NEW JERSEY INNOVATION FELLOWS PROGRAM

Open in new Tab NEW JERSEY INNOVATION FELLOWS PROGRAM The application window for Round II of the New Jersey Innovation Fellows Program closed on Monday, July 15, 2024, at 5:00 PM ET. The application period is currently closed. The Innovation Fellows program supports entrepreneurs with unique startup ideas with access to mentorship and “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their businesses. Per program policy and in accordance with the legislation, approved teams will be qualified to receive $200,000 as a base award, and up to $200,000 in bonuses (resulting in a total $400,000 award). Bonuses include $50,000 if any one of the entrepreneurs in a team resides in an Opportunity Zone within the State. An additional $50,000 bonus is awarded for each Entrepreneur leader on the Fellows team with a diversity self-certification or education bonus up to $150,000, resulting in a total potential award of $400,000. Awards will be disbursed over eight quarters to teams that meet and maintain compliance milestones. Amount Grants of $200,000 $50,000 opportunity zone bonus $50,000 for each potential entrepreneur (maximum of 3) that self-certifies as a woman or minority, or demonstrates graduation from a NJ college or University Up to $400,000 in total grant award BENEFITS Income-replacement capital for entrepreneurs Mentorship and technical training Grow New Jersey’s Entrepreneur base and its Innovation Economy Drive the formation and growth of promising new ventures ELIGIBILITY Consist of a team of no less than three individuals The venture must operate within New Jersey’s “Targeted Industries” All grant recipients to receive income from award must have paid gross-income tax to New Jersey within 60 days leading up to application FULL LIST IN APPLICANT ELIGIBILITY TAB BELOW PROGRAM DETAILS APPLICANT ELIGIBILITY MENTORSHIP TARGETED INDUSTRIES ELIGIBLE MUNICIPALITIES AWARD SIZE FEES PROGRAM DETAILS On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act (ERA) into law. Assembly Bill No. 5939 revised various provisions of the ERA and established the New Jersey Innovation Fellows Program (NJIF/Program) under the jurisdiction of the New Jersey Economic Development Authority (NJEDA/Authority). On November 16, 2022, the Authority’s Board approved the NJIF program. The Program utilizes a $10 million legislative appropriation to provide teams of entrepreneurs with the security of initial income replacement while pursuing the opportunity of starting unique startup ventures. Approved teams (Innovation Fellows/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. The collaborative program functions as springboard for early-stage startups to grow their ideas into functioning business models and eventually as working businesses within NJ’s innovative ecosystem. Fellows have access to other local support, office space and investors though the program. Per program policy and in accordance with the legislation, this NJIF funding source is uniquely designed to address inequities between socioeconomic background and entrepreneurship. Specially, applicants can earn up to $200,000 in bonuses for certifying that they reside in a designated NJ opportunity zone, applicants certifying as a “diverse entrepreneur” and graduates of New Jersey college or university (including two-year and four-year schools). The program is expected to deliver the follow the following benefits: Grow New Jerseys entrepreneur base and its innovation economy Support development of programmatic resources to bridge market gaps for underserved/under resourced entrepreneurs