The New Jersey Economic Development Authority announced Thursday it has approved a second company to benefit from the NJ Ignite program.
The NJEDA said it approved Big Magic Inc., a health technology startup, for the program. The program offers rent support to startups moving into coworking facilities.
Big Magic, the NJEDA said, recently moved to VentureLink, New Jersey Institute of Technology‘s accelerator/incubator in Newark.
“With patients instinctively turning to the Internet to read reviews of doctors before scheduling appointments, it’s more important than ever that a physician’s online presence be as polished and engaging as possible,” Big Magic CEO Jose Espinoza said. “We plan to use the money we’re saving through NJ Ignite to further develop our new software that will enable patients to recommend their doctors online.”
Espinoza said Big Magic moved to the 108,000-square-foot accelerator for three reasons: to access the technology community at NJIT; to take advantage of the networking opportunities the space provides; and to benefit from the mentorship of university staff.
VentureLink currently hosts to more than 60 member companies, the NJEDA said.
Funding for NJ Ignite is provided by a combination of support from the NJEDA and the collaborative workspaces, with the NJEDA assuming up to six months’ rent and the workspace covering rent for half the length of NJEDA’s commitment. Due to its affiliation with NJIT, VentureLink can offer participating companies an additional month of rent support.
“Young, growing companies like Big Magic thrive in the synergistic environments that collaborative workspaces offer,” NJEDA CEO Tim Sullivan said. “Startups that operate from collaborative workspaces are far more likely to succeed than companies going it alone. Helping startups through programs like NJ Ignite is vital to the re-emergence of New Jersey as a leader in innovation – a key component of Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy.”
