New Jersey Innovation Fellows Program Supports 10 Startups with $3.6 Million in Funding
New Jersey’s economic development authority has announced the selection of 10 companies to participate in the inaugural cohort of the New Jersey Innovation Fellows program. The program aims to support startups by providing them with funding, mentorship, and training opportunities. The 10 businesses, represented by 30 entrepreneurs, will receive a total of $3.6 million in income replacement grants.
The New Jersey Economic Development Authority has allocated $1.7 million in bonus grants for 20 first-time entrepreneurs. Each business will receive an income replacement grant of $200,000, with the possibility of increasing it to $400,000 through bonus grants. These additional grants are available to companies in designated opportunity zones, teams with women or minority members, and graduates from New Jersey colleges or universities.
The selected startups span various industries, including life sciences, film, information technology, and professional services. Future cohorts of the program will focus on including startups in the infant and maternal health care as well as clean energy industries.
The NJIF, a first-in-the-nation program, levels the playing field for first-time entrepreneurs by providing the funding and training needed to succeed, said Tim Sullivan, the CEO of the state’s economic development authority. By supporting these 10 new, cutting-edge companies, New Jersey is firmly cementing itself as a national leader in innovation.
The New Jersey Innovation Fellows program reflects Governor Phil Murphy’s commitment to growing the state’s innovation economy and ensuring that entrepreneurs from all backgrounds have the tools to launch successful businesses. The program offers a unique opportunity for first-time entrepreneurs, diverse entrepreneurs, and recent grad students who may not be able to forgo steady income to pursue their startup ventures.
With a focus on funding and training, the NJIF aims to bridge the gap and provide necessary resources for these emerging businesses. By investing in these innovative companies, New Jersey is positioning itself as a hub for entrepreneurship and advancing its position as a leader in the innovation space.
As the program progresses, the economic development authority will continue to identify and support startups, with plans to expand into additional industries such as infant and maternal health care and clean energy. Through this initiative, the state is committed to fostering a vibrant entrepreneurial ecosystem and paving the way for future economic growth and success.
The New Jersey Innovation Fellows program represents a significant step in nurturing the state’s startup ecosystem. By providing crucial funding and support, it empowers entrepreneurs to turn their ideas into successful businesses. As these startups thrive and contribute to the state’s economy, New Jersey solidifies its position as a frontrunner in innovation and entrepreneurship.
