Corporate executives are invited to participate in a virtual roundtable discussion about the New Jersey Innovation Evergreen Fund (NJIEF), a program that will launch this year and invest millions of dollars in high-growth startups through the sale of tax credits to corporations in the state.
New Jersey Economic Development Authority CEO Tim Sullivan and NJEDA Director of Venture Programs Tim Rollender will host a virtual NJ Innovation Evergreen Fund Corporate Tax Auction Roundtable at 9:30 a.m. on Thursday, Jan. 6. To register to participate, go here.
The NJIEF program is partnership with the private sector that is designed to raise funds through a tax credit auction that will support New Jersey’s entrepreneurial and innovation economy. Through the NJIEF, the state will sell up to $60 million in tax credits annually through a competitive tax credit sale that allows corporations to put forth a financial bid and strategic commitment for tax credits.
The money raised through the tax credit auction will be invested with qualified venture capital managers into innovative early-stage, New Jersey-based businesses to encourage these startups to grow and stay in the Garden State. Investments would target startups in innovation sectors such as life sciences, financial technology, digital media, and cybersecurity.
New Jersey corporate executives are being asked to provide feedback now as NJIEF regulations are written and processes are built. NJEDA said the valuable input gained from corporate leaders will help maximize program engagement and position the NJIEF for success.
The first 30 minutes of Thursday’s program, NJ Innovation Evergreen Fund Corporate Tax Auction Roundtable, will feature a presentation from Sullivan and Rollender. The remaining 60 minutes will be reserved for questions from the business community.