EDA OKs rent support grants for startups at coworking spaces

Consider NJ Ignite if you’re a startup having a hard time making rent.

Startups in the technology and life sciences space considering moving to incubators, accelerators or coworking spaces can apply for rent support grants at nine workspaces across the state. The collaborative workspaces are the first the New Jersey Economic Development Authority approved for NJ Ignite.

NJ Ignite benefits emerging technology and life science companies and participating workspaces. Up to nine months of rent support for startups moving to workspaces is provided through the program.

“We often hear from the entrepreneurial community about the difficulty that startups have finding affordable lab and office space in New Jersey,” Gov. Phil Murphy said. “Through NJ Ignite, we are striving to remove that obstacle, enabling Garden State innovators to preserve precious capital for product development, connecting with investors, and everything else it takes to successfully grow and prosper here.”

The EDA will support up to six months’ rent and the workspace will support half of whatever the EDA commits to the startup. The startup must commit to matching the rent the program provides.

“Fostering an environment where young, innovative businesses are able to thrive is core to Gov. Murphy’s vision of making New Jersey into the State of Innovation,” NJEDA CEO Tim Sullivan said. “NJ Ignite is the latest in the NJEDA’s growing list of resources designed to support New Jersey companies throughout their lifecycles.”

The workspaces are free to choose the eligible startups, but each location must abide by rules that include hosting at least eight innovation ecosystem-building events per year.

The EDA is currently reviewing workspaces’ applications to participate in NJ Ignite.

Workspaces interested in learning more about the program should visit www.njeda.com/njignite or email njignite@njeda.com. The website also has information for entrepreneurs and startups looking to benefit from the program, including steps they can take to apply.