Gold Group Enterprises, which also has an office in Asbury Park, is among 41 companies to share more than $47 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies like Gold Group Enterprises to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.
“Gold Group Enterprises is one of five companies participating in the NOL Program for the first time this year,” EDA Chief Executive Officer Melissa Orsen said. “These businesses join the list of more than 500 others that have, over the last decade and a half, received critical capital they can use to grow and thrive in the Garden State.”
Gold Group Enterprises also attended New Jersey Founders & Funders earlier this year. To date, the State’s Founders &Funders events have provided more than 120 entrepreneurs in NJ with access to angel and venture capital investors, paving the way for these businesses to acquire the funding they need. Registration is now open at https://application.njeda.com/tls/ for the next Founders & Funders event, planned for Spring 2016.
@NJEDATech asked Gold Group Enterprises CEO Bob Gold about his company’s experience in New Jersey and its plans for the future:
Why did you choose to grow Gold Group Enterprises in New Jersey?
I’m a Jersey boy and love the state! I grew up in North Jersey, went to Rutgers University and currently live at the Jersey Shore. In 2001, I purchased land and turned it into Gold Farms, LLC, an organic farm located in Roosevelt. This, in turn, created revenue and jobs; I was happy to help New Jersey’s economy grow. I also worked with local retailers to distribute the products within the community. New Jersey has always been my home, so I knew there was nowhere else I’d rather start the company.
How did funding provided through the NOL program benefit your company?
The NOL funding, as well as the great programs and support we get from EDA, are, and will be, paramount to our success. The funding enables us to quicken the pace of our product enhancements and research and development by providing funding to expand our software development team. This leads to quicker revenue growth for the company. Plus, I must thank EDA Senior Venture Officer Kamran Hashmi, as he has been invaluable with his insights and knowledge that have positively contributed to our growth.
What is the best piece of advice that you received at Founders & Funders?
The information we gained at Founders & Funders is very specific and focused on exactly how we will achieve our revenue and gross margin targets. We also learned that much of our credibility will come from knowing this without looking at a piece of paper.
What is Gold Group Enterprises’ biggest success to date?
We are very proud of the fact our GoMo Health Concierge Care suite of patient engagement and tele-health applications have helped many hospitals improve their overall relationship with their providers, patients and community. We are excited to have launched with one of the most patient-centric hospitals in the country right here in New Jersey -- Hackensack University Medical Center at Pascack Valley.
What’s on the horizon in the near future for your company?
We have already launched in production, and will soon announce, a two-way interactive Personal Concierge application for patients with chronic and complex health issues. This first-of-its-kind app will enable physicians and nurses to have a virtual assistant that communicates with people throughout their day…in-the-moment...within their lifestyle.
For more information about resources available to New Jersey’s life sciences companies, visit http://www.njeda.com/tlsand follow @NJEDATech on Twitter and LinkedIn.