NJ Offers the Tools for Innovative & Economic Success
New Jersey is advancing as a national innovation leader through strategic initiatives led by organizations such as the New Jersey Economic Development Authority (NJEDA), the Commission on Science, Innovation and Technology (CSIT), BioNJ, and the Research & Development Council of New Jersey. These organizations collectively support startups, the life sciences and other technology sectors by providing funding and tax credit incentives, government advocacy, networking and partnering opportunities, workforce development initiatives and more. For any startup venture or established high-tech company that calls New Jersey home, these organizations have the necessary tools available for attaining innovative and economic success.
NJEDA
New Jersey has led the way in creating initiatives that support entrepreneurs, strengthening long-term economic competitiveness by fostering the industries of tomorrow. As part of this effort, the New Jersey Economic Development Authority (NJEDA) is committed to bolstering the state’s startup community by opening pathways to capital and collaboration, creating an environment where founders can thrive.
The NJEDA offers a range of products and initiatives to support research and development, and help entrepreneurs succeed. Through partnerships with private-sector leaders and academic institutions, the NJEDA’s Strategic Innovation Center initiative is supporting the creation of 10 hubs across the state focused on specific industries such as artificial intelligence, fintech, and the life sciences. The Net-Operating Loss Program allows technology and life sciences companies that have yet to reach profitability sell their losses and unused research and development tax credits for cash, while the Angel Investor Tax Credit Program provides refundable tax credits to investors who invest in innovation-focused companies in New Jersey.
The New Jersey Innovation Evergreen Fund encourages investment by bringing strategic corporations, venture capital firms, and entrepreneurs together, leveraging the resources of established corporations in New Jersey to bolster innovative early-stage start-ups. The New Jersey Innovation Fellows Program (NJIF) provides income-replacement grants and mentorship opportunities to entrepreneur teams, opening a pathway for first-time entrepreneurs to pursue inventive ideas. The 30 awardees in the first NJIF cohort included 18 female founders and 25 ethnically diverse entrepreneurs.
CSIT
The Commission on Science, Innovation and Technology (CSIT) is committed to advancing the state’s innovation ecosystem to create a stronger, fairer economy for all New Jerseyans by keeping the state at the forefront of scientific and technological advances.
Since the commission was re-established in 2018, it has awarded 445 grants totaling $27.7 million to early-stage, innovative New Jersey companies. The economic impact of the awards has been significant, with companies creating more than 800 direct new jobs and earning follow-on funding of grants, equity, and loans more than 15 times greater than the initial investment.
CSIT offers a suite of 11 grant programs to assist early-stage entrepreneurs with Research and Development (R&D) from ideation through commercialization. The offerings include: seed grants and Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) financial assistance to support technology development; pilot demonstration awards that enable companies to test products in real world settings; and R&D vouchers to offset the cost of accessing unique specialized equipment at New Jersey universities, maker spaces, and federal and nonprofit laboratories. Funding awards range from $25,000 to $250,000.
CSIT also focuses on initiatives to increase academic and industrial cooperation, accelerating the commercialization of new technologies from New Jersey’s public and private research institutions. The free ResearchwithNJ database has information on more than 7,000 experts in STEM fields, along with their professional backgrounds, publications, and achievements. The site also highlights research departments and provides details on core laboratory facilities.
BioNJ
In a time marked by uncertainty, where disruption, change and an array of unknowns are seemingly the only constants, it is essential for an industry to have a guiding force that can unite the community, inspire collaboration and lead the charge in navigating challenges while shaping a dynamic future. This is the role that BioNJ plays within New Jersey’s life sciences ecosystem, offering the unwavering support and leadership needed to help propel the sector forward.
As the life sciences trade association for the Garden State, BioNJ leads transformative initiatives that catalyze meaningful change. One such initiative is the Value of Medical Innovation Campaign, which educates on the profound impact of medical innovation while highlighting the dangers of restrictive legislation and offering actionable solutions to prevent policies that could stifle progress and limit patient access.
Given that entrepreneurs and capital are the engine and the fuel for new company creation driving the next generation of therapies, diagnostics, and tools in life sciences, BioNJ offers a range of programs designed to nurture growth and innovation. Through strategic partnerships with organizations such as Tech Council Ventures, as well as initiatives like the BioPartnering Conference, BioNJ cultivates collaborations that unlock critical funding and foster valuable strategic partnerships.
From testifying before and working directly with legislative leaders in both Trenton and Washington, D.C. to champion the life sciences industry to delivering nearly 60 educational programs annually on cutting-edge developments, BioNJ is dedicated to serving the state’s robust life sciences ecosystem.
R&D Council of NJ
The Research & Development Council of New Jersey plays a pivotal role in advancing innovation, science, and technology throughout the state. As a nonprofit, professional association, the council brings together leaders from academia, industry, and government to support and promote research and development (R&D) efforts. Its mission is to cultivate a robust innovation ecosystem in New Jersey by fostering collaboration, recognizing excellence, and advocating for policies that enhance the state’s standing as a hub of scientific advancement.
Among the council’s core activities is its advocacy for R&D-focused policies that strengthen New Jersey’s economy. It works closely with policymakers to ensure that the state maintains a competitive edge in sectors such as biotechnology, pharmaceuticals, telecommunications, and clean energy. By promoting investments in STEM education and workforce development, the council helps prepare the next generation of innovators.
The council also supports R&D organizations through a range of programs and partnerships. It provides a platform for knowledge sharing and networking among researchers, business leaders, and educators. Through initiatives like the Edison Patent Awards and New Jersey STEM Month, the council recognizes outstanding achievements in innovation and encourages young talent to pursue careers in science and engineering.
The council is committed to supporting STEM education. Through conferences, mentorship programs, and educational outreach, it invests in developing the next generation of scientists and engineers.