The governor’s office and the New Jersey Economic Development Authority ("EDA") recently announced the initial group of collaborative workspaces that have been approved to participate in the NJ Ignite program.
Under NJ Ignite, incubators, accelerators, and other co-working spaces partner with EDA to provide rent-support grants to technology and life science start-up companies. Eligible start-ups will receive grants enabling the company to operate out of a participating workspace rent-free for up to nine months. EDA will award grants covering rent payments for two, four, or six months, and the workspace will match with an additional grant equal to half the duration of EDA’s commitment. In exchange for the grants, the startup company must remain in the workspace after the rent-free period expires as a paying tenant for an equal number of rent-free months.
The collaborative workspaces selected to participate in NJ Ignite are:
- Colab at Bell Works in Holmdel
- 1776 at Cherry Hill Mall
- Building 78 at Kearny Point
- The Rutgers EcoComplex
- The Rutgers Food Innovation Center
- EDA’s Commercialization Center for Innovative Technologies in New Brunswick
- Enterprise Development Center at NJIT
- Cowerks in Asbury Park
- South Jersey Technology Park in Mullica Hill
Each workspace will use its own process for selecting start-up tenants. But once admitted, start-ups will have access to the same benefits – such as networking meet-ups and office hours for consulting with professional advisors – at each participating NJ Ignite workspace.
EDA is currently accepting applications from collaborative workspaces that would like to participate in NJ Ignite as well as from entrepreneurs and start-ups interested in the program.
If you would like any additional information about how your company can take advantage of NJ Ignite or other state incentive programs, please contact the attorneys in Parker McCay’s Corporate Department at any time.
The content of this post is for informational purposes only and should not be construed as legal advice or legal opinion. You should consult a lawyer concerning your specific situation and any specific legal question you may have.