New Jersey Gov. Phil Murphy is launching two initiatives aimed at spurring the growth of high-tech companies in the state.
The state Economic Development Authority will award $500,000 in grants to help innovative startups pay their rent at collaborative workspaces — if the workspace commits to paying half the amount of the subsidy.
“An early-stage startup could enjoy the innovative ecosystem of a collaborative workspace including flexibility, networking, idea sharing, and mentorships for up to 18 months at only half the cost,” Murphy said Wednesday.
The state’s also sweetening its research and development tax credit for cutting-edge companies doing research in New Jersey.
Anne-Marie Maman, president of the New Jersey Business Innovation Network, said those programs will offer entrepreneurs with good ideas a substantial boost.
“The rent support will help small companies to focus their precious early funding on hiring and on hitting milestones,” she said. “State programs that help startups to conserve their limited cash so that they can put it to work to build value are critical to growing our innovation economy.”
The programs will help young companies succeed, Murphy said. And he hopes they’ll establish New Jersey at the top of the innovation economy.
“We have everything right here to dominate the innovation economy, the people, the extraordinary talent, our location, our history,” he said. “We’ve led this space before, and, through these programs, we will again.”