|For Immediate Release
Tuesday, November 14, 2006
|For More Information:
Awards Mark First for Commission under the Edison Innovation Fund
TRENTON – Working to implement the Edison Innovation Fund, the New Jersey Commission on Science and Technology today awarded nearly $2.5 million in investments to 19 New Jersey technology companies.
The Commission demonstrated continued support of technology entrepreneurs through awards of the Entrepreneurial Partnering Fund. Awards totaling more than $1 million were given to three New Jersey companies leveraging an additional $840,000 in matching funds.
As part of the Edison Innovation Fund, this program provides funding to enable New Jersey technology companies to achieve critical development activities necessary to advancement of a technology. To increase research opportunities, applicant companies are encouraged to collaborate with either a New Jersey university or an industry partner.
The Commission also awarded $250,000 to five companies through Incubator Seed Funding to help accelerate the company’s business development process. This program provides awards of $20,000-$50,000 for companies located in one of the Commission’s 12 technology business incubators. In addition to being eligible for this funding, incubator companies receive administrative support, significant networking opportunities within the entrepreneurial community and a professional business environment necessary to achieving success.
The Commission today also announced nearly $1 million from the Edison Innovation Fund for New Jersey Technology Fellowships to 11 companies hiring New Jersey PhD graduates. In addition, the Commission awarded a SBIR Bridge grant of $50,000 to help bridge the funding gap that occurs during the federally funded Small Business Innovation Research program.
As part of the Governor’s Strategic Economic Growth Plan, the Edison Innovation Fund has been launched with $150 million committed in partnership by the EDA and the Commission on Science and Technology that will leverage $350 million in private capital. Resources from the Fund will support research and development in the growth and core industries vital to the state economy.
About The Commission
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.