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New Jersey Startup Programs Generate $524.5 Million in Follow-On Funding and Nearly 1,800 Jobs, Study Finds
New Jersey’s startup ecosystem is proving that seed capital can snowball into substantial economic gains.
A recent economic impact assessment from the New Jersey Institute of Technology (NJIT) reveals that companies nurtured by the New Jersey Commission on Science, Innovation and Technology (CSIT) have secured more than $524.5 million in follow‑on funding and created almost 1,800 jobs since 2020.
The study examined 548 grants awarded through CSIT programs, showing that the money the commission invested multiplied by more than twenty. 226 companies that received CSIT funding reported $99.4 million in revenue and paid taxes that surpassed the total funding they received. The firms span clean‑energy, life‑sciences, artificial‑intelligence, and biotechnology.
CSIT works in partnership with the New Jersey Economic Development Authority (NJEDA) to support startup growth and commercialize academic research. Reestablished in 2018, the commission has focused on making New Jersey a leader in startup creation. “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.
Beyond capital, CSIT’s impact shows significant advances in intellectual‑property development—a key early‑stage innovation indicator. “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.
A highlighted example is Princeton‑based biopharmaceutical technology company Inaedis. The startup received funding through the SBIR/STTR Direct Funding Grant and the Catalyst Seed Research & Development Grant programs as it develops a platform to improve the formulation, manufacturing, and delivery of biologic medicines. CEO Maksim Mezhericher said, “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.” He added that the grants reduced financial risk, enabled the hiring of technical talent in New Jersey, and positioned the company to compete for future federal funding and private investment.
The findings illustrate how early‑stage support can accelerate the transfer of innovation from New Jersey’s world‑class research institutions to the private sector. By providing capital, expertise, and a pathway to intellectual‑property protection, CSIT‑funded companies are creating jobs, generating revenue, and attracting additional investment that strengthens the state’s innovation ecosystem.
CSIT remains active in its mission to support entrepreneurs and strengthen New Jersey’s technology economy. The commission’s leadership, working with Governor Mikie Sherrill, continues to pursue initiatives that make the Garden State a favorable environment for starting and growing innovation‑based enterprises.
A recent economic impact assessment from the New Jersey Institute of Technology (NJIT) reveals that companies nurtured by the New Jersey Commission on Science, Innovation and Technology (CSIT) have secured more than $524.5 million in follow‑on funding and created almost 1,800 jobs since 2020.
The study examined 548 grants awarded through CSIT programs, showing that the money the commission invested multiplied by more than twenty. 226 companies that received CSIT funding reported $99.4 million in revenue and paid taxes that surpassed the total funding they received. The firms span clean‑energy, life‑sciences, artificial‑intelligence, and biotechnology.
CSIT works in partnership with the New Jersey Economic Development Authority (NJEDA) to support startup growth and commercialize academic research. Reestablished in 2018, the commission has focused on making New Jersey a leader in startup creation. “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.
Beyond capital, CSIT’s impact shows significant advances in intellectual‑property development—a key early‑stage innovation indicator. “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.
A highlighted example is Princeton‑based biopharmaceutical technology company Inaedis. The startup received funding through the SBIR/STTR Direct Funding Grant and the Catalyst Seed Research & Development Grant programs as it develops a platform to improve the formulation, manufacturing, and delivery of biologic medicines. CEO Maksim Mezhericher said, “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.” He added that the grants reduced financial risk, enabled the hiring of technical talent in New Jersey, and positioned the company to compete for future federal funding and private investment.
The findings illustrate how early‑stage support can accelerate the transfer of innovation from New Jersey’s world‑class research institutions to the private sector. By providing capital, expertise, and a pathway to intellectual‑property protection, CSIT‑funded companies are creating jobs, generating revenue, and attracting additional investment that strengthens the state’s innovation ecosystem.
CSIT remains active in its mission to support entrepreneurs and strengthen New Jersey’s technology economy. The commission’s leadership, working with Governor Mikie Sherrill, continues to pursue initiatives that make the Garden State a favorable environment for starting and growing innovation‑based enterprises.
