The New Jersey Commission on Science, Innovation, and Technology (CSIT) has allocated $3 million in grants to 41 startups in the state. This funding is part of the Round 3 Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs. The aim is to assist young companies in advancing their technologies from research to market-ready products.
Judith Sheft, CSIT Executive Director, emphasized the importance of these initiatives for New Jersey's economic future. "Supporting New Jersey startups through grant initiatives like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant will help create a robust economy for the future and advances Governor Murphy’s vision for the state," she stated.
The awarded companies are involved in various sectors such as medical devices, Artificial Intelligence (AI), software development, film and digital media, and non-retail food and beverage. Since 2020, CSIT has provided over $21 million to nearly 370 businesses.
Tim Sullivan, Chief Executive Officer of the New Jersey Economic Development Authority (NJEDA), highlighted Governor Phil Murphy's efforts in fostering innovation within the state. "Under Governor Phil Murphy’s leadership, New Jersey has dedicated significant resources to help young, innovative companies get their products to the marketplace," he said.
In this round of funding, 26 early-stage startups received a total of $1.95 million under the Catalyst Seed R&D Grant Program. These grants target industries identified in Governor Murphy’s economic plan including manufacturing, transportation logistics, life sciences among others. Notably, 70 percent of awardees have six or fewer employees.
Debbie Hart, CSIT Chair and BioNJ Founding President and CEO praised New Jersey's position in innovation. “New Jersey’s startups are amongst the best in the nation,” she remarked.
Additionally, $1.1 million was awarded to 15 companies through Round 3 of the Clean Tech Seed Grant Program. This program supports clean technology firms with a focus on achieving clean energy goals by 2035.
Funding for these programs comes from various sources including NJEDA's partnership with CSIT and contributions from public utilities' clean energy initiatives.
For more information about CSIT incentive programs visit www.njeda.gov/csit/.
