Governor Murphy Announces Tools to Spur Innovation & Growth of High-Tech Firms

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.

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New Jersey Economic Development Authority

New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. To learn about the multitude of resources available to help technology and life sciences companies thrive, visit and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

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