NJEDA Seeks Companies for New Jersey-Israel Innovation Partnership Initiative
NJEDA Seeks Companies for New Jersey-Israel Innovation Partnership Initiative
“In today’s increasingly global economy, creating opportunities for New Jersey-based businesses to connect with partners around the world is critical to building a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The New Jersey-Israel Innovation Partnership Initiative brings together two of the world’s leading innovation ecosystems to advance cutting-edge research and development and create new pathways to success for entrepreneurs and workers in the Garden State.”
Launched in October 2018 during Governor Murphy’s mission to Israel, the New Jersey-Israel Innovation Partnership Initiative supports the Governor’s plan for a stronger, fairer New Jersey economy by promoting partnerships between New Jersey and Israeli companies to advance joint R&D projects. These partnerships will increase the level of R&D taking place in New Jersey, expose New Jersey businesses to new markets and commercial opportunities, and encourage high-growth Israeli companies to establish their American headquarters in New Jersey.
“Israel has long been one of New Jersey’s most important partners,” said Andrew Gross, Executive Director of the New Jersey-Israel Commission. “Increasing collaboration between the companies driving innovation in both places through efforts like the New Jersey-Israel Innovation Partnership Initiative is critical to increasing New Jersey’s international profile and building a stronger economy here in the Garden State.”
NJEDA staff will review responses to the RFEI issued today to identify qualified New Jersey companies to participate in the initiative. The IIA will then issue a Call for Proposals aimed at selecting Israeli companies interested in partnering with those qualified New Jersey businesses that IIA determines best match the Israeli R&D ecosystem. Selected Israeli companies will implement joint R&D projects with their New Jersey partners, with the IIA providing grants up to 50 percent of the Israeli company’s share of R&D expenses.
To qualify for the program, New Jersey companies must:
- Have an R&D or manufacturing presence in New Jersey,
- Have a projected financial commitment of at least $250,000 per proposed R&D project in one of the priority sectors identified in Governor Murphy’s economic plan,
- Provide a current Tax Clearance Certificate,
- Not be in default on any NJEDA financial assistance or have outstanding labor or environmental investigations, and
- Be reviewed under the NJEDA’s debarment rules.
Projects promoted through the initiative should also result in the development of a new or significantly improved product, process, or service with significant technological innovation and an industrial application intended for commercialization, with a reasonable market potential. Following project completion, companies must submit a report demonstrating how the New Jersey company spent the majority of its share of the project budget in New Jersey and that the majority of the R&D activities occurred either in New Jersey or Israel.
“Collaborations that cross borders to bring together the best minds are critical to building a vibrant innovation ecosystem in New Jersey,” said Wes Mathews, Vice President and Director, Office of International Trade and Investment at the NJEDA. “The New Jersey-Israel Innovation Partnership Initiative will drive economic growth and increase New Jersey’s reputation as a global leader in the innovation economy.”
The initiative falls under the Governor’s international innovation program and, if successful, the EDA could further expand it, as well as replicate it with other countries.
“Israel is known globally as a leader in innovation and we are excited to facilitate research and development partnerships between Israeli companies and New Jersey-based businesses,” said Israel Innovation Authority Chairman and Chief Scientist at the Ministry of Economy and Industry, Dr. Amiram Appelbaum. “Forging strong ties between two centers of innovation will benefit businesses and consumers in both New Jersey and Israel.”
New Jersey businesses interested in participating in the program can learn more and submit the RFEI here: www.njeda.com/rfei_oiti
To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy.
The Office of International Trade and Investment (OITI) is the lead international business development office in the New Jersey State government committed to promoting the Garden State as a premier business and investment destination. OITI works with government and private-sector partners to foster innovation and sustainable job growth by widening New Jersey’s global reach and supporting international trade and investment.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
