The New Jersey Economic Development Authority (EDA) has announced its search for a private partner to manage the launch of a Life Sciences/Healthcare IT Accelerator.
According to yesterday’s EDA Press Release, New Jersey is looking for a business partner to oversee the Accelerator, whose goal is to use the region’s business acumen to engender innovation and entrepreneurship. This announcement follows the recent enactment of the New Jersey Angel Investor Tax Credit Act, an investment stimulus measure for high tech start ups that provides investment incentives for “angel investors.”
In 2010, New Jersey successfully launched its first technology accelerator, TechLaunch, premised on nurturing companies focused on advancing technology through investment and industry expertise. The newly announced Life Sciences/Healthcare IT Accelerator will follow this model and be based at EDA’s North Brunswick, New Jersey-based Commercialization Center for Innovative Technologies (CCIT).
It is anticipated that the EDA will issue a Request for Proposals at the end of this month for partner companies interested in competing to manage the Accelerator. The solicitation will be available at www.njeda.com. Additional details about the program are set forth in the Press Release, and are available from the BioNJ Office at 609-890-3185 or e-mail at BioNJ@BioNJ.org.
Once a partner is selected and the program is launched, the New Jersey Accelerator plan will afford intensive training, mentorship and seed investment as well as business networking opportunities to the ten or so selected company participants. The training would culminate in a formal technology and business presentation to various investors.
In sum, the Life Sciences/Healthcare IT Accelerator will capitalize on the synergies of New Jersey’s business community to spur additional economic development and growth in the region.