The rent support available to startups through NJ Ignite is made possible through a combination of support from the NJEDA and each collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. In exchange for the grant, the startup business must commit to paying rent for a term equal to the NJEDA and collaborative workspace’s combined months of support.
“Entrepreneurs often face critical decisions about how to spend their capital,” NJEDA Chief Executive Officer (CEO) Tim Sullivan said. “Through NJ Ignite, we’re helping to alleviate that burden by allowing startups to put their money toward creating jobs, investing in research and development, and commercializing and marketing their products and services. This focus is vital to achieving Governor Murphy’s vision for reclaiming New Jersey’s role as a worldwide leader in innovation.”
PrimeWork, which recently opened its first New Jersey location in Somerset, describes itself as a “short-term, all-inclusive office space solution where a fledgling company can scale upwards without compromising the proprietary nature of its business.” The collaborative workspace offers members furnished offices, flexible lease options to accommodate a range of budgets, spacious conference rooms, mail service, mega speed Wi-Fi, kitchen amenities, and more.
“Collaborative workspaces are the wave of the future for startups that don’t want to commit to long-term leases,” PrimeWork Founder and CEO Avi Orlansky said. “Expanding into New Jersey has enabled us to reach a whole new crop of entrepreneurs and it is our sincere hope that many of them will decide to move to one of our facilities with support of the NJ Ignite program.”
Incutate in Sewell is focused on providing an environment where startups at their earliest stages, as well as established companies, can interact with one another in a collaborative environment. Started in 2011 by the law firm Lauletta Birnbaum as a consulting firm to serve the needs of early-stage companies, Incutate has evolved into a coworking space that routinely brings in experts to discuss issues relevant to tenant companies. These topics include accounting, intellectual property, financing, and legal advice.
“Our proximity to Rowan University makes us an attractive option for startups launched by the university’s students and alumni who are looking for office space and hands-on mentorship,” Lauletta Birnbaum Founding Member Frank A. Lauletta said. “Thanks to NJ Ignite, even more early-stage companies will be able to benefit from our numerous amenities and programs.”
As a requirement of participation in NJ Ignite, PrimeWork and Incutate have also agreed to offer tenants a minimum of eight innovation-ecosystem-building events per year, such as Meetups, guest speakers, and office hours with professionals such as lawyers, accountants, and consultants. These events are an added benefit for startups and provide greater access to professional services and networking opportunities.
The NJEDA is currently reviewing additional applications from collaborative workspaces for participation in NJ Ignite. Workspaces that have not yet applied but are interested in learning more about the program should visit http://www.njeda.com/njignite or email email@example.com. The website also has information for entrepreneurs and startups looking to benefit from the program, including steps they can take to apply.
To learn more about EDA resources for technology and life sciences businesses, visit http://www.njeda.com/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.