Programs managed by the New Jersey Commission on Science, Innovation, and Technology (CSIT), in partnership with the New Jersey Economic Development Authority (NJEDA), have generated significant economic growth across the Garden State.
According to a newly released economic impact assessment conducted by the New Jersey Institute of Technology (NJIT), startups backed by CSIT grants since 2020 have utilized 548 awards to raise $524.5 million in follow-up capital—surpassing the total funding awarded by more than 20 times—while creating nearly 1,800 jobs.
The assessment evaluated 226 reporting companies that secured capital across 21 CSIT funding rounds. Together, these early-stage enterprises have generated $99.4 million in total revenue and contributed tax payments exceeding the total value of state grants received.
Supported industries span some of New Jersey’s fastest-growing sectors, including clean energy, biotechnology, artificial intelligence, and life sciences.
“CSIT funding fills a critical gap for the earliest-stage companies that often struggle to secure traditional investment, providing the catalytic support needed to transform breakthrough discoveries into real-world solutions,” CSIT Chair and BioNJ President and CEO Debbie Hart said.
Among the beneficiaries is Princeton-based biopharmaceutical technology company Inaedis, which utilized CSIT Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) Direct Funding and Catalyst Seed R&D grants to overcome major early-stage hurdles.
“At Inaedis, CSIT funding has been transformative for our growth,” Inaedis CEO Maksim Mezhericher said in a realease. “The SBIR/STTR Direct Funding Grant has helped us bridge the gap between federal Phase I and Phase II funding by supporting critical operational and technical work… They are a key reason we can grow as a New Jersey-based deep-tech startup rather than relocating our operations elsewhere.”
