Venture Capital Funding Soars in New Jersey
- New Jersey innovation-focused companies secured $5.5 billion in 219 venture capital deals in 2021, up from $1.7 billion in 154 deals in 2020, according to the New Jersey Economic Development Authority (NJEDA).
- By contrast, in 2017, the state saw a total of just $818 million in 143 venture capital deals.
- In just one example, Celsius Network announced in October 2021 that it had raised $400 million in Series B venture funding.
- Last year, NJEDA approved a record 559 Angel Investor Tax Credit Program requests, an increase of almost 400% compared to 2020.
- Those approved applications represented the injection of more than $100 million into 39 New Jersey businesses, NJEDA said.
Launch of Princeton’s I-Corps Northeast Regional Program
- Princeton University and its partners have launched the first program offered by the new National Science Foundation program Innovation Corps (I-Corps) Northeast Regional Hub,which offers university startups training in customer discovery.
- Fourteen teams from universities and institutions in the North East are participating in the program, according to a item on the Princeton website.
- Teams attend four sessions led by experienced entrepreneurship instructors and work with experienced mentors to increase their chances of success.
- “The biggest reason startups fail is because they’re building a product that no one wants,” said Lori Dars, I-Corps co-instructor and associate director of the Office of Economic Development and Innovation at Rutgers University, a partner institution.
- The I-Corps program is designed to ensure that this does not happen for these college startups.
NJEDA promotes Kathleen Coviello
- Kathleen Coviello, executive vice president for technology, life sciences and entrepreneurship at NJEDA is taking on a new role.
- Longtime NJEDA leader promoted to Director of Economic Transformation.
- Coviello will now oversee strategic sector and economic growth products, including business and real estate tax credit programs and initiatives involving clean energy, innovation and venture capital funds, according to a item to ROI-NJ.
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Tags: Angel Investor Tax Credit, angel investors, I-Corps Northeast Regional Hub, Kathleen Coviello, New Jersey Economic Development Authority, Princeton University, Rutgers University, venture capital