New Jersey
State Resources
Despite its small size, New Jersey has the highest population density in the U.S. and is a key commuter and cultural corridor. Thomas Edison’s lab in Menlo Park, New Jesey was the birthplace of the light bulb and phonograph. New Jersey is home to many major pharmaceutical companies and is a leader in biotech research. The state is also a key transit point with extensive highway, rail, and port infrastructure as well as Newark Liberty International Airport. The New Jersey Economic Development Authority (NJEDA) is the principal organization driving economic growth in the state. Its goal is to “grows the state’s economy and increases equitable access to opportunity by supporting high-quality job creation, catalyzing investment, and fostering vibrant, inclusive community development.”
New Jersey Innovation Fellows Program
The New Jersey Innovation Fellows Program supports teams of entrepreneurs with unique startup ideas in targeted industries with access to mentorship and initial income replacement grants in the amount of $200,000 and up to $400,000 while pursuing the opportunity of starting unique startup ventures. Grants are awarded to teams comprised of no less than three individuals. Approved teams, referred to as fellows or Innovation fellows are qualified to a receive a $200,000 grant as a base award during a 2-year “incubation” period or ideation stage of their business. This financial support helps the entrepreneurial teams cover founder salaries during the startup phase. Fellows have access to other local founders, mentorship, advisory support, office space and investors though the program. More details can be found here.
Next NJ Program – AI
The Next NJ Program – AI is a tax credit program aimed at drawing significant investment, creating jobs, and positioning New Jersey’s as a key player in the AI industry economy. Next NJ Program – AI provides tax credits to eligible businesses to offset against their state tax liability and for companies to engage in building and fostering New Jersey’s AI ecosystem. Awarded tax credits are disbursed over five years with a 10-year commitment to the State.
New Jersey Innovation Evergreen Fund
Launched in 2022, the New Jersey Innovation Evergreen Fund (NJIEF) is a program designed to increase access to strategic resources and venture capital in New Jersey. The Evergreen Program forms a platform that partners with the private sector to raise and invest capital in qualified New Jersey-based companies. Under the NJIEF, the State acts as co-equity investor in early-stage companies, deploying up to $600 million into companies alongside venture capital firms. As of April 2025, Evergreen Fund had approximately $19 million of unallocated capital available to fund additional investments into high-growth businesses in New Jersey.
