New Jersey startup programs help companies raise $524.5 million, create nearly 1,800 jobs
TRENTON, N.J. — Startups supported by the New Jersey Commission on Science, Innovation and Technology have raised more than $524.5 million in follow-on funding and created nearly 1,800 jobs since 2020, according to a new economic impact assessment released this week.
The assessment, conducted by the New Jersey Institute of Technology, found that companies receiving support through CSIT programs leveraged 548 grants to generate more than 20 times the amount awarded through the commission’s funding programs.
“Since day one, Governor Sherrill has advanced a thoughtful plan to bolster business growth in the State by easing costs, expanding resources, and making government a more productive partner,” said NJEDA Chief Executive Officer Evan Weiss. “CSIT’s efforts are a shining example of how effective programs can increase economic opportunities for business owners, creating jobs, attracting further investment, and strengthening the State’s innovation economy.”
CSIT, which works with the New Jersey Economic Development Authority, supports startup growth and promotes academic research, technology development and commercialization across the state.
The report found that 226 companies receiving CSIT funding generated $99.4 million in revenue and paid taxes exceeding the total amount of funding they received. Supported businesses include startups in clean energy, life sciences, artificial intelligence and biotechnology.
“Since CSIT was reestablished in 2018, the Commission has focused its efforts on making New Jersey a leader in startup creation and entrepreneurial growth, supporting the advancement of novel technologies and sectors and strengthening the State’s innovation ecosystem,” said CSIT Executive Director Judith Sheft. “The findings in CSIT’s economic impact assessment exemplify the State’s progress in its efforts to expand access to capital and strategic resources for New Jersey entrepreneurs, and startup growth has resulted in meaningful discoveries and life-changing work being conducted throughout the State. We look forward to working with Governor Mikie Sherrill to continue to make the Garden State the best place to start and grow innovation-based startup enterprises.”
According to the assessment, CSIT-funded companies also made significant advances in intellectual property development, a key indicator of technological innovation among early-stage startups.
“CSIT funding fills a critical gap for the earliest-stage companies that often struggle to secure traditional investment, providing the catalytic support needed to transform breakthrough discoveries into real-world solutions,” said CSIT Chair and BioNJ President and CEO Debbie Hart. “By accelerating the transfer of innovation from New Jersey’s world-class research institutions into the private sector, these investments help drive commercialization, strengthen the State’s innovation ecosystem, attract future investment and fuel long-term economic growth and competitiveness.”
The report highlighted Princeton-based biopharmaceutical technology company Inaedis as one example of a startup benefiting from CSIT support. The company received funding through the SBIR/STTR Direct Funding Grant and Catalyst Seed Research & Development Grant programs as it develops a platform designed to improve the formulation, manufacturing and delivery of biologic medicines.
“At Inaedis, CSIT funding has been transformative for our growth. The SBIR/STTR Direct Funding Grant has helped us bridge the gap between federal Phase I and Phase II funding by supporting critical operational and technical work that strengthens our Phase II proposal and our commercialization plan,” said Inaedis CEO Maksim Mezhericher. “CSIT grants have reduced our financial risk at a very early stage, enabled us to retain and attract technical talent in New Jersey, allowed us to hire new team members, and positioned Inaedis to be more competitive for future federal funding and private investment. They are a key reason we can grow as a New Jersey-based deep-tech startup rather than relocating our operations elsewhere.”
