Touting the positive impact that the State’s Angel Investor Tax Credit Program has already had on startups in the Garden State, the New Jersey Economic Development Authority (EDA) announced the approval of 23 investments between January and July 2016. The investments represent the injection of more than $16.5 million in private capital into New Jersey’s early-stage technology and biotechnology companies, including Jersey City-based Ogg Trading. Through July 31, 2016, more than $142 million in private investment in emerging technology and biotechnology companies has been supported through the Angel Investor Tax Credit Program since its inception in 2013.
Administered by the EDA in consultation with the New Jersey Division of Taxation, the program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. The program is available to all eligible taxpayers, including out-of-state investors.
“Ogg Trading has joined the growing list of technology and biotechnology companies realizing that the Angel Investor Tax Credit program has a two-fold benefit,” EDA Chief Executive Officer Melissa Orsen said. “It encourages investment in New Jersey companies and provides an added avenue through which these companies can attract investors.”
Ogg Trading is a global, state-of-the-art, electronic trading technology company initially providing trading platforms for large institutional clients, including multinational banks, asset managers, hedge funds and pension funds. The company’s platforms allow its clients to trade international currencies or foreign exchange in an efficient and cost effective manner, in a safe environment. Ogg Trading is partnering with Bloomberg, LP on its first product, LiquiMatch, which is a dark pool, or private forum, for currency trading. Founded in 2011 by David Ogg, who brings more than a quarter-century worth of industry knowledge to his position as CEO, the company currently employs 12 people in New Jersey.
In addition to participating in the State’s Angel Investor Tax Credit Program, Ogg Trading also took part in the EDA’s New Jersey Founders & Funders event earlier this year. Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the event enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
@NJEDATech spoke with Ogg about his company’s experience in New Jersey and its plans for the future:
Why did you choose to grow Ogg Trading in New Jersey?
Ogg Trading chose Jersey City as its headquarters for its attractive real estate rental values, proximity to New York City as well as the significant base of financially-oriented companies, a supportive business environment, a central location for our workforce, and a strong pool of qualified NJ based employees.
How has the Angel Investor Tax Credit Program helped the company?
New Jersey’s Angel Investor Tax Credit program provides an added incentive and stimulus to encourage new investors to support our business and help provide the necessary capital to fuel our projected growth.
What is Ogg Trading’s biggest success to date?
Our biggest achievement to date has been to see all of our hard work and long hours come to fruition with the recent launch of our first product, LiquiMatch, an institutional foreign exchange trading platform.
What’s on the horizon for your company?
With additional foreign exchange electronic trading products in our pipeline, we are excited to provide solutions to our institutional clients, scaling our business to be a significant leader in ever-expanding growth of electronic trading on Wall Street.
To learn about the various programs and resources available, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.Related Articles: