Supporting the Christie Administration’s commitment to strengthening the technology industry in the Garden State, Economic Development Authority (EDA) CEO Michele Brown announced that nearly $1 million was approved yesterday to expand the availability of space in Hoboken, Jersey City and Asbury Park. Three entities selected through a competitive Request for Proposal process can use the funds for acquisitions, improvements and/or fixed assets associated with expansion of co-working space.
“This funding will support the earliest stage New Jersey entrepreneurs and technology startups by partnering with three thriving co-working spaces in Hudson and Monmouth Counties,” Brown said.
Co-working spaces enable entrepreneurs from different companies to work side by side, sharing ideas. They are often located near easily accessible mass transit, reflecting renewed interest in urban living and working arrangements. For entrepreneurs and startup companies with limited access to immediate revenue, co-working spaces do not require members to sign long-term leases and also offer mentoring networks for their members.
Mission 50 in Hoboken was approved for a $556,550 loan. Currently operating from a 3,000 square-foot space, it expects to triple in size by expanding to a 13,000 square foot co-working facility near mass transit. Boasting laptop-ready desks with Internet connectivity, virtual mailing addresses, soundproof phone booths and much more, Mission 50 has a current membership roster of over 300, as well as a pipeline of 200 additional member companies. Tenants can choose between daily and monthly leasing options, as well as decide whether they want private or shared workspace. Mission 50 frequently collaborates with the Hoboken Chamber of Commerce, Stevens Institute of Technology and the NJ Tech Meetup on various initiatives.
Cowerks in Asbury Park was approved for a $240,000 loan. Cowerks currently has 140 members, with a large concentration of software developers. Founded in 2010, Cowerks has already outgrown its office space once and currently operates out of a 1,600 square foot space in Asbury Park. Cowerks plans to expand its existing location, and also occupy a nearby facility located near the city’s transit center. Cowerks regularly hosts tech-related events at the Jersey Shore, including meetups for Jersey Shore Tech and Jersey Shore Entrepreneurs. Education workshops run by Cowerks have focused on start-ups, software development, internet marketing, business development and legal/accounting advice for small businesses.
Indiegrove, located in the heart of downtown Jersey City, was approved for a $175,000 loan. The co-working space currently has 135 members, of which more than 50 percent are from the tech industry. Two years after opening its doors, Indiegrove plans to expand its current location in downtown Jersey City. Indiegrove partners with several entrepreneurship and economic development organizations, including Rising Tide Capital, Greater Newark Enterprises Corporation (GNEC), Freelancer’s Union, The Center for Urban Entrepreneurship and an array of successful entrepreneurs in order to provide education, mentorship and networking opportunities to its members and promote long term business sustainability.Related Articles: