The New Jersey Commission on Science, Innovation, and Technology (CSIT), working hand-in-hand with the New Jersey Economic Development Authority (NJEDA), released findings from an economic impact assessment of its programs, which are designed to advance startup growth and promote academic and technological research, development, and commercialization in the State. Since 2020, CSIT-supported companies have utilized 548 grants to create nearly 1,800 jobs and raise $524.5 million in additional capital, over 20 times the amount awarded through CSIT 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.”
“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.”
The assessment, conducted by the New Jersey Institute of Technology (NJIT), also found that the 226 reporting companies awarded funding through CSIT programs have generated $99.4 million in total revenue and paid taxes exceeding the total amount of funding awarded. CSIT programs have supported entrepreneurs creating innovative startup companies in some of the State’s fastest-growing industries, including clean energy, life sciences, Artificial Intelligence (AI), and biotechnology.
“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 economic impact assessment analyzed startups that have utilized capital from 21 CSIT funding rounds to develop new technologies, advance commercialization, and grow in innovative industries. It also found that CSIT-supported companies are making meaningful advances in intellectual property, a key indicator of the technological progress being made by early-stage startups. A full copy of the report can be found here.
Inaedis, a biopharmaceutical technology company based in Princeton that received support through the CSIT Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) Direct Funding Grant and Catalyst Seed Research & Development (R&D) Grant Program, is developing a scalable platform that removes the fundamental formulation, manufacturing, and delivery constraints limiting biologics. Through CSIT funding, Inaedis is attracting follow-on investment and continuing to grow in the Garden State.
“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.”