An application portal for grants of up to $150,000 to startups that are developing life sciences therapeutics will open at 9 a.m. Monday, the New Jersey Economic Development Authority announced Wednesday.
The grants are part of Round 2 of the $1.5 million Catalyst R&D Seed Grant Program that is being run by the New Jersey Commission on Science, Innovation and Technology. Ten companies are expected to receive grants.
Eligible applicants can propose a project of up to one year in duration and with a maximum budget of $150,000. An extension for up to an additional three months may be permitted at the sole discretion of CSIT.
The application portal will be open until July 14. For more information on how to apply, click here.
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CSIT will host an informational webinar on the programs at 4 p.m. Monday. Registration for the webinar can be found here. A recording of the webinar will be available on each program’s website.
The program, which hopes to build off a successful first round, aims to bolster the state’s innovative economy by providing financial grants to early-stage, innovation-based companies to accelerate new developments from research stage into commercially viable products and services.
State officials feel the grant funds will enable applicants to make significant progress and have a meaningful impact on their commercialization outcomes.
Applicants are only allowed to submit one seed grant application per grant round.
All applicants must meet the following eligibility criteria
- Be authorized and in good standing to conduct business in New Jersey as evidenced by a current New Jersey tax clearance certificate (listing New Jersey Commission on Science, Innovation and Technology). All certificates listing another state agency will be rejected.
- Have no more than 25 full-time equivalent workers (FTE calculated on a 35-hour workweek) at time of application.
- Have a minimum of one full-time worker (calculated on a 35-hour workweek). A founder can be counted as a worker; a worker may be paid or unpaid.
- 50% or more of the cumulative hours worked by all workers, founders and contractors must be conducted in New Jersey (as calculated on an FTE basis of 35 hours per week).
- Have less than or equal to $2 million in 2022 calendar year sales revenue (excluding grant revenue).
Eligible uses of grants include
- The grant funding can be utilized for project research & development activities.
- No more than 30% of the budget proposed for the project, in the aggregate, may be spent on:
- Marketing and customer discovery specific to the innovation;
- IP patent prosecution and licensing-related expenses;
- Conference registration fees.
Prohibited uses of grants include
- Direct services to individuals or organizations;
- Manufacturing of products for sale or commercial use;
- Real estate rental expenses;
- Patient clinical trial expenses;
- Construction costs;
- Travel, entertainment and other similar expenses;
- Allocations of general overhead expenses;
- Any expenditures incurred before the “Effective date,” the date representing the last date of execution of the grant agreement by the respective parties;
- Any expenses for equipment and materials that applicant does not use for the project during the project period;
- Fees related to conferences not associated with the project.
