Life science and other drug research startups could get seed grants of up to $150,000 from a new pool of state funds.
The state Commission on Science, Innovation and Technology is offering $1.5 million in awards with the goal of bolstering startups across New Jersey.
State officials say they expect to make five separate grants of up to $150,000 each for startups developing life sciences therapeutics under the CSIT’s Catalyst Seed Research and Development Grant Program.
Another 10 awards of up to $75,000 per startup should be available for companies developing non-life science therapeutic treatments. Applications for both are due Dec. 6 and are available on the New Jersey Economic Development Authority’s website, the CSIT said in a Nov. 23 announcement.
“Providing seed capital to businesses in high-wage, high growth sectors is both beneficial to the individual entities and important to the strength of our overall innovation economy,” said Judith Sheft, the commission’s executive director in a statement.
Through a similar funding mechanism – the Clean Tech Seed Grant Program – the commission funneled $750,000 into startups developing technology to reduce carbon emissions or recapture already-emitted greenhouse gases. Another round of funding is expected in 2022, the state said.
State officials have touted significant economic development efforts in attracting businesses that operate in the realms of manufacturing; transportation and logistics; film and digital media; life sciences such as drug development, diagnostics and medical devices; financial technology; and clean energy.
A variety of state incentive programs have been rolled out to support those industries, from large companies employing thousands of workers to start-ups with just a handful of employees.
The programs range from $1.1 billion in corporate tax breaks for big companies, to smaller programs like NJ Ignite, which offers grants of up to $25,000 to cover a startup’s rent at an incubator or collaborative workspace.