The Commission provides funding of $100,000-$500,000 to New Jersey technology companies, in partnership with a New Jersey research university, for proof-of-concept research and development activities necessary for commercialization of an identified technology. Edison Innovation R&D Fund, promotes collaboration between universities and companies, increases the amount and value of intellectual property, provides early-stage financing and commercialization support and grows technology businesses in New Jersey.
The Edison Innovation Clean Energy Fund will provide grants on a competitive basis to New Jersey companies in the amounts of $100,000 to $500,000 for a specific project to develop a renewable energy technologies that can demonstrate their integral nature to the development of Class 1 renewable energy technologies that produce or support the production of renewable or clean electricity generation.
The Commission provides $50,000 grants to companies which have completed a SBIR Phase I award and are awaiting a SBIR Phase II from a federal agency to help bridge the funding gap that occurs. This SBIR Bridge Grant Program increases the success and maximizes the growth of small New Jersey companies in moving from Phase I to Phase II.
The Commission offers a series of training sessions throughout the year to help entrepreneurs gain the necessary tools to successfully submit SBIR/STTR Phase I and Phase II proposals to one of the 11 federal agencies. SBIR/STTR training sessions focus on different agency solicitations and topics, and cost a nominal fee to attend. All New Jersey companies, entrepreneurs and students interested in the SBIR/STTR process are eligible and encouraged to attend.
The Commission supports 12 technology business incubators throughout the state. Incubators provide a professional business environment, administrative support and significant networking opportunities within the entrepreneurial community. According to the National Business Incubation Association, start-up companies in incubators have a higher success rate than those developing without the critical business assistance provided by incubators.
The Commission on Science and Technology pays the salary of recent graduates to work in small New Jersey technology companies, providing companies with new talent and expertise. The Technology Fellowship Program provides doctoral graduates with valuable entrepreneur experience and helps create more high-quality high-tech jobs in New Jersey. The Entrepreneur Fellowship Program allows MBA graduates to continue their career development in New Jersey technology companies. The Fellowship provides $65,000 salary for the first year, $75,000 salary for the second year, with an addition $10,000 each year to be spent on career development expenses for the postdoctoral fellow.