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NJEDA to Host Innovation Fellows Program Information Session on January 19
The New Jersey Economic Development Authority (NJEDA) announced it will host a webinar for would-be entrepreneurs to learn how they can apply for grants of up to $400,000 to pursue their endeavors through the upcoming $10 million New Jersey Innovation Fellows (NJIF) program. The virtual information session will take place on January 19th from 3:30 p.m.-4:30 p.m. and will offer an overview of the program and will provide insight on how the competitive program will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period.
Entrepreneurs interested in attending the webinar can register at https://www.njeda.com/event/njeda-innovation-fellowship-program/.
The Innovation Fellows program will support would-be entrepreneurs, particularly diverse entrepreneurs, with “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding in the two-year ideation and formation period of their businesses.
Approved teams will be qualified to receive $200,000 as a base award, and up to $200,000 in bonuses (resulting in a total $400,000 award). Bonuses include $50,000 if any one of the entrepreneurs in a team resides in an Opportunity Zone within the State. An additional $50,000 bonus is awarded for each Entrepreneur leader on the Fellows team with a diversity self-certification or education bonus up to $150,000, resulting in a total potential award of $400,000.
The NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024, until funds are exhausted.
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