Last month, the New Jersey Economic Development Authority (NJEDA) organized the New Jersey Founders and Funders’ All-Stars Alumni Pitch Competition and Resource Fair. This event gathered startups, investors, and stakeholders from the innovation economy for pitches, networking, and an ecosystem resource fair. The Founders and Funders event, which occurs semi-annually, connects early-stage businesses with investors to discuss strategies and funding opportunities.
"Under Governor Murphy’s leadership, New Jersey has cemented its role as a national leader in the innovation economy, providing entrepreneurs and startups with the capital and support they need to grow and thrive in the Garden State," said NJEDA Chief Executive Officer Tim Sullivan. He added that the Founders and Funders initiative continues to foster vital connections between investors and entrepreneurs.
The second alumni pitch competition allowed previously featured companies to compete for a $100,000 grant. Tim Sullivan highlighted the significant talent driving New Jersey's startup ecosystem: "Through ecosystem development initiatives like Founders and Funders, we are building on New Jersey’s rich legacy of innovation to power the technologies and companies of tomorrow."
The NJEDA has held 16 Founders and Funders events since 2014, facilitating introductions between companies and investors. More than 400 companies and 250 investors have participated in these events. At the latest event, 10 companies pitched to 11 venture capital firms, and over 20 investors attended the event, engaging in discussions with more than 50 entrepreneurs.
NJEDA Chief Economic Transformation Officer Kathleen Coviello said, "Since our inaugural event in 2014, the NJEDA’s Founders and Funders initiative has matched hundreds of startup companies with investors, bolstering economic opportunity and access to capital for entrepreneurs and promoting growth in the state’s innovation ecosystem." She noted that this year's event demonstrated the talent in New Jersey's startup community.
This year's event featured an ecosystem resource fair and a presentation on the NJEDA's Strategic Innovation Center initiative, which supports startup creation in the state.
The audience voted Cranford-based Boxcar as the winner of the alumni pitch competition. Boxcar is an integrated commuting company focused on simplifying commutes through luxury busing and other services. Joe Colangelo, Boxcar Founder and Chief Executive Officer, spoke highly of the NJEDA: "This was another terrific NJEDA event. Boxcar was able to meet new investors as well as reconnect with investors that we initially pitched at a 2018 Founders and Funders event – 7 years ago!"
Colangelo emphasized the importance of the NJEDA's support in Boxcar's journey: "They have become real partners when it comes to building and scaling in New Jersey, and I would encourage every entrepreneur in this state to reach out to the NJEDA regardless of their size."
