NJEN: STATE AND FEDERAL RESOURCES FOR ENTREPRENEURS. April 13, 2016

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1 NJEN: STATE AND FEDERAL RESOURCES FOR ENTREPRENEURS April 13, 2016

2 New Jersey Economic Development Authority Mission The New Jersey Economic Development Authority (EDA) is an independent State agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs. EDA Support of Tech & Life Sciences With a focus on stimulating the growth of New Jersey s innovation economy, EDA offers a continuum of assistance to help companies at every stage of growth. From financing and real estate to networking and mentoring, hundreds of entrepreneurs, emerging businesses and established companies benefit from EDA s support each year. 2

3 EDA Impact on Pharmaceutical/Biotech Industry in New Jersey Incentives Angel Tax Credit Program Technology Business Tax Certificate Transfer Program Real Estate CCIT (New Jersey s leading life sciences incubator) - EIR - Founders and Funders - Success stories tenant examples: Genewiz & Amicus Therapeutics Waterfront Technology Center at Camden 3

4 Angel Investor Tax Credit Program The New Jersey Angel Investor Tax Credit establishes credits against corporation business or gross income taxes for the purposes of stimulating investment in New Jersey emerging technology businesses. IF YOU ARE: A taxpayer, filing in New Jersey, who invests in calendar year 2012 or after, in a qualifying New Jersey emerging technology business with fewer than 225 employees, at least 75% of whom work in New Jersey. YOU CAN APPLY FOR: A tax credit against New Jersey corporation business or gross income tax. IN THE AMOUNT OF: Ten percent (10%) of the qualified investment made in a New Jersey emerging technology business, up to a maximum allowed credit of $500,000 for each qualified investment. PROGRAM DETAILS: Up to $25 million of Angel Investor tax credit may be approved per calendar year. If the cumulative credits claimed by taxpayers exceed the amount available in a given year, then credits will be applied in the order in which applications are received and complete, starting on the first day of the succeeding calendar year in which Angel Investor tax credits do not exceed the amount of credits available. 4

5 Angel Investor Tax Credit Program (continued) 2015 Statistics The EDA approved 213 Angel Investor Tax Credit investments in 2015 to support New Jersey-based emerging technology and life sciences companies, representing the investment of more than $50 million of private capital. Sector Investment amount Applications % of total investments % of total applications Technology $ 23,682, % 67% Clean Technology $ 14,134, % 17% Life Sciences $ 13,245, % 16% 5

6 Technology Tax Transfer Certificate Program (NOL) The NOL program supports NJ-based early stage life science and technology firms by providing a mechanism to sell their net operating losses and unused R&D credits in return for non-dilutive funding. GRANT: $60 million annual pool, with up to $10 million set aside for Innovation Zone Applicants in Newark, Greater New Brunswick and Camden. $15 million (lifetime) per eligible applicant TIMELINE: 6-month process beginning June through December ELIGIBILITY: Intellectual Property, Minimum Employment, job growth based on years in business, primary business must involve provision of scientific process, product, or service. TO BE USED FOR: Funding can be used for growth and operations, either as working capital or to fund research. 6

7 Technology Tax Transfer Certificate Program (continued) 2015 NOL Program Statistics 44 Companies Applied: 41 Approved $47.4 million in Benefits Allocated 26 Biotech / 18 Tech Companies 37 Returning Applicants / 7 New to the Program 21 Companies Participating in Other EDA Programs 7

8 Commercialization Center for Innovative Technologies (CCIT) Situated on the campus of the Technology Centre of New Jersey, CCIT is a hallmark of best practices programming and design to support technology development. 46,000-square-feet facility 22 Current Life Sciences Tenants Affordable Lab & Office Space 100% Occupied! 8

9 CCIT Executive-in-Residence Situated on the campus of the Technology Centre of New Jersey, CCIT is a hallmark of best practices programming and design to support technology development. Benefits CCIT Tenants and Executives-in-Residence Ideal for pharmaceutical and biotech executives currently in transition - provides exposure and networking opportunities to Executives Rolling application process 9

10 New Jersey Founders & Funders Speed dating between only NJ based companies and investors Companies in fundraising mode meet with investors 10-minute Q& A, one-on-one sessions Matches prescreened for investment stage and technology type Initiated in 2014, held 2x a year 90+ investors have benefited from Founders & Funders Registration now available for the Fall 2016 event 10

11 CCIT Graduate Success Stories CCIT boasts a host of successful graduates, including several that today boast over 100 employees each! Biopharmaceutical company Amicus Therapeutics moved to CCIT in 2002, bringing seven employees and occupying four 800-square-foot labs. By 2005, Amicus had grown to 23 employees and occupied seven lab units, as well as additional office space. With future growth expected, Amicus became CCIT s first graduate when it moved to a standalone facility in Cranbury. By 2008, the company had hired its 100 th employee. Amicus took advantage of the Technology Business Tax Certificate Transfer Program and also was supported by the Garden State Life Sciences Venture Fund, which is supported by a $10 million investment from the EDA. Serving the life science community for 11 years, GENEWIZ, Inc. is the #1 provider of Sanger DNA sequencing services, as well as the partner of choice for gene synthesis, molecular biology, genomic, and GLP-compliant regulatory services. Headquartered in South Plainfield, GENEWIZ is a privately-held, global enterprise with additional laboratory locations in Washington D.C. Metro, Boston, San Diego, and China. In June 2014, GENEWIZ, Inc. celebrated its new 11,000-square-foot administrative facility in South Plainfield! 11

12 Waterfront Technology Center at Camden The Waterfront Technology Center at Camden is a 100,000-square-foot facility designed exclusively to accommodate the work of established businesses and startups in the biosciences, microelectronics, advanced materials, information technology and other high-tech and life sciences fields. More than 30 students and 40 faculty members from the Rutgers Center for Computational and Integrative Biology currently use approximately 9,000-square-feet of lab space at the WTCC for their research. 12

13 Q & A Kamran Hashmi Program Manager Tech & Life Sciences (609) For more information please visit and follow us on LinkedIn and Twitter 13

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