If you’ve got an AI idea and need financial help developing it, the N.J. Economic Development Authority may be able to provide assistance.
The EDA announced last week that it will open applications for the Artificial Intelligence cohort within the N.J. Innovation Fellows Program June 18 — an effort that could provide up to $400,000 to entrepreneurs.
Here how it works.
The Fellows Program was created to support entrepreneurs with unique startup ideas with access to “income replacement” grants. The program aims to create an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their business.
The NJIF’s dedicated AI carveout will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch AI-driven businesses.
In addition to financial support, the NJIF Program will provide comprehensive mentorship training led by Princeton University for each entrepreneurial team. The 24-month mentorship program will provide expert guidance in various fields, conduct workshops, and offer networking opportunities with the University’s academic and industry partners.
The AI-dedicated cohort of the program will focus on innovations utilizing technologies such as machine learning, autonomous decision-making, data-driven insights, natural language processing, computer vision, and generative AI.
Grants of $200,000 are available, with bonuses of up to $200,000 if an entrepreneur resides in an Opportunity Zone, self-certifies as a woman or minority, or graduated from a New Jersey college or university.
Applications must be submitted by July 30 at 5 p.m.
Questions concerning this program’s Notice of Funding Availability should be submitted to [email protected].
Click here for a full list of eligibility requirements.
