Trenton, NJ - Continuing the state’s commitment to support technology companies at every stage of growth, the Board of the New Jersey Economic Development Authority (EDA) today took action on several projects under the Grow New Jersey Assistance program. Strengthened through the Economic Opportunity Act, Grow NJ offers enhanced benefits to companies in targeted industries, including technology, life sciences, energy and health.
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New Brunswick, NJ – Rutgers, The State University of New Jersey, developed a new Business Portal, designed in consultation with industry leaders to serve New Jersey’s corporate community. The Business Portal offers users easy access to four key areas—research, technology licensing, professional development and recruiting—and provides two robust internal search functions and clear pathways to Rutgers’ Corporate Engagement Team, Office of Research Commercialization and Rutgers Translational Sciences.
Trenton, NJ, December 9, 2014 – The Christie Administration recently announced 44 companies will receive funding through the state’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2015. Committed to grow the state’s vibrant technology industry, the 44 recipients will share a total of $54 million through the program.
“We encourage emerging and established technology companies in New Jersey to take advantage of the broad array of programs the State offers to support this important industry,” EDA CEO Michele Brown said. Created in 2011 to enhance support of early stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum trailing 12 month commercial revenues of $500,000. There is a 1:1 VC match funding requirement. Among these companies was Bergen County-based Ivy Sports Medicine. According to the EDA Press Release, “Located in Montvale, Ivy Sports Medicine manufactures and markets innovative tissue growth and repair products. The EDA approved the loan through the Edison Innovation VC Growth Fund in July and closed the transaction in late November. The company plans to use the funding for growth capital, and anticipates adding employees to its New Jersey workforce within the coming years.” For the complete press release, click here. |
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