TRENTON, N.J. — The New Jersey Economic Development Authority will open applications Wednesday for the third cohort of the New Jersey Innovation Fellows Program, which offers grants of up to $400,000 to eligible teams of entrepreneurs seeking to launch businesses in the state.
Applications will open at 10 a.m. Wednesday, Sept. 9, and will be accepted through 5 p.m. Friday, Dec. 4, according to the NJEDA.
The program provides income replacement grants designed to allow entrepreneurs to pursue startup ventures while receiving financial support and guidance during a two-year business development period.
Grants of $200,000 are available, with bonuses totaling up to an additional $200,000 for qualifying entrepreneurs. Bonus eligibility includes residing in an Opportunity Zone, self-certifying as a woman or minority, or graduating from a New Jersey college or university.
Subject to available funding, up to six applications will be recommended to the NJEDA board for awards and entry into the program. A seventh award could be considered if funding remains.
In addition to financial assistance, participating teams will receive 24 months of mentorship, including expert guidance, workshops and networking opportunities with academic and industry partners through the New Jersey Innovation Institute and Rowan Center for Innovation & Entrepreneurship.
Eligible applicants must consist of teams of at least three people working to launch a business.
The NJEDA is accepting questions from interested applicants through 5 p.m. Wednesday, Sept. 9. Questions about the program’s Notice of Funding Availability can be submitted to njinnovationfellows@njeda.gov.
