NJ ACCELERATE

Open in new Tab NJ ACCELERATE The NJEDA is now accepting applications for this program. Please send an email to [email protected] to speak with a Technology Innovation Team Member. NJ Accelerate encourages the participation of New Jersey Entrepreneurs in high-quality accelerator programs, which increase the growing young, innovative companies in the state. AMOUNT Accelerators 1:1 matching sponsorship up to $2,000 per event capped at $20,000 ……… Graduates Up to $250,000 in the form of Convertible Notes with Warrants NJEDA grant rent support up to 6 months IMPACT Increase NJ deal flow for Approved Accelerators ……… Expand access to best-in-class accelerators for NJ businesses ……… Promote economic innovation. TARGET APPLICANTS Open to best-in-class accelerators and Approved Accelerator graduate businesses. PROGRAM DETAILS APPLICATION ELIGIBILITY TARGETED INDUSTRIES FEES COLLABORATIVE WORKSPACE PROGRAM DETAILS NJ Accelerate recognizes the strengths of accelerators in nurturing the next generation of entrepreneurs. Through NJ Accelerate, the NJEDA seeks to provide entrepreneurs access to best-in-class programs and return home with the tools and support to grow their businesses in the Garden State. An accelerator is a fixed-term, cohort-based “boot camp” offering educational programs for start-up founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists (VCs), angel investors, and corporate executives. Through the NJ Accelerate Program, NJEDA will: Promote Approved Accelerator program opportunities to the NJ innovation ecosystem. Sponsorship grant funding support for Approved Accelerator programs and events held in NJ. Provide investment benefit and rent support to eligible Approved Accelerator graduates. NJ Accelerate is a two-step process to encourage the engagement of accelerator programs in New Jersey, while facilitating the participation of businesses in these accelerator programs: 1.   Accelerator operators apply to the NJEDA to be pre-qualified as an “Approved Accelerator”. 2.   Approved Accelerator graduates are eligible for financial assistance from the NJEDA in NJ. Benefits for Approved Accelerator As a benefit for Approved Accelerators participating in NJ Accelerate, the NJEDA will: Disseminate information about and facilitate introductions for Approved Accelerator Programs.​ Offer sponsorship grants to each Approved Accelerator to host Programmatic Events in the State ( Accelerator’s Demo Day; cohort road show; an in-person class, etc.) An Approved Accelerator Program is eligible to receive up to $2,000 in the form of a grant to host programmatic events in New Jersey. Each Approved Accelerator will be capped at $20,000 in total sponsorship during the pilot program. A bonus of additional 5% is available to Approved Accelerators that have a focus on DE&I as defined by the program. Benefits for Accelerator Graduates The Investment Benefit provides seed funding in the form of convertible notes, with a warrant on 50% of the principal amount, provided directly to the Approved Accelerator Graduate Companies, matching $1 to $1 the investment provided by the Approved Accelerator, capped at $250,000. A 5% bonus amount is available to Graduate Companies certified by the State of New Jersey as women or minority owned. Throughout the life of the note – which has a 10-year maturity – the Company is required to maintain its base of operations in New Jersey, anchoring it to the State innovation ecosystem. Rent funding in the form of a grant to benefit qualifying Approved Accelerator Graduate Companies. The grant covers up to 6 months of rent not to exceed $25,000, matching the rent or membership fees $1 to $1 at NJ Accelerate approved collaborative workspaces or labs. A bonus month amount is available to Graduate Companies certified by the State of New Jersey as women or minority owned.