NJEDA Creates Evergreen Fund; Startup R&D Vouchers Available Soon

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

  • We are in a rare year where Easter and Passover coincided. NJTechWeekly.com hopes you had a happy holiday, no matter what you celebrated!

NJEDA Creates Evergreen Fund

  • It’s been a long time coming, but the New Jersey Economic Development Authority (NJEDA) has finally put together the details of the governor’s New Jersey Innovation Evergreen Fund (NJIEF).
  • Under the NJIEF, the state government will become an equity investor in startups, injecting up to $600 million into companies alongside investments from professional venture capital groups.
  • The seed capital for launching the NJIEF will be raised by auctioning up to $300 million in transferable tax credits — with an annual cap of $60 million during each of the first five years after the program launch — to corporations registered to do business in New Jersey.
  • Corporations will also have to enrich the entrepreneurial ecosystem in some way to receive the tax credits.
  • More information is available here.

CSIT To Issue R&D Vouchers

  • The New Jersey Commission on Science, Innovation and Technology (CSIT) announced that it will start accepting applications for the newly created Catalyst Research and Development (R&D) Voucher Pilot Program May 2.
  • Also, Round 2 of the state’s Clean Tech R&D Voucher Program will be opened at the same time.
  • The programs are designed to provide early-stage New Jersey technology companies with access to laboratory facilities and specialized equipment statewide.
  • An informational webinar will be held April 19 at 10 a.m. to offer tips and advice to potential applicants. Registration information can be found here.

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