Governor Phil Murphy announced two important tools – the Incubator and Collaborative Workspace Rent Initiative (ICWRI) and a modernized Research and Development (R&D) tax credit – to support new and established high-tech companies in growing the Garden State’s Innovation Economy. The Governor made the announcement during a visit to Princeton Innovation Center BioLabs.
Through the ICWRI, new start-ups will be assisted with rent at incubators, accelerators and other collaborative workspaces. EDA will make an initial investment of $500,000 in the program and will provide grants for two, four or six months of rent payments, with the workspace committing to subsidize half that amount. For a startup, there is a maximum benefit of up to $15,000.