Public feedback will help NJEDA gather public input as regulations are written and processes are built
The New Jersey Economic Development Authority (NJEDA) announced it will hold two listening sessions later this week to solicit feedback on the New Jersey Innovation Evergreen Fund (NJIEF), which is currently under development. Established under the New Jersey Economic Recovery Act of 2020 (ERA), the NJIEF will utilize public and private funds to invest in New Jersey-based companies. The Fund is designed to both address New Jersey’s shortfalls in venture capital funding and create the ecosystem conditions necessary for entrepreneurs to succeed.
As proposed, the NJEDA will raise funds for the NJIEF by auctioning up to $300 million in transferrable tax credits— with an annual cap of $60 million during each of the first five years after program launch—to corporations registered to do business in New Jersey. Auction bids will be evaluated according to price and strategic commitments the bidding company makes to support NJIEF’s portfolio companies and the state’s broader innovation ecosystem, including networking and mentorship opportunities. Details about the NJIEF and the materials that will be presented during the listening sessions can be found at https://www.njeda.com/program-specific-feedback/.
“Governor Phil Murphy and the Legislature advanced the ERA with the goal of creating programs that prioritize equity and inclusiveness and provide access to resources businesses need to become viable and ultimately succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey Innovation Evergreen Fund is a game-changing element of the Governor’s plan to reclaim our State’s leadership in innovation and these listening sessions will help us launch a program positioned to help foster an unmatched platform for collaboration and innovation.”
Members of the public will be able to provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:
- Thursday, January 6th, 9:30 a.m. to 11:00 a.m. – Topic: Corporate Tax Auction, Register here.
- Thursday, January 6th, 2:00 p.m. to 4:00 p.m. – Topic: Venture Capital Investment, Register here.
These virtual discussions will help the NJEDA implement the NJIEF in a way that will recharge New Jersey’s innovation economy. The first 30 minutes of the Session 1: Corporate Tax Auction, will be an overview of the New Jersey Innovation Fund and the tax credit sale associated with it. The remainder of the time left will be used for questions and feedback from the public. Session 2: Venture Capital Investment will offer a 30 minute presentation on the qualification of venture capital firms and investments, followed by questions and feedback.
Members of the media interested in attending the session or submitting questions are asked to email firstname.lastname@example.org.
In addition to the New Jersey Innovation Evergreen Fund, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfield properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
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.