The Edison Innovation R&D Fund will provide funding to New Jersey technology companies for proof-of-concept research and development activities and ancillary activities necessary to commercialize the identified technology. Companies are encouraged to partner with a New Jersey PhD granting university or with a company or institution with a primary business location in New Jersey. Grants are awarded twice each year, through a two-phase application process.
Supplemental financing will be available through the New Jersey Economic Development Authority (NJEDA) for non-project specific costs not covered by the grant. Companies that are awarded the Edison Innovation R&D Fund can apply for and receive up to 20% of the approved NJCST grant, not to exceed $100,000, from the NJEDA in equity-like financing for non-R&D related costs. Terms for this supplemental funding are non-negotiable
- To grow successful technology businesses in New Jersey
- To grow jobs in New Jersey
- To promote collaboration between New Jersey technology companies and New Jersey research universities, companies or institutions
- To provide early-stage financing and commercialization support for New Jersey technology companies
Funding Cycle |
Application Due |
Awards Made |
First Round Funding |
January 5, 2009 – 3:00pm |
May 2009 |
Second Round Funding |
July 6, 2009 – 3:00pm |
November 2009 |
The Commission on Science and Technology will award grants to New Jersey Companies in the amounts of $100,000 to $500,000. The Edison Innovation R&D Fund will provide grants on a competitive basis.
Companies are encouraged to partner with any New Jersey PhD granting universities or with any company or institution with primary business location in New Jersey.
Lead Company eligibility
- Organized as a C Corp or an LLC
- Principal place of business in New Jersey
- 75% of employees live in New Jersey
- 75% of employees work in New Jersey
- Minimum of one full time employees at the company with applicable industry experience
- Total revenue of this company and all its subsidiaries is less than $10 million
- The applicant’s primary business is the provision of a scientific process, product or service and the applicant owns, has filed for, or has a license to use protected, proprietary intellectual property.
- Company may not be a home or university based operation
Partner Organization Eligibility
- All New Jersey universities
- Companies or institutions with primary business location in New Jersey
Matching Fund Requirements
- Source of matching funds must be demonstrated and may not be other state funding sources
- Applicant Company – must contribute cash at a minimum of 50% of CST funds
- Partner University – must contribute in-kind or cash at a minimum of 20% of CST funds
- Partner Company or Institution - must contribute cash at a minimum of 20% of CST funds
