NJEDA adds new accelerator to help state-based startups June 3, 2021
1:11 pm
The New Jersey Economic Development Authority is adding its third participant to a new incentive program meant to attract and grow startups in the state, known as NJ Accelerate.
An accelerator is a type of fixed-term “cohort program,” spanning 15 to 20 weeks, where entrepreneurs are given access to facilities, offices, lab space, seed funding, mentoring and technical assistance to hash out and refine their business proposal, which they then eventually pitch, said NJEDA Executive Vice President Kathleen Coviello, in an interview last year.
Both the NJEDA and the accelerator that the entrepreneur graduated from would jointly finance the startup dollar for dollar – capped at $250,000 from the state – if they move to New Jersey within six months of finishing the accelerator program.