The New Jersey Economic Development Authority announced Wednesday that Carbon22, a medical device manufacturer, has become the first startup to benefit from rent support through the NJ Ignite program.
With help from the program, Carbon22 recently moved into a flex office space at Building 78 of Kearny Point. The space provides tenants with flexible membership options, around-the-clock access, large conference rooms and common areas. Building 78 is one of 11 collaborative workspaces approved to participate in the program.
The NJ Ignite program works through a combination of support from the NJEDA and the collaborative workspaces, with the NJEDA covering up to six months’ rent and the workspaces covering rent for half the length of the NJEDA’s commitment.
And since Kearny Point is located in an Opportunity Zone, the program will offer startups an addition month of rent support.
“NJ Ignite has two complementary advantages: providing entrepreneurs with access to affordable real estate as they grow their companies and putting them in an environment where they can collaborate with other innovators,” NJEDA CEO Tim Sullivan said. “Both of these benefits are essential to Governor Phil Murphy’s vision for making New Jersey the State of Innovation.”
Vadim Gurevich, Carbon22 founder and CEO, said he credits NJ Ignite and Kearny Point’s proximity to New York City as main factors contributing to his company’s potential growth.
“Thanks to the money we’re saving on rent with NJ Ignite, we’ll be able to hire additional engineers to build out our product line,” Gurevich said. “Additionally, our space in Kearny Point is perfect for our current needs, but also affords us the necessary space to grow.”