and Jessica Chu created their pet health technology company to improve the lives of pets all over the world.

TRENTON (October 16, 2020) – Healthcare executives-turned-entrepreneurs Tara Zedayko and Jessica Chu co-founded pet health technology startup Bark Biome, which does business as DIG Labs, armed with a background in life sciences, a passion for helping their canine companions, and a mission to improve the lives of pets all over the world. Today, the Princeton-based company is nearing the launch of its first app and crediting support from the New Jersey Economic Development Authority (NJEDA) with helping to reach this milestone.

DIG Labs, which was established last year, markets, manufactures and sells personalized canine supplements. The company’s new app, which is set to go live in November, will offer contactless assessment and tracking of a dog’s internal health in real time, starting with a single photo.　The app will allow pet parents to collect, analyze, and translate insights into actionable health plans.

Earlier this year, DIG Labs became one of the first businesses to benefit from the expanded Angel Investor Tax Program, after Governor Phil Murphy signed legislation last summer enhancing the program. Beginning January 1, 2020, investors have been able to receive a 20 percent tax credit (up from 10 percent) on eligible investments and an additional five percent bonus for investments made in a business located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned. DIG Labs was the first woman- and minority-owned business to benefit from the new criteria.

“Governor Murphy has made a strong commitment to transforming New Jersey’s innovation ecosystem into the most diverse and inclusive one in the nation and the enhanced Angel Investor Tax Credit Program is an important and dynamic tool that will help to achieve this goal,” said NJEDA Chief Executive Officer Tim Sullivan. “Changes made to the program have been lauded by the investor and startup communities alike and are beginning to impact the ways that companies like DIG Labs attract funding.”

Sullivan noted that investors have six months from the time of investment to apply to the Angel Investor Tax Credit Program. The deadline to apply for consideration of a 2020 Tax Credit is November 1, 2020. All qualified applications received after that date, as long as it is within of the six months from the investment date, will be considered for a 2021 tax credit.

Zedayko and Chu set up DIG Labs’ operations at Princeton Innovation Center Biolabs in Princeton with support the NJEDA’s NJ Ignite program.　NJ Ignite　helps technology and life sciences startups realize the benefits of collaborative workspaces by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. The funding is made possible through a combination of support from the NJEDA and the collaborative workspace. To date, a total of 20 collaborative workspaces have been approved to participate in the program. Situated three miles from Princeton University, Princeton Innovation Center Biolabs offers 31,000 square feet of shared wet- and dry-labs as well as private and coworking office space.

“As women in a traditionally male-dominated system, finding access to the capital we need to grow DIG Labs has been frustrating at times,” said Zedayko, who is DIG Labs CEO. “However, the support and encouragement we have received from the NJEDA, and in fact New Jersey’s innovation ecosystem as a whole, has been tremendous in helping us address and overcome these challenges. We are encouraged to see the focus Governor Murphy and First Lady Tammy Murphy are placing on spurring opportunities for female entrepreneurs like us.”

DIG Labs was introduced to the NJEDA last year at Propelify, an annual event hosted by TechUnited NJ to showcase New Jersey’s synergistic innovation ecosystem. The event also fosters opportunities for entrepreneurs like Zedayko and Chu to connect with resources they need to grow and thrive in the Garden State.

Zedayko has focused a large part of her career on bolstering opportunities for girls and women in the science, technology, engineering and mathematics (STEM) fields. She spent several years at the helm of Johnson & Johnson’s Women in Science and Engineering (WISE) Board. WISE is considered a precursor to Johnson & Johnson’s current Women in Science, Technology, Engineering, Math, Manufacturing and Design program, which was created to empower women in STEM. Zedayko also spent the earlier part of her career as corporate team leader for For Inspiration and Recognition of Science and Technology (FIRST), a global robotics community that cultivates the technical and leadership talents of young people for the future. She is also an active mentor with　 Built By Girls, to help prepare the next generation of female leaders, builders, and creators to step boldly into careers powered by technology. Chu is an active member of the dog rescue community, serving as a volunteer, transporter, and flight chaperone. She has personally fostered and prepared almost 50 homeless dogs for their forever families in the tri-state area, including Jersey City’s See Spot Rescued. In addition to her passion for animal welfare, Chu’s prior outreach has focused on mentoring and tutoring for underserved youth.

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

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

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TRENTON, N.J. (October 14, 2020) – The New Jersey Economic Development Authority (NJEDA) today approved entering into a Memorandum of Understanding (MOU) with the Commission on Science, Innovation and Technology (CSIT) to develop and implement two programs designed to further research and development (R&D) within the state’s clean technology startup community. CSIT approved entrance into this MOU at its Board meeting this past Friday.

The NJEDA previously entered into an MOU with the New Jersey Board of Public Utilities (NJBPU) for the NJBPU to provide $1.25 million in funding for the creation of a Cleantech Seed Grant Program and a Clean Technology R&D Asset Voucher Program. Under the MOU approved today, NJEDA and CSIT will collaborate to develop these programs, both of which are important steps toward achieving Governor Phil Murphy’s goal of attaining 100 percent clean energy for New Jersey by 2050.

The Cleantech Seed Grant Program will provide grants for R&D activities to very early-stage, New Jersey-based clean technology companies. These grants will help businesses to continue their work into 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 Clean Technology R&D Asset Voucher Program will help facilitate greater access to testing equipment and specialized fabrication equipment by subsidizing the cost of a startup’s access to these assets. The program will help stimulate the asset-sharing marketplace and encourage more standardized approaches to pricing, certifications/training and usage agreements. The goal of this program is to increase awareness, access, and utilization of the State’s physical clean technology innovation-related assets.

NJEDA and CSIT anticipate launching the applications for each of these programs in early 2021.

"By tapping into the NJEDA’s experience in developing and implementing programs and CSIT’s close relationships with New Jersey’s clean technology community, the Cleantech Seed Grant Program and the Clean Technology R&D Asset Voucher Program could be game-changers for the future of New Jersey’s clean technology landscape," said CSIT Chairman Gunjan Doshi.

Earlier this year, 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.

"Under Governor Murphy’s leadership, New Jersey has already made tremendous strides in leveraging the knowledge and talent of our robust innovation economy to increase the availability of renewable energy," said NJBPU President Joseph L. Fiordaliso. "The programs announced today will serve to strengthen the startup community’s ability to contribute to this vital process."

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.

"Governor Murphy’s Energy Master Plan identifies steps necessary to simultaneously strengthen our economy and invest in the sustainability of our environment," NJEDA Chief Executive Officer Tim Sullivan said. "Growing New Jersey’s world-class R&D is a critical piece of that strategy. The close collaboration between the NJEDA and CSIT on these programs will help position the State’s cleantech sector for growth and industry leadership."

About CSIT

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

About NJEDA

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

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

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TRENTON, N.J. (September 9, 2020) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced it will collaborate with the Rutgers EcoComplex in hosting a virtual conference on October 14 and 15, 2020 to highlight resources and opportunities available to members of the Garden State’s innovation economy during COVID-19. Leaders from New Jersey government, industry, academia, and the investment community will focus on strategies for accelerating innovation as the state begins to emerge from the pandemic. The event is open to the public and information can be found at https://csitcovid19-opportunities.eventbrite.com.

Planning Committee members include representatives from Rutgers New Jersey Agricultural Experiment Station, Rutgers EcoComplex, Rutgers Business School, Princeton Entrepreneurship Council and TechLaunch. Panelists include key players from the NJ entrepreneurial eco-system: angel investors and venture capitalists, support organizations, trade groups, academic centers, government agencies, incubators and accelerators.

“Every one of our participants brings a unique perspective to the conference, which will make for informative and dynamic discussions,” said CSIT Chairman Gunjan Doshi. “Connecting a wide array of industry partners to collaborate on steps forward will help to propel the innovation economy toward a post-COVID-19 landscape.”
Attendees at the two-day event will learn about financial and entrepreneurial resources available to help them weather the pandemic. Panel discussions will center around:

Current Angel and Venture Investing Trends and Opportunities: Seasoned angel and venture capital investors will talk about investment trends and offer tips and insights on ways for emerging companies to attract capital;

Keeping the Innovation State Growing: High-level representatives from the Governor’s Office, the Office of Innovation, BioNJ, Choose NJ, and Tech United will focus on current and future strategies for bolstering New Jersey’s innovation sector, particularly in light of the pandemic;

NJ’s Support for Underrepresented Innovators: Successful founders will discuss how the state is working to fulfill Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation despite the hurdles presented by COVID-19. This panel will be moderated by New Jersey’s Chief Diversity Officer Hester Agudosi;

Academic Innovation – Strong as Ever: Key members of academia will showcase New Jersey’s vibrant academic innovation scene and the role it plays in the fight against the pandemic.

Innovators Panel: Surviving and Thriving During Covid-19: Led by CSIT Executive Director Judith Sheft, this panel will include a discussion by founders about ways they are leveraging available resources designed to support members of the innovation economy during this unprecedented time. A copy of the full agenda can be found at https://csitcovid19-opportunities.eventbrite.com.

Assemblyman Andrew Zwicker, who chairs the Assembly Science Innovation and Technology Committee and is a member of CSIT, is scheduled to deliver the keynote address on October 15.

Zwicker noted that before and throughout the COVID-19 pandemic, CSIT has been instrumental in helping startups and emerging innovation-focused companies connect with the funding they need to grow in New Jersey.

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

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

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

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

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

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

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

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

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

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

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

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

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

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14 Early-Stage Companies Selected to Benefit from Program

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

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

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

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

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

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

Phase 1 winners:

Bezwada Biomedical LLC (Somerset County)
Bright Cloud International Corporation (Middlesex County)
Cascade Biotechnology, Inc. (Middlesex County)
Cloud Juncxion Inc. (Somerset County)
GreenBlu Inc. (Mercer County)
Nangio Tx Inc. (Essex County)
Oculomotor Technologies (Essex County)
Plumeria Therapeutics (Mercer County)
Prokaryotics (Union County)
Spreadsheet Labs Manual (Gloucester County)
Twinleaf LLC (Middlesex County)
Viocare, Inc. (Mercer County)

Phase 2 winners:

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

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

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

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

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TRENTON, N.J. (April 15, 2020) – In response to the ongoing COVID-19 pandemic, the New Jersey Economic Development Authority (NJEDA) has extended the deadline to submit responses to its request for information (RFI) seeking input on the need for a “Green Fund” to support investments in clean energy technology. Responses will now be accepted through May 29, 2020. The RFI is available online at https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs.

The RFI, released on March 10, seeks input from all individuals and organizations that have an interest in how a Green Fund may be established and operate in the State, including commercial banks, specialty lenders, businesses developing clean energy initiatives in New Jersey, current and potential suppliers within the clean energy supply chain, and organizations with specialized knowledge and expertise related to the creation and operation of green banks, green funds, and similar financing mechanisms. The questions focus on standing up the proposed Green Fund as well as how to best manage it over the long term to ensure the greatest benefit for New Jersey.

“Increasing private investment in the deployment of clean energy is vital to achieving Governor Murphy’s goal of
setting New Jersey on a path to 100% clean energy by 2050,” said NJEDA Chief Executive Officer Tim Sullivan. “We want to be sure that anyone who wants to provide insight in response to this RFI is not hindered in doing so due to the COVID-19 outbreak.”

Governor Murphy’s New Jersey Energy Master Plan sets forth a robust, actionable set of seven strategies and recommendations to enable the State to achieve its ambitious commitments to expanding clean energy and reducing greenhouse gas emissions between now and 2050. The plan recognizes that meeting these commitments will require a significant amount of private capital investment—and that New Jersey’s government can and should play a critical role in mobilizing this capital by expanding opportunities for innovative and low-cost financing and leveraging public dollars to grow private sector investment

All RFI responses must be submitted in writing no later than 11:59pm ET, on May 29, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com . The subject line of the e-mail should state: “RFI Response-2020-RFI-OET-CE- 102-Potential Green Fund.”

To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

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.

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

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TRENTON, N.J. (March 10, 2020) – The New Jersey Economic Development Authority (NJEDA) today released a request for information (RFI) seeking input from stakeholders on the need for a “Green Fund” to support investments in clean energy technology. This is an important step toward increasing private investment in the deployment of clean energy technologies such as energy efficiency and renewable energy.

“Investing in New Jersey companies that are deploying solutions to pressing clean energy challenges is not only critical for protecting our environment, but is also an opportunity to bolster our economy and create good jobs for New Jersey residents,” said NJEDA Chief Executive Officer Tim Sullivan. “This RFI is an important first step that will pave the way for us to create a green financing mechanism, such as a Green Bank or a Green Fund, that effectively channels public and private funding to achieve our bold clean energy goals.”

Governor Murphy’s New Jersey Energy Master Plan sets forth a robust, actionable set of seven strategies and recommendations to enable the State to achieve its ambitious commitments to expanding clean energy and reducing greenhouse gas emissions between now and 2050. The plan recognizes that meeting these commitments will require a significant amount of private capital investment—and that New Jersey’s government can and should play a critical role in mobilizing this capital by expanding opportunities for innovative and low-cost financing and leveraging public dollars to grow private sector investment.

“Achieving the goals outlined in the Energy Master Plan is critical to protecting New Jersey’s environment and long-term economic success. In issuing this RFI, we’re doing the work today to ensure we’ll have the capital investments we’ll need tomorrow to deploy cleantech solutions on a large scale. This includes establishing a green financing mechanism that works for New Jersey’s business, investors, and workers,” said New Jersey Board of Public Utilities President Joseph L. Fiordaliso.

To date, financing mechanisms similar to the fund the NJEDA is considering have been established in nine states and a number of municipalities and counties across the United States. Green financing mechanisms are also under development in several other states. The NJEDA is considering a wide range of approaches to establishing and operating a Green Fund that will achieve the State’s goal of stimulating private sector investment in clean energy; rapidly reducing New Jersey’s carbon footprint and the emission of harmful pollutants into the State’s air and water; and providing direct economic benefits to New Jersey residents such as good jobs and lower energy costs.

The RFI released today seeks input from all individuals and organizations that have an interest in how a Green Fund may be established and operate in the State, including commercial banks, specialty lenders, businesses developing clean energy initiatives in New Jersey, current and potential suppliers within the clean energy supply chain, and organizations with specialized knowledge and expertise related to the creation and operation of green banks, green funds, and similar financing mechanisms. The questions focus on standing up the proposed Green Fund as well as how to best manage it over the long term to ensure the greatest benefit for New Jersey.

The RFI is available here: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs

All questions concerning this RFI must be submitted in writing no later than 11:59pm ET, on March 27, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com. The subject line of the e-mail should state: QUESTIONS-2020 RFI-OET-CE-102—POTENTIAL GREEN FUND.” Answers to questions submitted will be publicly posted on the Authority’s website on or about April 2, 2020.

All RFI responses must be submitted in writing no later than 11:59pm ET, on April 17, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com . The subject line of the e-mail should state: “RFI Response-2020-RFI-OET-CE- 102-Potential Green Fund.”

To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

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

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

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TRENTON, N.J. (February 11, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it approved 161 applications for investments into 32 emerging technology life sciences companies through the state’s Angel Investor Tax Credit Program in 2019. This represents the injection of $33.1 million in private capital into the State’s innovation ecosystem. More than 120 of the applications, totaling nearly $22 million in investments, were approved in the fourth quarter of the year alone.

Since the program’s inception, the NJEDA has approved 1,322 applications for the injection of $549 million into 94 New Jersey-based technology and life sciences businesses.

New Jersey’s 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 participating in the program in 2020 will benefit from an expansion of the program signed into legislation by Governor Phil Murphy in July 2019.

Changes to the program, which are in effect for investments made after January 1, 2020, include doubling the tax credit that investors can receive – from 10 to 20 percent of a qualified investment. An additional five percent bonus has been added to the program for investments in a business located in a qualified opportunity zone, low-income community, or a business that is certified as minority- or women-owned by the State.

“Attracting investments into early-stage New Jersey companies is pivotal to Governor Murphy’s vision of creating the most diverse and inclusive innovation ecosystem, one centered around the Garden State’s talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “We anticipate increased interest in the Angel Investor Tax Credit Program in 2020, as investors realize the benefits these impactful program enhancements have on their investments into emerging New Jersey companies.”

The following companies were among nine technology and life sciences businesses that were new to the program in the fourth quarter of 2019:

Radius8, Inc., located in Princeton, is a local engagement platform that delivers hyper-local digital experiences to create new commerce opportunities for any enterprise with physical locations and digital channels. The company sees these experiences as necessary to meet today’s industry standards and consumer expectations and allow clients to improve profitability by increasing consumer engagement. Customers who have adopted Radius8’s technology include adidas, John Varvatos, Lucky Brand Jeans, Orvis, and many more. Radius8 also participated in the NJEDA’s Net Operating Loss Program.

Deliveright Logistics, Inc. in Bayonne has developed patented technology called Grasshopper, which bridges the gap between e-commerce retailers of heavy goods (i.e. furniture) and final mile companies that specialize in delivering these products. Grasshopper, a cloud-based proprietary platform, provides increased efficiency for operations, pricing, route optimization, tracking, and visibility for customers throughout the logistics chain.

Fusion Recruiting Labs headquartered in Red Bank, offers human resource departments and staffing agencies software tools to simplify and humanize the hiring process. The company created three products that are software-as-a-service-based recruitment and job distribution platforms; FATj.com, FindaNursingJob.com, and Talenize. These platforms are designed to empower recruitment teams by allowing them to source, connect, and engage quality candidates in the high-demand industries of transportation and healthcare recruitment.

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