Trenton, NJ - According to Melissa Orsen of the NJEDA, "The New Jersey Economic Development Authority (EDA) is an independent state agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs."
With a focus on stimulating the growth of New Jersey’s innovation economy, EDA offers a continuum of assistance to help companies at every stage of growth. From financing and real estate to networking and mentoring, hundreds of entrepreneurs, emerging businesses and established companies benefit from EDA’s support each year.
One of the state’s newest offerings is the Angel Investor Tax Credit program, which provides refundable tax credits against New Jersey corporate business or gross income tax for 10 percent of a qualified investment in an emerging technology business that has 75 percent of its employees in New Jersey and conducts research, manufacturing or technology commercialization in the state. Businesses at this stage can also benefit from the Technology Business Tax Certificate Transfer program, which enables companies to sell unused New Jersey net operating losses and R&D tax credits to unrelated profitable corporations, to raise cash to finance their growth and operations.
Financing opportunities are also available through the Edison Innovation Fund, designed to support companies that have attracted capital through angel and venture capital investors. The Fund helps companies directly finance uses such as hiring staff, product marketing and sales. In addition, EDA helps increase available capital for companies by investing as a limited partner in venture capital funds that invest in New Jersey-based businesses.
For more established companies, the New Jersey Economic Opportunity Act strengthened the state’s ability to support growth in targeted industries, including technology and life sciences. The Act reduced the threshold to qualify for Grow New Jersey tax credits from 100 full-time jobs to as low as 10 full-time jobs for technology startups and 25 new jobs in other targeted industries.
To expand mentoring and networking opportunities, the state introduced an initiative at the EDA’s Commercialization Center for Innovative Technologies (CCIT) – NJ Founders and Funders – to connect entrepreneurs and businesses with angel and venture capital investors. CCIT, New Jersey’s leading life sciences incubator, offers tenants affordable lab and office space, as well as a wealth of supporting resources.
To learn more about the myriad opportunities available to New Jersey’s life sciences and technology companies, visit www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.
One of the state’s newest offerings is the Angel Investor Tax Credit program, which provides refundable tax credits against New Jersey corporate business or gross income tax for 10 percent of a qualified investment in an emerging technology business that has 75 percent of its employees in New Jersey and conducts research, manufacturing or technology commercialization in the state. Businesses at this stage can also benefit from the Technology Business Tax Certificate Transfer program, which enables companies to sell unused New Jersey net operating losses and R&D tax credits to unrelated profitable corporations, to raise cash to finance their growth and operations.
Financing opportunities are also available through the Edison Innovation Fund, designed to support companies that have attracted capital through angel and venture capital investors. The Fund helps companies directly finance uses such as hiring staff, product marketing and sales. In addition, EDA helps increase available capital for companies by investing as a limited partner in venture capital funds that invest in New Jersey-based businesses.
For more established companies, the New Jersey Economic Opportunity Act strengthened the state’s ability to support growth in targeted industries, including technology and life sciences. The Act reduced the threshold to qualify for Grow New Jersey tax credits from 100 full-time jobs to as low as 10 full-time jobs for technology startups and 25 new jobs in other targeted industries.
To expand mentoring and networking opportunities, the state introduced an initiative at the EDA’s Commercialization Center for Innovative Technologies (CCIT) – NJ Founders and Funders – to connect entrepreneurs and businesses with angel and venture capital investors. CCIT, New Jersey’s leading life sciences incubator, offers tenants affordable lab and office space, as well as a wealth of supporting resources.
To learn more about the myriad opportunities available to New Jersey’s life sciences and technology companies, visit www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.
