“Ph.D candidates and recipients contribute countless hours of research to our economy and drive the innovations that define our scientific, academic, and business communities,”said Governor Phil Murphy. “This grant will enable talented individuals to work at New Jersey companies, growing and strengthening our economy.”

The notice of grant opportunity, which can be viewed here, contains eligibility requirements and details on how to apply for grants. Applications will be completed jointly by the employer and the research fellow.

The grant opportunity is the result of a law sponsored by Senators Thomas Kean, Jr. and Paul Sarlo, and Assemblyman Jon Bramnick, which dedicates money from the Workforce Development Partnership Fund toward the “establishment of technological seed growth” to promote the creation of groundbreaking technologies.

Preference will be given to graduates from New Jersey educational institutions and New Jersey residents. The first round of funding recipients will be announced this fall.

“The Labor Department is excited to administer these grants, which will help startups and give a leg up to our established businesses to continue driving innovation – and encourage the Ph.D candidates and doctoral degree recipients and the companies who hire them to remain and do business in New Jersey,” Labor Commissioner Robert Asaro-Angelo said.

This is the first-time competitive grants of this nature have been offered by the Labor Department. They represent another manifestation of the Governor’s commitment to build New Jersey’s economy by positioning innovation and diversity as the state’s economic drivers.

“Governor Murphy is committed to ensuring that New Jersey reclaims its role as a leader in innovation,” New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan said. “The grants announced today will enable researchers within New Jersey’s world-class universities to further their groundbreaking work, including discovering potentially life-saving therapies and developing technologies that will impact generations to come.”

The 24-month grants are meant to cover the salaries of the fellows. First-year fellows will be funded at a rate of up to $65,000, while second-year fellows will be paid up to $75,000 with the costs divided between the grant, which pays two-thirds of the fellow’s salary, and the company they work for, which pays one-third.