New Jersey entrepreneurs will be able to apply beginning Wednesday for grants worth up to $400,000 to help launch new startup businesses in the Garden State.
The New Jersey Economic Development Authority will open the third round of its New Jersey Innovation Fellows Program on September 9 at 10:00 a.m.
The program provides qualifying entrepreneurial teams with up to $200,000 in base funding, along with the possibility of receiving another $200,000 in additional awards, bringing the total potential funding to $400,000 per team.
Unlike many traditional business grants, the funding is designed as “income replacement,” allowing entrepreneurs to devote their time to developing and launching their businesses while receiving financial support during the two-year development period.
Participants also receive mentorship and training while building their companies.
Applications will remain open through December 4 at 5:00 p.m. Eligible teams must be looking to establish and grow their startup business in New Jersey.