AI for Small Business Grant Program (New Jersey Bill A2480 - Proposed)

AI for Small Business Grant Program (New Jersey Bill A2480 - Proposed) is sponsored by New Jersey Economic Development Authority (EDA). This proposed program in New Jersey aims to offer grants to qualified startup and small businesses for research and development, business expansion, or job creation using AI technologies. Grants range from $10,000 to $1 million, with specific caps for different purposes.

New Jersey Innovation Fellows AI Cohort Application - Entrepreneur Supplement You’re offline. This is a read only version of the page.

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I. Purpose and Program Overview The New Jersey Innovation Fellows Program (NJIF) is a competitive grant program designed to support aspiring teams of entrepreneurs with their unique startup ideas through mentorship and income replacement grants. This Program helps entrepreneurs navigate the challenging early stages of forming and ideating their businesses.

Initially funded with a $10 million appropriation, the program is governed by Sections 65-68 of P. L. 2021, c.

160 and administered by the New Jersey Economic Development Authority (NJEDA). Successful teams of entrepreneur applicants can receive a base grant of $200,000 , with additional grants u p to $200,000 in bonuses, bringing the total potential award to $400,000 .

Bonuses are available based on the following criteria: A team of entrepreneurs may receive a $50,000 bonus if one of the identified entrepreneurs resides in an Opportunity Zone at the time of application.

A team of entrepreneurs that includes at least one member who is a graduate of a New Jersey college or university, or is a “diverse” entrepreneur, and meets the eligibility requirements, may receive $50,000 bonuses for each certifying entrepreneur leader for up to three bonus awards totaling $150,000.

Additionally, all grantees are required to participate in a mandatory two-year mentorship program aimed at guiding them through their business development journey. This program ensures that the recipients receive the support necessary to transition from ideation to successful business operations. II.

Eligibility Criteria for NJIF Applicants: Applicants must meet several key requirements to be considered for the program: Minimum Team Composition : Teams must consist of at least three full-time entrepreneurs. First-Time Entrepreneurs: At least half of the entrepreneur leadership must certify as “first-time entrepreneurs.

” A first-time entrepreneur must certify they have never been listed as a founder, co-founder, or owner of a business entity which operated in a targeted industry in the state of New Jersey and has received third-party funding. Third-party funding includes professional Angel investment, institutional Venture (VC), or Private Equity (PE) capital.

Workforce Background : Each applicant must be transitioning from a paid position (full- or part-time) or be recent graduates who have worked in a paid position within 60 days of applying and commit to full-time entrepreneurship. Paid NJ Income Tax : Each applicant must have paid New Jersey gross income tax at the time of application or within the past 60 days.

Documentation of income tax payment must be provided, such as pay stubs or a NJ Gross Income Tax Declaration of Estimated Tax Form (NJ-1040ES) with proof of payment. Personal Address Documentation : Each applicant must provide proof of their personal address through documents such as utility bills or lease agreements.

Majority Equity Ownership : The entrepreneur leadership team must own more than 50% of the equity in the proposed business. Targeted Industry : The proposed business must operate in one of New Jersey's designated targeted industries. Eligible Municipality : The proposed business must be in an eligible municipality as defined by the NJEDA.

Educational Background : Each applicant seeking an education bonus must provide educational credentials such as a diploma or transcript. Full-Time Commitment : Each entrepreneur must commit to working full-time on their business for at least two years following receipt of the grant, with a minimum of 35 hours per week and no more than 20 hours per week in outside work.

Additional Documentation Required for the NJIF General Application: For the NJIF General Application, the following documentation is required: Well-Written Business Plan : A well-written plan (maximum 3,000 words) detailing the business concept, innovation strategy, and market challenges.

Pitch Deck : A high-level overview of the business, key strategies, financials, and team (limited to 15 slides) Organizational Chart and Resumes : An organizational chart detailing team roles and individual resumes showing relevant professional experience, skills, education and certifications. III.

AI Cohort Specific Eligibility: In 2024, an additional $2 million in funding was allocated to the Program specifically to support AI-focused startups in New Jersey. The NJIF AI Cohort is designed to foster AI-driven innovation by encouraging the development of AI technologies that lead to meaningful outcomes across targeted industries.

All general eligibility criteria for the NJIF program (including team composition, equity ownership, and other documentation requirements) apply to AI Cohort applicants. The AI Cohort awardees will be required to attend and participate in a mandatory two-year mentorship program to be managed by Princeton University.

To be eligible for the NJIF AI Cohort, applicants must meet the following additional eligibility criteria: Focus on one or more of six specific AI technologies : Machine learning, deep learning, and predictive maintenance Autonomous decision-making AI-driven analytics and data insights Natural language processing Perception and Interaction: Generative AI for product design or content creation Achieve one or both of the following innovation outcomes : Improved efficiency through optimization, automation, or enhanced productivity Novel products or services that represent breakthrough innovations Submit a Code of Conduct that outlines the company’s commitment to addressing issues like bias, fairness, and transparency in AI development.

Please visit www. njeda. gov/new-jersey-innovation-fellows-program/ to review the Program in more detail.

Questions concerning this Program’s Notice of Funding Availability should be submitted to NJInnovationFellows@njeda. gov ATENCIÓN: si habla español, los servicios de asistencia lingüística, gratuitos, están disponibles para usted enviando un correo electrónico a languagehelp@njeda. gov languagehelp@njeda.

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