Based on the success of the NJ Accelerate Program, the New Jersey Economic Development Authority (NJEDA) Board recently approved a new two-year pilot period for the program, which encourages the participation of entrepreneurs in high-quality approved partner accelerator programs, helping increase the chances of success of innovative companies in the state. To date, 11 start-ups have received support through the program.
“Establishing New Jersey as a national leader in innovation by helping to advance entrepreneurs’ transformative ideas is a key priority for Governor Phil Murphy,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from sketches on a paper napkin to commercialization. NJ Accelerate is an essential element of our suite of resources that is empowering New Jersey startups to revolutionize the global marketplace.”
Through NJ Accelerate, the NJEDA seeks to provide NJ-based entrepreneurs access to best-in-class programs and in turn supply them with the tools and support to grow their businesses in the Garden State. An accelerator is a fixed-term, cohort-based “boot camp” offering educational programs for start-up founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists (VCs), angel investors, and corporate executives. Recently approved accelerators focus on clean technology, digital health, information technology, hard technology, property technology, and educational technology.
“NJ Accelerate is a dynamic program that offers support to entrepreneurs in the beginning stages of starting their businesses,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Since its inception, 10 accelerators throughout the Northeast have been approved, proving that the financial assistance and mentorship that NJ Accelerate offers is best-in-class. This crucial support has and will continue to attract world-class talent, helping expand our innovation ecosystem and strengthen our statewide economy.”
Under NJ Accelerate, eligible companies graduating from approved Accelerators can apply for an investment loan of up to $250,000, matched to their Accelerator’s cash investment on a 1:1 basis. In addition, start-ups renting physical space at approved co-working/incubator locations can access up to $25,000 in rent support. Companies which are certified in New Jersey as minority and/or women business enterprises are eligible for bonuses. The program is open to startup graduates located in New Jersey that meet eligibility criteria regarding employment, founders, and sectors.
Approved Accelerators from around the nation can also receive sponsorship funds totaling up to $20,000 to hold events in New Jersey, such as “demo days,” road shows, in-person classes, pitch competitions, and networking events.
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