The New Jersey Commission on Science, Innovation and Technology (CSIT) announced that 14 early-stage companies will receive funding through the New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Support Program. The $400,000 grant program is designed to enhance New Jersey’s innovation economy by providing technical and financial support to New Jersey small businesses pursuing, or participating in, the federal SBIR/STTR program.
“New Jersey has all the ingredients to lead the nation in innovation and supporting young companies from their earliest stages is essential to achieving that goal,” CSIT Chairman Gunjan Doshi said. “Alleviating some of the financial burdens these companies face as they compete for SBIR and STTR grants is critical to strengthening their competitiveness in the marketplace. This has always been the case and is even more significant as our economy begins to re-emerge and re-open from the COVID-19 pandemic.”
The federal SBIR and STTR grant program provides more than $3 billion each year to small businesses in a variety of research areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.
“Several of the companies selected to receive funding are working on technologies that are directly related to addressing health, economic and societal challenges caused by the COVID19 pandemic,” CSIT Executive Director Judith Sheft said. “Since March, New Jersey’s innovation ecosystem has been at the forefront in the fight against the virus. The SBIR/STTR funding will help early-stage companies strengthen their position in the marketplace as they work toward commercializing potentially life-saving and life-enhancing therapies and technologies.”
The New Jersey SBIR/STTR Support Program provides direct grant funding for businesses that are currently part of the federal SBIR/STTR program.
The New Jersey SBIR/STTR Support Program offers $400,000 in matching grants to New Jersey small businesses that have been successful in the federal SBIR/STTR program. During this round of the program, CSIT is awarding $25,000 matching grants for general business operating costs to twelve businesses that have received a federal Phase I SBIR/STTR award and $50,000 bridge funding grants to two NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.
“Providing the resources that enable businesses to collaborate with governmental agencies and New Jersey’s world-class academic institutions as they grow has two key benefits — increasing each company’s competitiveness and bolstering the Garden State’s vibrant life sciences community,” said Debbie Hart, president and chief executive officer of BioNJ and CSIT vice chair.
Phase 1 winners:
Phase 2 winners:
“What we hear time and again from members of the technology and life sciences community is the need for capital for early-stage businesses to fuel their growth,” said Assemblyman Andrew Zwicker, who chairs the Assembly Science Innovation and Technology Committee. “Today we have taken an important step to ensure that these 14 New Jersey early stage companies have the funding they need to succeed.”
“Early-stage technology and life sciences often struggle to secure funding and the COVID-19 pandemic has made fundraising even harder,” said State Senator Robert Singer. “It is imperative that we, as a state, provide the necessary tools for our innovation economy to thrive, even in these adverse times.”
In addition to Assemblyman Zwicker and Senator Singer, Senator Paul Sarlo and Assemblyman Christopher DePhillips are members of the bi-partisan Commission, which also includes representatives from the public and private sectors, as well as academia.
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