The New Jersey Commission on Science, Innovation, and Technology (CSIT) announced the awarding of $3.9 million in grants to 45 startups across the Garden State Aug. 8 through its Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs.
Officials say the awards will help these young companies accelerate their research and development into commercially viable products and services.
“Funding New Jersey startups today through grant programs like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant helps to guarantee a strong economy in the future,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps us to promote financial growth, sustainability, and economic mobility for years to come.”
A total of $2.6 million was awarded to 27 early-stage companies through the Catalyst Seed R&D Grant Program with grants of up to $150,000 each for life sciences startups focusing on drug development and therapeutics and up to $75,000 for R&D. The startups operate in sectors spanning manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology.
Of those receiving awards, 25 (95%) have five or fewer employees, 12 (43%) are certified as minority-owned businesses, and nine (30%) are certified women-owned.
“New Jersey’s startups are amongst the very best in the nation and truly place the state at the forefront of innovation and conservation,” said CSIT Vice Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst R&D Grant and Clean Tech Seed Grant Programs reinforce the state’s commitment to its small businesses and nurtures advancements in a range of innovation areas including technology, life sciences, and clean tech sectors.”
In the second round of Clean Tech Seed Grant Program, a total of $1.3 million in funding is being awarded to 18 companies. The program, which was collaboratively developed by the CSIT and the New Jersey Economic Development Authority, provides R&D grants to very early-stage New Jersey-based clean technology companies to help appeal to outside investors and move toward generating revenue.
Of those awardees, 13 (72%) have five or fewer employees, three (15%) are certified as minority-owned businesses, and three (15%) are certified women-owned.
“CSIT’s Catalyst Seed R&D Grant and Clean Tech Seed Grant programs allow entrepreneurs to secure funding for vitally important research and new technologies that not only better our society, but also create new high-paying jobs to grow our economy and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation,” said NJEDA Chief Executive Officer Tim Sullivan.
Funding for the Clean Tech Seed Grant Program is being provided through the NJBPU’s Clean Energy Program.
“Our partnership with NJEDA and CSIT, coupled with today’s announcement, exemplifies this Administration’s cross-agency approach to developing and implementing initiatives that will simultaneously help us meet our clean energy goals and grow our green economy with exciting innovation,” said Joseph Fiordaliso, New Jersey Board of Public Utilities president.
“New Jersey has become one of the best places in the nation to grow and scale a company, especially a startup,” Sullivan added.