Looking for incubator space for your early-stage tech company? Capital for your emerging biotech company? Or, are you ready to take your R&D or manufacturing operations to the next level? New Jersey offers life sciences and tech company assistance at every stage of growth.
New Jersey is committed to nurturing and supporting its tech and life sciences companies. We drive innovation through incentives, incubators, accelerators, co-working spaces and a supportive ecosystem that can provide the resources and connections you need to flourish and grow here.
Individuals or entities that invest in qualifying emerging technology companies may be eligible to receive refundable tax credits of up to 10% of their qualified investment, up to a maximum allowed credit of $500,000 for each qualified investment.
In order to be eligible, the emerging technology company must: employ fewer than 225 full-time employees (75% of whom work in New Jersey); do business, employ or own capital or property; or, maintain a New Jersey office. It also must conduct one of the following activities in the State:
Or, commercialize one or more of the following eligible technologies: Advanced Computing, Advanced Materials, Biotechnology, Electronic Devices, Information Technology, Life Sciences, Medical Devices, Mobile Communications and Renewable Energy Technology.
On June 30, 2019, Governor Phil Murphy signed Assembly Bill 5604 expanding New Jersey’s Angel Investor Tax Credit Program. Under the expansion, the available tax credit increases from 10 percent to 20 percent of a qualified investment, with an additional five percent bonus available 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. The expanded program parameters will be in effect for investments made after January 1, 2020.
Visit the New Jersey Economic Development Authority’s website for additional information.
|wdt_ID||State||New Jersey||New York||Connecticut||Maryland|
|1||Program||Angel InvestorTax Credit Program||10% of a qualified investment; max credit of $250,000 per Angel Investor||Angel Investor Tax Credit Program||Biotechnology Investment Incentive Tax Credit|
|2||Tax Credit Amount||10% of a qualified investment; max credit of $500,000 per investment||10% of a qualified investment if investor commits to hold investment for 4 years; 20% of a qualified investment if investor commits to hold investment for 9 years. The total amount of credit allowable to a taxpayer for all years may not exceed $150,000 fo||10% of a qualified investment; max credit of $250,000 per Angel Investor||50% of a qualified investment in †only in Biotechnology Companies; max credit of $250,000 per Angel Investor or Company; †cannot exceed 15% of total fiscal year program funding|
|3||Annual Funding Commitment||$25 million||No annual funding commitment||$3 million per year; commitment expires in 2019||$10 million in 2014. Subject to appropriation of funds|
|5||Carry Forward||15 years for corporations||No||No|
Ever wish you could turn your company’s net operating losses into working capital or research funds?
Good news: The NOL program enables qualified unprofitable New Jersey technology or biotechnology companies to sell their net operating losses and R&D tax credits for at least 80% of their value to unrelated unprofitable corporations, up to a maximum lifetime benefit of $15 million per business.
The NOL program is open to technology and biotechnology companies whose primary business involves the provision of a scientific process, product or services. The company must also own, have filed for, or have a license to use protected, proprietary intellectual property, such as a patent or registered copyright.
For more information about using NOL to fund your technology or biotech business, visit www.njeda.com/NOL.
Interested in spending one-on-one time with smart angel and venture capital investors?
The New Jersey Economic Development Authority’s (NJEDA) Technology and Life Sciences team gives select technology and biotechnology companies an opportunity to do just that through NJ Founders and Funders events.
Held twice a year, entrepreneurs are connected with investors based on their company’s profile and investment thesis. Then, venture investors meet with companies one-on-one to give honest, open feedback on everything from business models to strategy to your technology.
More than 150 entrepreneurs and start-ups have connected with investors at NJ Founders and Funders events. For more information about the next Founders & Funders event, or to be considered for an investor slot, visit https://application.njeda.com/tls/.
In 2017 the NJEDA announced the creation of the NJ CoVest Fund to provide growth capital to early-stage technology and life sciences companies. The NJ CoVest Fund fills 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. Learn more about the CoVest Fund here.
NJ Ignite provides rent support for entrepreneurs seeking to operate in collaborative work spaces, while providing work spaces with a competitive advantage and greater value proposition to offer prospective tenants. Visit www.njeda.com/NJIgnite for more information.
The Edison Innovation Fund is a suite of financing instruments designed to develop, sustain, and grow technology and life sciences businesses in New Jersey. Through the Edison Innovation Angel Growth, VC Growth and Growth Stars funds, which are structured as subordinated convertible debt, early-stage, emerging technology and life sciences companies are provided growth capital to directly fund uses such as hiring key staff, product marketing and sales. To learn more about the Edison Innovation Fund, visit https://www.njeda.com/technology_lifesciences/Edison-Innovation-Fund.
Need a workspace to help your technology or biotech business take root and grow?
New Jersey is home to a robust network of incubators, accelerators and co-working spaces to support the development of start-up and early-stage technology companies. Here are just a few:
A. Agile Strategies Lab: A partnership of Hackensack Meridian Health and the New Jersey Innovation Institute (NJII), the incubator provides space and resources for early-stage companies developing disruptive technologies that have the potential to improve the delivery of healthcare. Located at NJII on the campus of New Jersey Institute of Technology in Newark, Hackensack Meridian Health has committed to $25 million in funding for companies in the incubator.
B. The Commercialization Center for Innovative Technologies (CCIT): Located in North Brunswick in the heart of the State’s Research Corridor, CCIT is one of the most significant incubation facilities in the U.S. Strategically located between Princeton and Rutgers Universities, CCIT offers labs that are “plug and play” ready and a variety of support services. Tenant companies have shared access to conference rooms, reception services, loading docks, autoclaves and other amenities and equipment.
C. Enterprise Development Center (EDC) at NJ Institute of Technology (NJIT): EDC is home to more than 90 technology and life-science start-ups. Located on the campus of the New Jersey Institute of Technology (NJIT) in Newark, EDC companies have access to NJIT facilities, researchers, mentors, student interns and programming to help grow their business. Its Soft Landings International Incubator designation makes it an ideal launch pad for foreign businesses.
D. Institute for Life Science Entrepreneurship (ILSE): ILSE is housed in the state-of-the-art STEM building at the New Jersey Center for Science Technology & Mathematics at Kean University in Union. The incubator gives early-stage life sciences companies access to laboratory suites and a broad array of analytical and research instrumentation.
E. Newark Venture Partners Accelerator: This state-of-the-art 25,000-square-foot accelerator workspace in Newark offers rent-free space, lightning-fast Wi-Fi and ultra-high bandwidth. Companies selected for residence also have access to early-stage funding, mentoring from Audible and Rutgers University Business School staff and a location that’s just an 18-minute train ride from Manhattan.
F. Picatinny Innovation Center (PIC): Created to accelerate successful commercialization of new products & technologies, PIC is located on the Picatinny Arsenal in Dover, home of the US Army’s Armaments, Research, and Development Center. Members can access its office, lab and machine/manufacturing space, as well as more than 3,600 scientists, engineers and support staff.
G. Princeton Innovation Center: Located just minutes from the Princeton University campus, Princeton Innovation Center was created to promote innovation and support the local entrepreneurial ecosystem. The incubator provides a wide range of resources including wet labs for chemical, biological and pharmaceutical research; dry labs for electrical engineering and materials science research; and office space for computer science and financial technologies research.
H. Sixers Innovation Lab: Located at the Philadelphia 76ers Training Complex in Camden, the 8,000-square-foot incubator offers early-stage companies access to industry experts, executives, and financiers; third-party branding, marketing and legal services; free meals and housing in the Philadelphia-area; and the opportunity to pitch industry-leading investors and venture capital firms.
I. South Jersey Technology Park (SJTP) at Rowan University: Located in Mantua Township, SJTP offers wet labs as well as an incubator and office space for technology businesses. A showpiece of SJTP is its Virtual Reality Center, where clients conducting high-level research in engineering, science, medicine – and more – have found a one-of-a-kind home for collaborative projects. SJTP is strategically located 30 minutes from Philadelphia.
J. Stevens Venture Center (SVC): Providing a dynamic, collaborative environment for Stevens-affiliated entrepreneurs, the SVC is located at Stevens Institute of Technology in Hoboken. The incubator provides resources, training and support to help entrepreneurs turn promising concepts and technologies into thriving businesses.
K. TechLaunch BullPen: A bi-monthly series of pitch events, TechLaunch BullPen gives tech companies an opportunity to present to a panel of investors and entrepreneurs at various locations throughout New Jersey. Presenters receive valuable constructive feedback from an experienced panel of Investors and entrepreneurs. Pre- and follow-up BullPen mentoring is provided.
L. Thomas O. Daniel Research Incubator and Collaboration Center: Scheduled to open in 2018, the 16,000-square-foot incubator will be located on Celgene Corporation’s West Research campus in Summit. The incubator will offer state-of-the-art lab space, resources and support to scientists and companies with potentially transformational technologies.
M. Tigerlabs Accelerator: Located in Princeton, Tigerlabs Accelerator is a six-month program that invests in early-stage software companies in the digital health, financial services, Internet of Things, advertising and media, education and enterprise sectors. Space, services and community support for entrepreneurs also is offered at Tigerlabs Coworking.
N. Waterfront Lab and Coworking: Waterfront Lab and Coworking offers space, support, programs and community for approximately 20 resident start-ups in a variety of fields including technology and engineering. The 9,500-square-foot incubator and co-working space is located in a renovated historic bank on the waterfront in Camden.
O. =SPACE Sharespace & Incubator: Headquartered in Newark, =SPACE provides incubator and co-working space and other resources for early-stage companies, including coaching for technology start-ups. The incubator has become a magnet for minority and women entrepreneurs.
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