NJEDA Board approves a new two-year pilot period
TRENTON, N.J. (October 16, 2024) – Based on the success of the NJ Accelerate Program, the New Jersey Economic Development Authority (NJEDA) Board recently approved a new two-year pilot period the program, which encourages the participation of entrepreneurs in high-quality approved partner accelerator programs, helping increase the chances of success of innovative companies in the state. To date, 11 start-ups have received support through the program.
“Establishing New Jersey as a national leader in innovation by helping to advance entrepreneurs’ transformative ideas is a key priority for Governor Phil Murphy,” said NJEDA Chief Executive Officer Tim Sullivan.
“The NJEDA is committed to providing New Jersey innovators with the tools they need to take their concepts from sketches on a paper napkin to commercialization. NJ Accelerate is an essential element of our suite of resources that is empowering New Jersey startups to revolutionize the global marketplace,” Sullivan added.
Access to Top tools
Through NJ Accelerate, the NJEDA seeks to provide NJ-based entrepreneurs access to best-in-class programs and in turn supply them with the tools and support to grow their businesses in the Garden State.
An accelerator is a fixed-term, cohort-based “boot camp” offering educational programs for start-up founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists (VCs), angel investors, and corporate executives. Recently approved accelerators focus on clean technology, digital health, information technology, hard technology, property technology, and educational technology.
“NJ Accelerate is a dynamic program that offers support to entrepreneurs in the beginning stages of starting their businesses,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.
“Since its inception, 10 accelerators throughout the Northeast have been approved, proving that the financial assistance and mentorship that NJ Accelerate offers is best-in-class. This crucial support has and will continue to attract world-class talent, helping expand our innovation ecosystem and strengthen our statewide economy,” Coviello said.
Investment Loans for Accelerator Graduates
Under NJ Accelerate, eligible companies graduating from approved Accelerators can apply for an investment loan of up to $250,000, matched to their Accelerator’s cash investment on a 1:1 basis.
In addition, start-ups renting physical space at approved co-working/incubator locations can access up to $25,000 in rent support. Companies which are certified in New Jersey as minority and/or women business enterprises are eligible for bonuses.
The program is open to startup graduates located in New Jersey that meet eligibility criteria regarding employment, founders, and sectors.
Approved Accelerators from around the nation can also receive sponsorship funds totaling up to $20,000 to hold events in New Jersey, such as “demo days,” road shows, in-person classes, pitch competitions, and networking events.
The current Accelerators approved to participate in NJ Accelerate, and the Graduate Companies that have received NJ Accelerate benefits are listed below.
Approved Accelerators
New Jersey:
HAX-SOSV, based in Newark, is the world’s first and most active pre-seed program focused on hard tech startups. The program provides at least six-months of collaborative residency, hands-on engineering support, and an initial investment package. Companies are accepted on a rolling basis.
Merck Digital Sciences Studio (MDS Studio, or MDSS), based in Newark and Cambridge, Massachusetts, is a 10-month hands-on accelerator program to enable innovative technologies for drug discovery and development. The accelerator invests in disruptive and innovative startups in digital biopharma and offers direct funding.
New York:
Morgan Stanley Inclusive Ventures Lab, based in New York City and London, it is an intensive five-month program promoting financial inclusion and access to capital for technology or technology-enabled startups led by underrepresented entrepreneurs. Eligible companies must be at the Seed to Series A funding round stage, and receive investment from the Accelerator.
XRC Accelerator Fund, based in Brooklyn, is a 14-week startup accelerator for the next generation of disruptors in the retail technology, consumer healthtech, and consumer goods sectors. XRC Ventures targets pre-seed startups and invests in each participating company.
Lair East Labs, based in New York City, is a three-month multi-sector program offering mentorship, networking opportunities, and workspace for promising startups, as well as expertise in navigating the U.S. and Asia markets. Lair East Labs may invest in each participating company with possible follow-on funding.
Entrepreneurs Roundtable Accelerator (ERA), based in New York City, is an intensive four-month program that invests into each startup, with potential follow-on funding. ERA targets technology companies, with a focus on software startups. Participating companies can gain access to a network of over 500 active mentors.
MetaPropAccelerator @Columbia University, located in New York City, is a leading PropTech accelerator. The program lasts 22-weeks and invests in its graduate companies. Participating companies are paired with select C-level mentors from MetaProp’s highly experienced industry mentor network.
Massachusetts:
Cleantech Open Northeast, headquartered in Boston, is a leading clean-tech five-month program. The accelerator maintains a large, active network of cleantech innovation hubs across the country. Cleantech Open Northeast focuses on founders solving environmental and energy challenges. The program provides funding to participating companies through grants, investment, and competitive prizes.
VentureWell – Aspire Program, based in Hadley, hosts two five-week programs focused on climate technology and medical technology. The accelerator targets science- and engineer-based startups launching high impact innovations. Companies that complete the program are eligible for follow-on investment from Venture Well.
LearnLaunchFund + Accelerator, based in Boston, runs the Breakthrough to Scale program over a 12-week period. The accelerator focuses on EdTech startups looking to build innovative products and services for the K-12, Higher EdTech, Workforce Development, and lifelong learning markets. Participating companies are eligible for initial investment and follow-on funding.
Graduate Companies:
EnvoyatHome, located in Cherry Hill, is a graduate of the Launch Lane accelerator program run by the University City Science Center. EnvoyatHome has developed an innovative Digital Caregiver, a remote monitoring system for caregivers of elderly patients living at home.
SciMar One, headquartered in Allentown, is a woman-owned technology company pioneering Development Velocity™ and enabling pharma to accelerate drug development. SciMar One is a graduate of the Merck Digital Sciences Studio.
Celine Therapeutics, headquartered in Newark, is a woman-led startup and graduate of Merck Digital Science Studio. Celine Therapeutics has developed a proprietary tech-bio platform to drive the discovery and development of targeted life-saving therapies.
Tandem Inc., headquartered in Rivervale, is a graduate of HAX-SOSV. Tandem has designed a modular rack that enables zero-emission cold chain with existing tractors and trailers, as well as an innovative component to instantly turn trucks into hybrid vehicles.
IndicatorLab Inc., headquartered in Jersey City, is a graduate of Lair East Labs. The FinTech company provides market risk management software for financial institutions and individuals.
Magic Kids Platform Inc., headquartered in Jersey City, is a graduate of Lair East Labs. Magic Kids is an innovative game-based learning platform for four to eight-year-old kids.
Firstly Edu Institute, headquartered in Jersey City, is a graduate of Lair East Labs. The software company helps program administrators at colleges and non-profits make mentorship and coaching programs more effective.
UCHU Biosensors, headquartered in Newark, is a graduate of HAX-SOSV. The company has developed a non-invasive health monitoring system via a salivary diagnostic wearable sensor.
Hit Nano, headquartered in Bordentown, is a graduate of CleanTech Open Northeast. The company develops next generation low cost and high-performance Li-ion batteries and energy storage materials.
Princeton NuEnergy, headquartered in Bordentown, is also a graduate of CleanTech Open Northeast. The company has patented a low-cost process for producing high-quality cathode active materials from spent lithium-ion batteries. Princeton NuEnergy recycles lithium-ion batteries from electric vehicles, consumer electronics, energy storage batteries, and manufacturing scrap.
Kolate.AI Pharmatec Inc., headquartered in Belle Mead, is a graduate of Entrepreneurs Roundtable Accelerator. The company has developed an AI decision support tool for research physicians and medical staff to accelerate pharma trials and real-world studies.
For more information on the NJ Accelerate program, visit https://www.njeda.gov/njaccelerate/.
About the NJEDA
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.