New Jersey Governor Phil Murphy is launching two initiatives to spur the growth of high-tech companies in the state.
Murphy says the state Economic Development Authority will award $500,000 in grants to help innovative startups pay their rent at collaborative workspaces if the workspace commits to paying half the amount of the subsidy.
“An early-stage startup could enjoy the innovative ecosystem of a collaborative workspace including flexibility, networking, idea sharing, and mentorships for up to 18 months at only half the cost.”
The state's also updating its research and development tax credit to make it more generous for cutting-edge companies doing research in New Jersey.
Anne-Marie Maman, president of the New Jersey Business Innovation Network, says those programs will boost entrepreneurs with a good idea.
“The rent support will help small companies to focus their precious early funding on hiring and on hitting milestones. State programs that help startups to conserve their limited cash so that they can put it to work to build value are critical to growing our innovation economy.”
Murphy says the programs will help young companies succeed, and he hopes they’ll put New Jersey at the top of the innovation economy.
“We have everything right here to dominate the innovation economy, the people, the extraordinary talent, our location, our history. We’ve led this space before and through these programs we will again.”