The New Jersey Economic Development Authority has opened applications for the next cohort of the New Jersey Innovation Fellows Program, which supports entrepreneurs with income replacement grants, mentorship and training to provide security in the early stages of startup business creation.
Through the NJIF Program, the NJEDA supports teams of at least three entrepreneurs with mentorship, training and income replacement capital of up to $400,000 over a two-year period, attracting innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to income needs or socioeconomic constraints.
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In addition to financial benefits, the first-in-the-nation program also offers a comprehensive mentorship program facilitated by the New Jersey Innovation Institute or the Rowan Center for Innovation & Entrepreneurship, which can help mitigate the risk of business failure and propel start-ups to the next level.
Announced in January, the inaugural cohort of NJIF entrepreneurs included 10 new businesses and 30 entrepreneurs, supporting ventures in the fields of life sciences, film, information technology and professional services. The inaugural cohort of startups showcase a rich tapestry of diverse backgrounds and perspectives, with many startups at the forefront of the current artificial intelligence/technology revolution.
The application is now open and closes July 5. Potential applicants can ask questions on the application process or program specifics by emailing NJInnovationFellows@njeda.gov. For more information on the program, click here.
The NJEDA will hold two informational webinars for potential NJIF applicants, one Friday and one May 21.
The first webinar will cover funding opportunities and the application process under the NJIF program, as well as the Commission on Science, Innovation and Technology’s clean tech programs. To register, click here.
The second webinar will go over funding and programming opportunities available to create and improve resources for maternal and infant health, including an informational overview for potential NJIF applicants in the sector. To register, click here.
