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