The New Jersey Commission on Science, Innovation and Technology (CSIT) has awarded a total of $1,075,000 in funding to 37 early-stage companies in Round 3 of the Direct Financial Assistance component (Phase I&II) of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR). To date, the CSIT has awarded a total of $1.9 million to 66 Garden State companies during the program’s three funding rounds.
The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs.
This third round of the program awarded $1,075,000 million in grants to 37 New Jersey small businesses in two program components:
- Direct funding — $25,000 grants totaling $775,000 to 31 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The grants are intended to help awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding.
- Bridge funding — $50,000 grants totaling $300,000 to six New Jersey small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.
“Thanks to the resources from the CSIT SBIR/STTR Direct Financial Assistance Program, New Jersey is taking bold steps to achieve Governor Murphy’s goal of building the most competitive innovation ecosystem in the country,” said CSIT Chairman Gunjan Doshi.
The number of awardees tripled from the 12 awardees in Round 1 to 37 in Round 3. Furthermore, 11 of the 37 companies have affiliations with four New Jersey research universities through license agreements for innovative technologies.
“This program is helping to accelerate the growth of innovation-focused companies in New Jersey, and we are thrilled to see small businesses take advantage of these critical resources,” said CSIT Executive Director Judith Sheft. “During this latest round of funding, participating companies were able to leverage the SBIR grant to over $18 million in additional federal funding.”
The awardees’ focus areas fell into the following categories, all of which were identified in Gov. Phil Murphy’s economic development strategic plan as high-wage, high growth sectors: technology, life sciences, clean energy, and advanced manufacturing.
“The creativity and diversity of New Jersey’s innovation and technology community combined with the availability of financial resources create a compelling value proposition for savvy entrepreneurs,” said State Senator Paul Sarlo. “Seeing how early-stage companies benefit from programs like the New Jersey SBIR/STTR Direct Financial Assistance Program will help to attract other small businesses to the Garden State.”
Assemblyman Christopher DePhillips also expressed his appreciation for the state’s creative and diverse ecosystem as the foundation for businesses to start, grow, and stay in New Jersey.
“Human capital, a diverse population, proximity to two major markets such as Philadelphia and New York City, and one of the top educational networks in the country are key elements for attracting small businesses to the Garden State,” said Assemblyman Christopher DePhillips. “By aggregating federal and state resources for emerging companies the state presents fertile ground for starting and growing a company.”
Thirty-one companies that have received federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II awards/contracts were each awarded a grant of $25,000. The selected companies include:
- Huddle Inc (Newark, Essex County)
- AG350, Inc. (Princeton, Mercer County)
- BioTillion, LLC (Skillman, Somerset County)
- Blue Rock Solutions Inc. (Williamstown, Gloucester County)
- Celestron Technologies, LLC (Moorestown, Burlington County)
- CloudJuncxion, Inc. (Bridgewater, Somerset County)
- Culnexin Therapeutics (Princeton Junction, Mercer County)
- Dandelion Science Corp (Hoboken, Hudson County)
- Fabricated Software Inc. (Cedar Grove, Essex County)
- Generation Biotech (Princeton, Mercer County)
- HiT Nano, Inc (Bordentown, Burlington County)
- Impact Business Information Solutions Inc (Princeton, Mercer County)
- InnoSepra, LLC (Middlesex, Middlesex County)
- Kathera Bioscience, Inc. (Union, Union County)
- Knowledge To Own, Inc. (Springfield, Union County)
- Manhattan BioSolutions, LLC (Fort Lee, Bergen County)
- Marine Electric Systems, Inc. (South Hackensack, Bergen County)
- Mindprint Learning LLC (Princeton, Mercer County)
- Misram LLC (Holmdel, Monmouth County)
- NanoSepex INC. (Newark, Essex County)
- NeuroTechR3, Inc. (Warren, Somerset County)
- One World Design and Manufacturing Group (Warren, Somerset County)
- Palindrome Technologies (Hazlet, Monmouth County)
- Phoresis, Inc. (Princeton, Mercer County)
- RadioSight LLC. (Hoboken, Hudson County)
- Regenosine, Inc (Jersey City, Hudson County)
- Simphotek, Inc (Newark, Essex County)
- Speckodyne Corporation (Hamilton, Mercer County)
- StemPlant LLC (Camden, Camden County)
- TEAM of Care Solutions, LLC (Fort Lee, Bergen County)
- Tendo Technologies (Princeton, Mercer County)
Additionally, the following six New Jersey small businesses will each receive $50,000 bridge funding grants, as they have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program.
- BANC3 (Princeton, Mercer County)
- Cell Podium LLC (Newark, Essex County)
- Fuceltech Inc DBA Princeton Innotech (West Windsor, Mercer County)
- Princeton NuEnergy (Bordentown, Burlington County)
- SubUAS LLC (Hillsborough, Somerset County)
- Venarum Medical, LLC (Eatontown, Monmouth County)
In February 2021, the CSIT awarded $450,000 in matching grants to 16 New Jersey small businesses that were engaged in the federal SBIR/STTR program.
Want to learn more about New Jersey corporate expansion?
Considering New Jersey for your company’s relocation or expansion project? Check out all the latest news related to New Jersey economic development, corporate relocation, corporate expansion and site selection.
