Accelerator fever has been sweeping the country almost as fast as Linsanity, with New Jersey the latest to join the small-business-booster craze.
New Jersey’s first statewide technology accelerator, TechLaunch, will get funding from the state economic development authority and will be open to entrepreneurs from different industries, including healthcare, so long as they can scale within 12 weeks, said Mario Casabona, who is heading up TechLaunch, in an e-mailed statement in response to questions.
“Due to the nature of the 12-week LaunchPad business boot camp program and the expected demo and investor pitch at the end of the program, we expect most of the technologies will be IT, media or Internet focused.”
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
He later added that TechLaunch’s inaugural class is expected to begin in June or July this year. It will also include 12 companies, a statement from the New Jersey Economic Development Authority said. Investments for companies will average $18,000. It will be a public-private partnership with the New Jersey authority to invest $150,000 per year in the program over three years with matching funds from the private sector.
Montclair State University will serve as the host campus.
Last month, New Jersey allocated $2 million to the Edison Ventures’ Edison Venture Fund VII, which invests in financial, healthcare information, interactive marketing and enterprise 2.0 technology companies, according to the statement. The $206 million fund, with a growth target of $300 million, is seeking to invest in 25 to 30 expansion-stage companies.
New Jersey joins several states with a technology accelerator or incubator, among them is Pennsylvania with its Benjamin Franklin network, which supports technology and life science companies. North Carolina is also starting one targeting life science. It reflects a move to stimulate economic growth and create jobs. Several other private accelerators have also been launched around the country.
[Photo from Flickr user Kimberly*]
