|For Immediate Release
Tuesday, Mar. 8, 2006
|For More Information:
Trenton– The New Jersey Commission on Science and Technology today announced the availability of applications for a new program encouraging entrepreneurs to partner with New Jersey research universities to advance commercialization opportunities.
The Entrepreneurial Partnering Fund supports the research and development activities of New Jersey technology companies who partner with New Jersey research universities to commercialize an identified technology. The Commission has earmarked $2 million for this pilot program with individual awards ranging from $100,000 to $500,000. Applications are available online at www.state.nj.us/scitech/. The deadline for the pre-application is April 3, 2006 and the final application is due April 21, 2006.
“We must actively, and aggressively, invest in high tech entrepreneurship in the state,” said Commission Chairman Donald L. Drakeman. “We are committed to support of the most promising areas of research so that those innovations can grow into products rooted in the Garden State.”
The Entrepreneurial Partnering Fund directly supports Governor Jon S. Corzine’s vision to invest in the growth of New Jersey’s technology economy. The Commission expects to fund projects focused on New Jersey’s technology priorities such as: life science, nanotechnology, alternative energy, telecommunications, and computational methods.
With this program, the Commission expects early-stage companies to advance to the point that they are eligible for additional state financing and loans, especially Techniuum assistance through the New Jersey Economic Development Authority.
In addition, funded companies will be required to return to the Commission an annual payment equal to one percent royalty on net sales of any products or services arising directly from the funded project or developed based on intellectual property created from the project.
The Commission today also announced a new funding opportunity for companies located in the Commission’s incubator network. A new $200,000 Incubator Seed Fund will provide companies with crucial capital to help further their commercialization plans with awards of $20,000 to $50,000. The deadline for Incubator Seed Fund Applications is April 10, 2006.
Greater access to capital is a critical need of early stage technology based companies. The Commission is answering this need through direct financial support to compliment the mentoring and business support provided by the incubators as they move toward commercialization of their technologies.
Information and applications for both the Entrepreneurial Partnering Fund and the Incubator Seed Fund are available at www.state.nj.us/scitech.
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.