|For Immediate Release
Wednesday, August 9, 2006
|For More Information:
Additional Funding Allows Commission to Invest More in Entrepreneurs
TRENTON – The New Jersey Commission on Science and Technology today announced its funding initiatives for Fiscal Year 2007, with increased investment for programs focused on growing the technology based economy in New Jersey and reviving New Jersey’s technology leadership role.
This past year the Commission actively pursued its mission of encouraging tech-based economic development and job growth in New Jersey by awarding 76 grants totaling more than $16 million in FY 06. Thirty companies were directly assisted with grants ranging from $40,000-$500,000 and more than 500 companies were indirectly assisted by Commission programs such as the Technology Business Incubator Network. The funding allocations for this coming year demonstrate the Commission’s continued dedication to supporting technology businesses and growing technology jobs in the state.
“The Commission’s priorities remain focused on helping New Jersey regain its high-tech edge,” said Commission Chairman Donald L. Drakeman. “Our initiatives are designed to create high tech jobs and to strengthen New Jersey’s high tech economy.”
The Commission received additional state funds in fiscal year 2007 to support technology entrepreneurship in New Jersey. With goals of counteracting the loss of high-paying technology jobs, the Commission continues to make investments based on its High Technology Recovery Plan released in December.
Increased state funding will enable the Commission to focus on three major additions to their programming:
- The Commission will expand the Entrepreneurial Partnering Fund providing $100,000-$500,000 for start-up companies and the Incubator Seed Fund providing $20,000-$50,000 for NJCST Incubator companies, addressing the need for additional very early stage funding.
- The Commission will seed Centers of Excellence in coordination with the Governor’s Edison Innovation Fund – programs similar to the NJ Nano@RU nanotechnology initiative funded in May. Starting Centers of Excellence is part of the High-Tech Recovery Plan.
- The Commission will increase funding of the Technology Fellowship Program, launching the careers of young scientists. The Commission currently funds 18 fellows, bringing valuable expertise to small technology companies across the state.
At today’s meeting the Commission also awarded $150,000 through its SBIR Bridge Grant Program. The SBIR Bridge Grant program offers $50,000 to help technology-based firms bridge the funding gap that occurs between federal SBIR contracts so they can develop into strong, successful New Jersey technology businesses.
SBIR Bridge Grant Recipients included:
- Exelus, Inc – Livingston, NJ
- Frontier Performance Polymers Corporation – Parsippany, NJ
- Urovalve, Inc. – Newark, NJ
Commission Grant Programs
The Technology Fellowship Program
NJCST pays salary for recent doctoral graduates of NJ research universities to work in small NJ technology companies, providing companies with new talent and expertise. Technology Fellowship grants award companies $75,000-$85,000.
Entrepreneurial Partnering Fund
NJCST provides funding to NJ tech companies, in partnership with a NJ research university, for proof-of-concept research and development activities necessary for commercialization of an identified technology. Entrepreneurial Partnering Fund grants award companies $100,000-$500,000
Technology Business Incubators
NJCST supports 12 technology business incubators throughout the state. Commission grants go exclusively to support programs for the development of tenant technology companies.
Commercializing University IP Grants
NJCST awards grants to New Jersey research universities to help accelerate the commercialization of their technology. The funds awarded have been used for gap funds, proof-of concept work, IP tracking database and new company creation. Awards to universities have been made in amounts up to $600,000.
Stem Cell Research Grants
NJCST administers the New Jersey Stem Cell Research Grant Program providing grants to academic, not-for-profit and for-profit institutions in New Jersey. To meet the goals of both patient treatment and economic development, the Commission funds proposals that demonstrate a means of translation to patient treatment through collaborations or otherwise and projects that create a foundation and capacity in New Jersey for a vibrant stem cell research/ biotech/ patient treatment community.
SBIR Bridge Grants
For companies which have completed an SBIR Phase I and are awaiting a Phase II SBIR grant from a federal agency, NJCST offers awards to bridge the funding gap that occurs. SBIR Bridge grants award companies $50,000.
Incubator Seed Fund
Companies located in one of the twelve NJCST technology business incubators can receive grants to assist emerging technology businesses achieve a critical milestone in their commercialization path. Seed fund grants award companies $20,000-$50,000
Technology Business Incubator Feasibility Grants
The Commission on Science and Technology’s goal for incubators is to create successful new businesses which can stand on their own and generate high technology jobs in New Jersey by accelerating the time to market and improving the success rate of early stage, high-growth ventures.
About The Commission
NJCST, established in 1985, is responsible for the development and oversight of policies and programs promoting science and technology research and entrepreneurship in New Jersey. Commission members include business leaders, university leaders, scientists, the Secretary of Commerce and Economic Growth Commission, the Commissioner of Education, a representative of the Governor and four legislators.