The New Jersey Economic Development Authority (NJEDA) Board has approved a new two-year pilot period for the NJ Accelerate Program, aiming to support entrepreneurs through high-quality accelerator programs. This decision follows the program's success in aiding 11 start-ups.
"Establishing New Jersey as a national leader in innovation by helping to advance entrepreneurs’ transformative ideas is a key priority for Governor Phil Murphy," stated NJEDA Chief Executive Officer Tim Sullivan. He emphasized that NJ Accelerate is crucial in providing resources to help startups commercialize their ideas.
The program offers educational boot camps for startup founders and access to mentors such as former entrepreneurs and venture capitalists. The recently approved accelerators cover sectors like clean technology, digital health, information technology, and more.
"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. She highlighted that 10 accelerators have been approved since the program's inception, attracting talent and expanding New Jersey's innovation ecosystem.
Startups graduating from these accelerators can apply for investment loans up to $250,000 and rent support up to $25,000 if they occupy co-working spaces. Minority and women-owned businesses are eligible for additional bonuses. Approved accelerators can receive sponsorship funds of up to $20,000 for events held in New Jersey.
Some notable accelerators include HAX-SOSV in Newark focusing on hard tech startups, Merck Digital Sciences Studio supporting digital biopharma innovations, and several others across New York and Massachusetts targeting various sectors.
Graduate companies benefiting from NJ Accelerate include EnvoyatHome with its Digital Caregiver system, SciMar One enabling faster drug development, Tandem Inc.'s zero-emission cold chain solutions, among others.
For further details on the NJ Accelerate program, interested parties can visit the official website at https://www.njeda.gov/njaccelerate/.
