ToutingTech
Issue: 6
May 2017
 
 
 

EDA Invests in New Jersey Technology Companies

 
 
 

 
 
  *Numbers reflect program activity from inception through May. 11, 2017  
 
 
 

EDA's Investments Support New Jersey Business Growth

 
 
 

 
 

 
 
 

Latest News

 
 
 
 
 
 

Providing the opportunity for early-stage companies to gain access to capital, the New Jersey Economic Development Authority (EDA) announced that it is has begun accepting applications online for this year's New Jersey Technology Business Tax Certificate Transfer (NOL) Program. Emerging technology and biotechnology companies interested in applying should visit http://www.njeda.com/nol. Companies must apply online by June 30, 2017.

Administered by the EDA and the New Jersey Department of the Treasury's Division of Taxation, the NOL Program allows eligible technology and life sciences companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations.


 

 
 

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EDA recently announced the creation of the NJ CoVest Fund, which will provide growth capital to early-stage technology and life sciences companies, driving up to $9 million in investment. The NJ CoVest Fund will fill a market need in New Jersey, ensuring the availability of capital at a company's critical stage between product development and commercial operation expansion, where limited funds are currently available and a funding gap exists.

"In addition to the State's renowned higher education and university research systems, New Jersey is now home to more than 22 coworking facilities, 11 incubators, and six accelerators, creating an influx of opportunities to help early-stage companies grow," EDA Chief Executive Officer Melissa Orsen said. "The NJ CoVest Fund will help to ensure that we are able to retain these innovative companies in the Garden State by providing them with the capital they need to commercialize new technologies and scale commercial revenues."

 
 
 

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The Angel Investor Tax Credit Program enables investors that invest in a qualifying NJ emerging technology business to potentially receive a tax credit of 10% of the qualified investment, up to a maximum of $500,000 for each qualified investment. For any investments made on or after January 1st, 2017, applications must be submitted within six months of date of investment.

In the first quarter of 2017, nearly 40 Angel Tax Credit applications for more than $850,000 in tax credits were approved. This represented more than $8.5 million in private investments in 9 unique technology and life science companies.


 

 
 

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From a biotechnology company that develops biomarkers in blood to detect cancer to a technology business that connects local farmers and food gardeners, a broad spectrum of early-stage companies participated in the latest New Jersey Founders & Funders event. The afternoon-long event, hosted by EDA, gave entrepreneurs from more than two-dozen New Jersey technology and life sciences companies the opportunity to meet one-on-one with potential investors.

Held at the EDA's Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, New Jersey Founders & Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, "speed dating" sessions to discuss strategy, business models and funding opportunities.

 
 
 

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When women-owned and operated Astarte Medical Partners Co-Founder Tracy Warren met with investors at the New Jersey EDA's New Jersey Founders & Funders event, she offered eye-opening statistics: 380,000 preterm babies are born every year, 55,300 of them with a low-birth weight (3.3 pounds or less). These babies often face health problems and developmental delays and disabilities.

These challenges are the reason that the founders of Ewing-based Astarte Medical are creating NICUtrition, a clinical decision support platform that helps neonatal intensive care units (NICUs) triage preterm infants most at risk for gut inflammation. The gut is the gateway to proper brain growth and function, which is essential for development of the rest of the body.

 
 
 

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Entrepreneurs just starting out can face major challenges, including the high cost of office space and limited opportunity for collaboration. Co-working spaces like Jersey City-based Indiegrove enable entrepreneurs from different companies to work side-by-side, sharing ideas, while lowering operating costs.

Founded in 2013, Indiegrove has grown rapidly and currently boasts 250 members, of which approximately 35 percent are within the technology industry. Located near a downtown transit hub, Indiegrove offers its members a variety of resources, including educational workshops, networking opportunities and ample amenities such as meeting rooms, high-speed wireless access, and kitchen facilities. For entrepreneurs and startup companies with limited access to immediate revenue, having the benefits of office space and resources without having to sign a long-term lease provides members with distinct advantages as they grow.

 
 
 

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Upcoming Event at the Commercialization Center for Innovative Technologies

 
 
 
 
 

The following is a list of upcoming events being held at the Commercialization Center for Innovative Technologies (CCIT). To RSVP, please email Cyndi Costello with your name, company affiliation and the event you would like to attend. CCIT is located at 675 US Highway One, North Brunswick, N.J. 08902.

 
Jun
15

Event: CCIT University Start-Up Panel (by registration only)
Topic: Launching & Funding Biotech University Start-Ups
Time: 5:00 - 7:00 p.m.
 
 
 
 

Event Calendar

 
 

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