It may sound too good to be true, but … the N.J. Economic Development Authority will soon open a program in which entrepreneurs can apply for grants worth as much as $400,000 to help launch a business — no revenue, no product, just an idea and a team willing to build it.
The program behind the idea is tried and true.
Cohort III of the New Jersey Innovation Fellows Program opens for applications Sept. 9 at 10 a.m.
The program supports entrepreneurs with unique startup ideas, giving them the security of initial income-replacement funding and guidance during the two-year ideation and formation period of their business.
The base grant is $200,000. On top of that, applicants can qualify for bonuses of up to $200,000 more — bringing the maximum award to $400,000 — if they reside in a designated Opportunity Zone, self-certify as a woman or minority entrepreneur, or graduated from a New Jersey college or university.
Money isn’t the only thing on offer. Recipients also get 24 months of mentorship, workshops and networking access through the New Jersey Innovation Institute and the Rowan Center for Innovation & Entrepreneurship.
Funding is limited. The EDA plans to recommend up to six applications to its board for awards and entry into the mentorship program, with a seventh possible if money remains.
To apply, entrepreneurs must form a team of at least three people working to launch a business; the NJEDA has posted a full list of eligibility requirements on its website.
Applications close Dec. 4, at 5 p.m.
Interested applicants with questions about the funding notice can submit them through Sept. 9 at 5 p.m. to [email protected].
