Have idea for technical assistance delivery? EDA wants to know

Have ideas for growing businesses? The New Jersey Economic Development Authority wants to hear them.

The EDA is now seeking new ideas and practices for more effective technical assistance delivery models to support growing companies in the state.

The EDA encourages Community Development Financial Institutions, other local lenders and community and business organizations to respond to the Request for Ideas through www.njeda.com/TechAssistSmBusRFI.

Entrepreneurial assessment tools and training, topical workshops, business mentoring, resources, referrals or marketing and outreach are some forms of the assistance. The EDA says the RFI’s purpose is to collect facts, information and ideas that will help the EDA better understand the marketplace for these services.

“Small and midsized businesses are a primary driver of New Jersey’s economy, and the NJEDA, in alignment with Gov. Phil Murphy’s plan for a stronger and fairer New Jersey, recognizes the importance of supporting, developing, and financing emerging and expanding businesses in New Jersey,” EDA CEO Tim Sullivan said. “We welcome new and innovative ideas and encourage respondents to think creatively about how to help today’s businesses overcome obstacles to growth and achieve success in this competitive market.”

RFI responses should address how to develop and deliver technical assistance services that support the vast needs of businesses across the stages of business growth lifecycles. According to the National League of Cities, they are:

  • Self-employed (startups): Earliest stage, attempting to turn the idea into a business;
  • Stage One (microbusinesses): “Mom-and-pop,” focused on building a market share and customer base, developing a product or service and securing financing to address startup costs and/or expansion;
  • Stage Two: Proven product and an established niche in the marketplace, ready to expand and hire more.

“This RFI represents another step in the NJEDA’s efforts to better understand the needs of businesses and adapt in ways that are relevant and nurturing,” EDA Senior Vice President of Finance & Development Lori Matheus said. “We look forward to learning about fresh ideas and innovative concepts for supporting New Jersey’s small businesses.”

Potential RFI respondents are welcome to submit clarifying questions to EDAProcurementQA@njeda.com by 11:59 p.m. Jan. 4. Answers to these questions will be publicly posted on the EDA website on or about Jan. 8. Complete responses to the RFI are due by 11:59 p.m. Jan. 31. The full RFI is available at www.njeda.com/TechAssistSmBusRFI.