TRENTON, NJ — Following the inaugural batch of fellows announced last January 2024, which included ten new businesses and 30 entrepreneurs supporting ventures in life sciences, film, information technology, and professional services, the New Jersey Economic Development Authority (NJEDA) is opening applications for the next cohort of the New Jersey Innovation Fellows (NJIF) Program on May 6, 2024.
The NJIF Program supports entrepreneurs with income replacement grants, mentorship, and training to provide security in the early stages of startup business creation. NJEDA supports teams of at least three entrepreneurs with mentorship, training, and income replacement of capital of up to $400,000 over two years, attracting innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to income needs or socio-economic constraints.
In addition to financial benefits, the first-in-the-nation program also offers a comprehensive mentorship program facilitated by the New Jersey Innovation Institute (NJII) or The Rowan Center for Innovation & Entrepreneurship (RCIE), which can help mitigate the risk of business failure and propel startups to the next level.
According to NJEDA, a new fellowship program for entrepreneurs will focus exclusively on AI-powered discovery. The AI-focused fellowship, an extension of the NJIF program, will open for applications later.
The NJEDA will begin accepting applications for the second cohort of NJIF entrepreneurs at 10 a.m. on Monday, May 6, 2024. The application will be open for 60 days, closing on Friday, July 5, 2024. 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. The first webinar, on Friday, May 10, at 9:00 a.m., will cover funding opportunities, the NJIF program application process, and the Commission on Science, Innovation, and Technology’s (CSIT) clean tech programs. To register, click here.
The second webinar, on Tuesday, May 21, at 10:00 a.m., will discuss funding and programming opportunities to create and improve maternal and infant health resources. It will also provide an informational overview for potential NJIF applicants in the sector. To register, click here.
–With Jay Domingo/PDM
