| Photo by Carlos Gil on Unsplash
TRENTON, NJ — A semi-annual Founders and Founders’ All Stars Alumni Pitch Competition and Resource Fair event organized by the New Jersey Economic Development Authority (NJEDA) brought startups, investors, and other innovation economy stakeholders together for a day of pitches recently. It was an ecosystem resource fair, and many informal networking opportunities connected early-stage businesses with investors to discuss strategy, business models, and funding opportunities, strengthening the state’s vibrant innovation ecosystem.
The second alumni pitch competition featured qualified companies previously presented at Founders & Funders events. The companies competed for the opportunity to apply for a $100,000 grant award.
NJEDA Chief Executive Officer Tim Sullivan said New Jersey has cemented its role as a national leader in the innovation economy, providing entrepreneurs and startups with the capital and support they need to grow and thrive in the Garden State.
“The NJEDA’s Founders and Funders initiative continues to spark vital connections between investors and entrepreneurs, and this year’s All-Stars event showcased the incredible depth of talent driving our state’s thriving startup ecosystem,” he added, saying, “that through ecosystem development initiatives, such as the event,” New Jersey is “building on New Jersey’s rich legacy of innovation to power the technologies and companies of tomorrow.”
The NJEDA has organized 16 Founders and Funders events to facilitate introductions between innovative emerging New Jersey companies and sophisticated angel investors and venture capital firms. Since its inception, more than 400 companies and 250 investors have participated in Founders and Funders events. At last week’s event, 10 “All-Star companies” had the opportunity to pitch and meet with 11 venture capital firms. Over 20 investors were present throughout the day, and more than 50 entrepreneurs engaged in meaningful discussions with resource fair ecosystem participants.
According to NJEDA, the initiative has matched hundreds of startup companies with investors, bolstering economic opportunity and access to capital for entrepreneurs and promoting growth in the state’s innovation. “This year’s all-stars event exemplifies the breadth of talent in New Jersey’s startup community and the transformative impact of investment in innovation,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.
This year’s All-Stars event included an ecosystem resource fair and a presentation on the NJEDA’s Strategic Innovation Center initiative. The latter showcased the range of programs available to bolster startup creation in the state.
Cranford-based Boxcar, an innovative, integrated commuting company focused on simplifying long and stressful commutes through luxury busing and other services, won the alumni pitch competition, selected by audience vote. Boxcar previously received funding from the NJEDA through the Angel Match Program and obtained further investment from Newark Venture Partners with NJEDA support.
“This was another terrific NJEDA event,” said Boxcar Founder and Chief Executive Officer Joe Colangelo. “Boxcar was able to meet new investors as well as reconnect with investors that we initially pitched at a 2018 Founders and Funders event – 7 years ago.”