New Jersey has created technology neighborhoods known as Innovation Zones in Camden, the Greater New Brunswick area, and Newark. These three zones are geographically defined areas that have been established to spur collaboration between the state’s public research universities and technology businesses to encourage
the rapid transfer of discoveries from the lab to the marketplace. They were created because of their concentration of existing technology assets and developed commercialization centers. The EDA and the New Jersey Commission on Science and Technology work cooperatively with other state agencies to direct resources that will support financial, infrastructure, work force, and housing needs within the zones. Technology and life sciences companies locating within Innovation Zones are eligible for enhanced financial incentives through the EDA.
 

To enhance New Jersey’s reputation as a leader in technological innovation and
invention, the EDA offers Techniuum (www.njedatechniuum.com), a comprehensive effort of broad-based assistance to support the evolution of technology and life sciences businesses and grow the state’s economy. Techniuum provides a continuum of customized, streamlined, long-term support to technology and life sciences companies as they advance through their life cycle of growth and expand their products and services.

Through Techniuum the EDA can assist with

• technical support and mentoring services;
• financing and incentive tools; and
• real estate expertise and modern facilities.

EDA assistance offered under its Techniuum umbrella includes angel and lease guarantees, low-interest loans, access to venture capital, tax and business incentives, and affordable modern office, laboratory, and production space and support services designed to meet the specialized needs of technology and life
sciences companies.

Advanced technology or life sciences businesses with a maximum of 225 employees and 75% or more of their operations based in New Jersey companies are eligible to participate in this program. Any approved business may sell their unused net operating loss carry-forwards to a profitable corporate tax payer in the state of New Jersey for at least 75% of the value of the tax benefits. This allows businesses to turn their tax losses and credits into cash for working capital for the purchase of facilities, equipment, or other expenses. There is $60 million available annually through the program.

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Affordable, state-of-the-art lab, production, and research facilities are available for emerging and advanced technology driven companies. The Technology Centre of New Jersey offers young, growing firms, as well as large established companies, a way to afford modern laboratory and production facilities that are customized to fit their specific R&D needs. For large tenants, stand-alone facilities from 6,000 to 60,000 square feet can accommodate state-of-the-art clean rooms and wet labs. For smaller tenants, individual wet and dry lab modules of 800 square feet, combinable up to 3,200 square feet, are available in the Commercialization Center for Innovative Technologies. Custom build-to-suit facilities are also available for larger companies that require substantial space on an individual basis. Located on Route 1 in North Brunswick, the Technology Centre is in the heart of the state’s “Research Corridor.” A full range of property and facility management services is available to tenants, and financing may be arranged for tenant improvements.

R&D Excellence Awards Program provides competitive, multiyear R&D grants (up to $4 million over five years) to academic institutions, including those partnered with private-sector companies. About half are given in the life sciences.

• Technology Transfer and Commercialization Program offers repayable grants up to $250,000 to high-tech companies with short-term commercialization research programs.
• Edison Venture Fund invests in emerging technology businesses in the Mid-Atlantic. One-third of the fund is always invested in New Jersey.
• Jumpstart Angel Investors Network invests $200,000 to $500,000 annually in early-stage, pre-venture capital and emerging companies.
• A tenant fit-up allowance of $100 per square foot at the Technology Centre of New Jersey incubator is also available through the EDA.

This law allows Research & Development Tax Credits to be carried forward for a period of seven years. New Jersey corporate business taxpayers are eligible if they have incurred qualified research expenses in the following areas: advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, and medical device technology.