NJEDA names SJTP one of first nine collaborative workspaces approved to support startups through NJ Ignite

NJEDA names SJTP one of first nine collaborative workspaces approved to support startups through NJ Ignite

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Technology and life sciences startups considering a move into incubators, accelerators or coworking spaces are now able to apply for rent support grants at nine collaborative workspaces throughout the state. These nine workspaces – which include the incubator at the South Jersey Technology Park at Rowan University in Mullica Hill – are the first to be approved by the New Jersey Economic Development Authority (NJEDA) to participate in NJ Ignite.

The SJTP incubator offers collaborative workspace and resources ideal for bringing innovative technologies to market. Tenants there have access to Rowan University’s engineering, science, and business faculty and students, as well as their research, development and commercialization expertise.

In support of Gov. Phil Murphy’s strategy to create a thriving innovation ecosystem, NJ Ignite benefits both emerging technology and life science companies and participating collaborative workspaces. The program provides up to nine months of rent support for startup businesses moving to collaborative workspaces. For the collaborative workspaces, NJ Ignite serves as a powerful tenant attraction tool.

“We often hear from the entrepreneurial community about the difficulty that startups have finding affordable lab and office space in New Jersey,” Murphy said. “Through NJ Ignite, we are striving to remove that obstacle, enabling Garden State innovators to preserve precious capital for product development, connecting with investors and everything else it takes to successfully grow and prosper here.”

The rent support available to startups through NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. In exchange for the grant, the startup business must commit to paying rent for a term equal to the NJEDA and collaborative workspaces’ combined months of support.

“Fostering an environment where young, innovative businesses are able to thrive is core to Gov. Murphy’s vision of making New Jersey into the State of Innovation,” NJEDA Chief Executive Officer Tim Sullivan said. “NJ Ignite is the latest in the NJEDA’s growing list of resources designed to support New Jersey companies throughout their lifecycles.” 

While all participating collaborative workspaces are free to set their own criteria on how they will select eligible startups, all participating locations must adhere to certain rules. Those rules include hosting a minimum of eight innovation ecosystem-building events per year, such as networking events, and office hours to provide tenants with access to professional services.

“From its start, the South Jersey Technology Park has been committed to providing space and support for entrepreneurs, researchers and small business owners to bring their visions to fruition and to help their businesses grow,” said Jeanne Nevelos, SJTP executive director. “NJ Ignite opens the door to more opportunities for technology and life science firms in South Jersey, which will impact education, business and the economy.”

The NJEDA currently is reviewing additional applications from collaborative workspaces for participation in NJ Ignite.

Among the others site’s selected by the NJEDA are 1776, the nation’s largest network of entrepreneurial incubators with nine campuses across five states, including one opening in January at the Cherry Hill Mall; Building 78 at Kearny Point, which offers creative office and coworking options for a diverse community of pioneering businesses; CoLabs, a technology community emerging at Bell Works in Holmdel with nearly five dozen companies; and the North Brunswick-based Commercialization Center for Innovative Technologies, owned and operated by the NJEDA, which offers the most wet labs of any incubator in New Jersey.

About the New Jersey Economic Development Authority

The NJEDA serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.