How does New Jersey plan to further enhance its ecosystem to attract and support more startups and international life sciences companies, building on its current initiatives like NJ Ignite and the Angel Investor Tax Credit Program?
New Jersey has long been home to leading life science companies, and we are committed to building on that legacy. Through several programs administered by the New Jersey Economic Development Authority (NJEDA), the State is supporting new, diverse entrepreneurs by providing critical resources and mentorship to help them succeed.
The NJEDA’s New Jersey Innovation Evergreen Fund (NJIEF) is designed to increase access to strategic resources and venture capital in New Jersey. In 2023, the NJEDA approved 10 Qualified Venture Firms (QVF) to join the fund and co-invest in early-stage businesses. The Angel Investor Tax Credit Program is another great incentive for investors, providing a tax credit for investments in qualifying emerging technology businesses.
The NJ Founders & Funders event is organized by the NJEDA to facilitate introductions between innovative emerging companies and sophisticated angel and institutional investors. Through this program, which is hosted twice per year, venture capital investors meet with a pre-determined group of companies for one-on-one sessions to discuss and offer feedback on strategy, business models and funding opportunities.
Likewise, through a partnership with Golden Seeds, the NJEDA is creating the opportunity for mentorship and increasing available capital for women-led businesses. This partnership aims to shrink the racial and gender wage and employment gaps by creating an ecosystem where female entrepreneurs are able to access the resources they need to thrive.
The NJEDA will continue developing and designing programs like these that offer the support innovative entrepreneurs need to succeed and open doors for those who have been historically excluded. This is how we grow New Jersey’s innovation economy, create jobs, and build a brighter, more equitable future for the next generation.
In light of the New Jersey Innovation & Technology Hub and other real estate projects, how is the state addressing the balance between the need for affordable lab and R&D space and the demand for hybrid work environments by life sciences companies?
When first starting a business, many entrepreneurs face the challenge of finding a work space that is both affordable and allows for growth. To address this problem, New Jersey has a number of programs in place for innovative companies that may not have the resources to meet high rent prices.
Our Strategic Innovation Centers initiative brings early-stage companies, researchers, and leaders from specific fields together in one space to advance innovation by providing incubator and accelerator spaces to companies at affordable prices. The NJEDA’s New Jersey Bioscience Center in North Brunswick, for example, is a space designed for collaboration, containing incubator space, step-out labs, and larger life science spaces in the very heart of New Jersey’s ‘Research Corridor’ on Route 1.
The creation of Strategic Innovation Centers across the state, in conjunction with programs such as NJ Ignite, which provides rent support grants to entrepreneurs, and NJ Accelerate, which expands accelerator spaces, ensures that affordable lab and R&D space is available to inventive companies.
We also understand the current need for flexible work environments for innovative companies in New Jersey, and are committed to supporting workplaces conducive to growth and success, in whatever form that may take.
What strategies is New Jersey implementing to support the life sciences sector, particularly in drug manufacturing and sustainability practices?
New Jersey’s life sciences industry is booming. Last year, New Jersey-associated companies accounted for more than 50% of all novel drug approvals. With initiatives like our Innovation Evergreen Fund we are working with leaders in the public and private sector to attract the next generation of innovators to the Garden State. And once those innovators plant a flag in New Jersey, we are taking steps to ensure they can tap into state-of-the-art innovation hubs like SciTech Scity’s Edge Works, or the HELIX in New Brunswick. In short, we are rolling out the welcome mat for any entrepreneur eager to revolutionize health care. It goes without saying, they will be in great company within the halls of hubs like the Helix. In fact, back in December, we received word that the legendary Bell Labs will be relocating from its home in Murray Hill to a new facility in the HELIX, furthering the notion that the smartest minds know that the future is being built right here in the Garden State. This is not just because of our highly talented workforce — though New Jersey is comprised of more scientists and engineers per square mile than anywhere else in the world because we are embracing the spirit of collaboration that has always paved the way for groundbreaking discoveries.
Given New Jersey's history of medical breakthroughs, what initiatives are in place to ensure the state remains at the forefront of innovation in next-generation medicine and biotechnology research?
New Jersey has a long-standing reputation as a home for innovative biotechnology companies that are leading the way in life-saving research and development and we are committed to fostering an environment where this industry can grow, expand and succeed.
Just recently, Genmab was approved for tax credits through the Emerge program, which is helping us create new good-paying jobs by providing tax credits per job for projects that invest private capital into the state. This will allow the biotechnology company to open a new workspace in the state to create 300 new jobs and support the commercialization of Epcoritamab, an antibody therapy that treats a rare form of blood cancer.
We are also incredibly excited about the New Jersey Health + Life Sciences Exchange (HELIX), supported by the Aspire Program, which will bring together New Jersey’s public, private and academic sectors to create a world-class hub of innovation, a strong base of support, and a talent pipeline for innovative companies. The HELIX will consist of three major components: the New Jersey Innovation HUB, which will offer space for innovation and startups, new research laboratories for Rutgers’ translational research effort, and a new medical education facility for the Rutgers Robert Wood Johnson Medical School. In addition, the following entities will be anchor tenants at the HUB: Rutgers – the State University of New Jersey, Hackensack Meridian Health, RWJ Barnabas Health, and Middlesex County.
