NJ Attracts $5.5 Billion In Venture Capital in 2021; Princeton Starts Regional I-Corps Program; Coviello Promoted

[This article was taken from NJTW News, an NJTechWeekly.com newsletter. Sign up for it here.]

Venture Funding Soars In New Jersey

  • Innovation-focused companies in New Jersey secured $5.5 billion in 219 venture capital deals in 2021, up from $1.7 billion through 154 deals in 2020, according to the New Jersey Economic Development Authority (NJEDA).
  • By contrast, in 2017, the state saw a total of only $818 million in 143 venture capital deals.
  • In just one example, Celsius Network announced in Oct. 2021 that it had raised $400 million of Series B venture funding.
  • Last year, the NJEDA approved a record-breaking 559 Angel Investor Tax Credit Program applications, a nearly 400 percent increase over 2020.
  • These approved applications represented the injection of more than $100 million in 39 New Jersey businesses, the NJEDA said.

Princeton’s I-Corps Northeast Regional Program Begins

Christina Pellicane, lead instructor, I-Corps Northeast Hub
  • Princeton University and its partners kicked off the first program offered by the National Science Foundation’s new Innovation Corps (I-Corps) Northeast Regional Hub,which offers university startups training in customer discovery.
  • Fourteen teams from universities and institutions across the Northeast are participating in the program, according to an article on Princeton’s website.
  • The teams attend four sessions led by experienced entrepreneurship instructors and work with practiced mentors to enhance their chances of success.
  • “The number-one reason that startups fail is because they build a product that nobody wants,” said Lori Dars, I-Corps co-instructor and associate director of the Office of Economic Development and Innovation at Rutgers University, a partner institution.
  • The I-Corps program is designed to make sure that doesn’t happen for these academic startups.

NJEDA Promotes Kathleen Coviello

Kathleen Coviello | Courtesy NJEDA
  • Kathleen Coviello, executive vice president for technology, life sciences & entrepreneurship at the NJEDA is taking on a new role.
  • The long-time leader at the NJEDA is being promoted to chief economic transformation officer.
  • Coviello will now oversee the strategic sector and economic growth products, including corporate and real-estate tax credit programs and initiatives involving clean energy, innovation and venture funds, according to an article at ROI-NJ.

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