2020 New Jersey Guide_Site Selection

I N N O V A T I O N & E N T R E P R E N E U R S H I P
Where
Innovation
Happens
New Jersey’s entrepreneurs are in good company
among the state’s many collaborative workspaces.
by SAVANNAH KING
Photo: Getty Images
New Jersey understands a thing or two
about innovation. As the birthplace
of world-changing technologies like
the air conditioner and the light bulb, New
Jersey’s legacy as a hub of innovation and
entrepreneurship continues to this day.
To help encourage the next generations
of the world’s best ideas, the New Jersey
Economic Development Authority (NJEDA)
offers various programs to support startups
as they grow. With a full range of programs
and services, NJEDA can provide businesses
with low-interest financing through matching
loan programs, tax incentives, real estate and
networking opportunities with key players
and investors around the state and region.
One of its key programs, The Edison
Innovation Fund, helps develop, sustain,
and grow technology and life sciences firms
to create well-paying jobs in the state.
Other programs for startups include the NJ
CoVest Fund, which provides seed funding
to companies and NJ Founders & Funders,
which facilitates networking between emerging
companies tech and life science companies and
angel and institutional investors.
LAUNCHPAD
For many new entrepreneurs, participating
in an accelerator program can make all the
difference. Accelerator programs provide key
access to mentors, investors and educational
programs. To encourage startups to join the
state’s many accelerator programs, NJEDA’s
NJ Accelerate program provides the graduates
of approved accelerator programs with
opportunities for direct funding up to $250,000
and rent support.
Another key program, NJ Ignite, helps
startup companies by providing up to nine
months of rent support for startup technology
and life sciences businesses moving to an
approved collaborative workspace. NJ Ignite
is made possible through a combination of
support from the NJEDA and the collaborative
workspace, with the NJEDA covering up to six
months’ rent and the workspace covering rent
for three months.
Some of the first companies to benefit from
the NJ Ignite program include medical device
manufacturer Carbon22 and health-tech
startup Big Magic, Inc. In 2019, Carbon22
moved into a creative flex office space at
Building 78, a creative flex office space and a
coworking facility known as Kearny Point.
Big Magic set up shop at VentureLink, a
high-tech accelerator/incubator at the New
Jersey Institute of Technology in Newark.
“Thanks to the money we’re saving on
rent with NJ Ignite, we’ll be able to hire
additional engineers to build out our product
line,” said Carbon22 Founder and CEO
Vadim Gurevich. “Additionally, our space
in Kearny Point is perfect for our current
needs, but also affords us the necessary
space to grow.”
WALKING IN THE FOOTSTEPS OF GIANTS
The historic former Bell Labs building in
Holmdel has been reimagined into a unique
“metroburb” with retail, restaurants, business
and more. Originally constructed between
1962 and 1964, the building is known for its
role in spurring the development of some of
the world’s greatest inventions and research
concepts. As the research headquarters
for Bell Laboratories, Lucent and Alcatel-
Lucent, the building has a rich history of
innovation. Over its 40-year history as a lab,
seven Nobel Prize winners have worked inside
the building, including those who conceived
theories for the laser, the Big Bang theory,
cellular technology, the transistor and more.
Today, Bell Works continues to provide a
place for the world’s next best inventions
to come to life. The CoLab at Bell Works
Metroburb offers startups a unique work
environment to grow and scale their business.
Bell Works is just one of many unique
collaborative and innovative workspaces
available across the state. To learn more about
the state’s approved collaborative facilities and
its programs, visit https://www.njeda.com.
NJ IGNITE
Approved Collaborative Facilities
• 1776
• Business Energy
• Co-Co Collaborative LLC​
• CoLab (BellWorks)
• CoWerks
• Cowork Street
• EcoComplex
• En Masse Coworking
• Equal Space
• Incutate
• Kearny Point
• Mission 50
• NJ Bioscience Center – Incubator
• Office Evolution
• Primework
• Princeton Innovation Center BioLabs
• Rutgers Food Innovation Center
• South Jersey Tech Park
• The (Co) Working Space of North
Brunswick
• VentureLink
26 NEW JERSEY: THE STATE OF INNOVATION
NEW JERSEY: THE STATE OF INNOVATION 27