November 10, 2009, Commission Awards $5.5 Million to Support New Jersey Entrepreneurs
For Immediate Release
Tuesday, November 10, 2009
For More Information:
Arti Sahni: (609) 984-1671
Trenton - The New Jersey Commission on Science and Technology today announced more than $5.6 million in awards through its Grants and Aid programs. Strategic investments were made through the Commission's Edison Innovation R&D Fund, New Jersey Technology Fellowship Program, SBIR Bridge Grant, Technology Incubator Support Program and Incubator Seed Fund Program.
"We are proud of the accomplishments of our awardees," said Dr, Peter R. Reczek, Executive Director of the Commission. "They are an outstanding example of how entrepreneurs in New Jersey can come together to achieve economic success through technology innovation."
The Commission awarded more than $3.6 million and leveraged another $1.8 million through its Edison Innovation R&D Fund and made its first award under the new Edison Renewable Energy Technologies Fund. These programs provide funding to New Jersey technology companies, in partnership with New Jersey research universities, for development activities and ancillary activities necessary for commercialization of an identified technology. Work being performed by the nine grant recipients includes research of low cost carbon capture; development of low temperature solidification equipments; novel porous 3D scaffolds for tissue/organ repair and regeneration; drugs to treat serious types of brain injury and cancer; enhancing the cardiac monitor; development of a synthetic bone graft material for use in dentistry; algorithms for synchronization over packet networks and software to Simulate Optical Interactions with Materials.
The Commission awarded more than $1.3 million to New Jersey Incubators including $55,810 for funding of the Renewable Energy Business Attraction Collaborative project from Rutgers EcoComplex and the Meadowlands Incubators. In addition, the Commission announced $271,920 in Incubator Seed Fund Grants to six companies that are located in one of the Commission's supported technology incubators around the state.
Action also included the award of $199,998 to four companies receiving SBIR Bridge Grants to help bridge the funding gap that occurs during the federally funded Small Business Innovation Research program.
Finally, one Technology Fellowships renewal grant was awarded for a second year fellowships. The New Jersey Technology Fellowship program helps move cutting-edge research from the lab to the marketplace by providing funding for up to two years to emerging high-tech companies that hire postdoctoral graduates from New Jersey research universities.
About The New Jersey Commission on Science And Technology
The New Jersey Commission on Science and Technology is dedicated to improving the quality of life for New Jersey's citizens and promoting economic development by keeping New Jersey at the forefront of scientific and technological advances. Established in 1985, the NJCST is responsible for the development and oversight of policies promoting science and technology research and entrepreneurship. Commission members include business leaders, university leaders, scientists, legislators and representatives from the Governor's Office for Economic Growth and the Commissioner of the New Jersey Department of Education.