ToutingTech
Issue: 2
May 2016
 
 
 

EDA Invests in New Jersey Technology Companies

 
 
 

 
 
  *Numbers reflect activity from program inception to date  
 
 
 

EDA's Investments Support New Jersey Business Growth

 
 
 

 
 

 
 
 

Latest News

 
 
 
 
 
 

Continuing its commitment to fostering innovation and growing the State’s technology ecosystem, the New Jersey Economic Development Authority (EDA) announced that applications for the state’s Technology Business Tax Certificate Transfer (NOL) Program are now available online at http://www.njeda.com/nol. Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL program allows eligible technology and biotechnology companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations.

“The ability to raise non-dilutive cash to finance growth and operations is critical to growing technology and biotechnology companies,” said EDA Chief Executive Officer Melissa Orsen. “We know that this program has served as a lifeline for many of the State’s growing businesses and we encourage every eligible company to take advantage of the funding available.”

 

 
 

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Continuing its mission of fostering innovation and bolstering the State’s technology ecosystem, the New Jersey Economic Development Authority (EDA) provided more than 30 emerging companies with access to angel and venture capital investors during its latest NJ Founders and Funders event. Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the event enabled early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.

“Through five NJ Founders & Funders events to date, more than 150 developing companies have now had the opportunity to meet one-on-one with investors,” EDA Chief Executive Officer Melissa Orsen said. “Collaboration is the key to a successful technology ecosystem and we are fortunate to have passionate investors in New Jersey who understand the value of cultivating the next generation of entrepreneurs.”

 
 
 

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Tapping into both public and private resources in the Garden State, Visikol, Inc. today became the newest tenant at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. Today’s announcement comes a week after Visikol received a $500,000 commitment from New Brunswick-based Foundation Venture Capital Group, LLC.  The company has developed a versatile biological clearing agent, known as Visikol, which penetrates tissue and renders it transparent for optical analysis.

The product’s high level of transparency greatly reduces problems with light scattering and enables high-resolution images to be captured from biological tissues. Visikol has applications in the fields of toxicology, pre-clinical drug development, clinical diagnostics, basic research and plant biology, as tissues can be easily visualized in three-dimensions.

 
 
 

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Underscoring the lasting impact that companies supported by the New Jersey Economic Development Authority (EDA) have in the global marketplace, @NJEDATech today highlights several recent mergers and acquisitions around the Garden State involving its portfolio companies. “New Jersey entrepreneurs are building incredible technology companies and we are pleased to support their efforts,” EDA Chief Executive Officer Melissa Orsen said. “Industry leaders are taking notice of these startups, resulting in strategic mergers and acquisitions.”

Mergers and acquisitions are beneficial to startup companies on many different fronts, including helping businesses expand their reach within the global marketplace.  “These transactions lead to an increase in staff, who often bring specific industry knowledge to a company,” EDA Technology and Life Sciences Division Director Kathleen Coviello said. “Mergers and acquisitions can also boost a company’s value by providing access to funds and assets to accelerate development and customer acquisition. It can also provide gains on investments to investors, putting more cash back into the technology ecosystem for more investment.”

 
 
 

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