NJ attracts $5.5 billion in venture capital in 2021; Princeton Launches Regional I-Corps Program; Coviello Promoted – NJ Tech Weekly

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Venture Capital Funding Soars in New Jersey

  • New Jersey innovation-focused companies secured $5.5 billion in 219 venture capital deals in 2021, up from $1.7 billion in 154 deals in 2020, according to the New Jersey Economic Development Authority (NJEDA). ).
  • By contrast, in 2017, the state saw a total of just $818 million in 143 venture capital deals.
  • In just one example, Celsius Network announced in October 2021 that it had raised $400 million in Series B venture funding.
  • Last year, the NJEDA approved a record 559 angel investor tax credit applications, an increase of nearly 400% from 2020.
  • Those approved applications represented the injection of more than $100 million into 39 New Jersey businesses, NJEDA said.

Launch of Princeton’s I-Corps Northeast Regional Program

Christina Pellicane, Lead Instructor, I-Corps Northeast Hub
  • Princeton University and its partners have launched the first program offered by the National Science Foundation’s new Innovation Corps (I-Corps) Northeast Regional Hub, which offers customer discovery training for university startups .
  • Fourteen teams from universities and institutions across the Northeast are participating in the program, according to an article on Princeton’s website.
  • Teams attend four sessions led by experienced entrepreneurship instructors and work with experienced mentors to increase their chances of success.
  • “The biggest reason startups fail is because they’re building a product that no one wants,” said Lori Dars, I-Corps co-instructor and associate director of the Office of Economic Development and Innovation at Rutgers University, a partner institution.
  • The I-Corps program is designed to ensure that this does not happen for these college startups.

NJEDA promotes Kathleen Coviello

Kathleen Coviello | Courtesy of NJEDA
  • Kathleen Coviello, executive vice president for technology, life sciences and entrepreneurship at NJEDA is taking on a new role.
  • The longtime NJEDA leader is promoted to director of economic transformation.
  • Coviello will now oversee strategic sector and economic growth products, including business and real estate tax credit programs and initiatives involving clean energy, innovation and venture capital funds, according to an article from ROI-NJ.

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Tags: Angel Investor Tax Credit, angel investors, I-Corps Northeast Regional Hub, Kathleen Coviello, New Jersey Economic Development Authority, Princeton University, Rutgers University, venture capital

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