Innovation Challenge Will Offer Competitive Planning Funds for Innovation-Focused Projects
TRENTON – Governor Phil Murphy today praised the New Jersey Economic Development Authority (EDA) for its creation of an Innovation Challenge that gives eligible communities the opportunity to receive funds for plans that strengthen their local innovation ecosystems. The Challenge will launch as a pilot round with awards of up to $100,000 per recipient.
“Now is the time for the creativity and entrepreneurial spirit of New Jersey to shine as we ignite our potential to grow an innovation economy,” said Governor Murphy. “We want specific plans that will support inclusive economic development and enhance the local business ecosystem.”
“Providing seed funding to catalyze planning and key investments is an important step in advancing Governor Murphy’s mission of reclaiming the innovation economy,” said Tim Sullivan, Chief Executive Officer of the EDA. “This program will help our communities advance plans and build the capacity they need to drive innovation-centered economic development.”
Communities can submit proposals to the Innovation Challenge program on a wide range of relevant topics, such as real estate, infrastructure, green energy projects, or STEM education and job training. Plans may focus on several key areas including, but not limited to:
For this pilot Innovation Challenge, the funding pool is set at up to $500,000. Applicants must commit to a 20 percent match through financial or in-kind resources, with preference given to those that include additional funding commitments from anchor institutions or other strategic partners. Applicants must be cities or partnered municipalities representing at least 25,000 people, or county or regional partnerships that collectively represent at least 100,000 people.
Applications must demonstrate a viable path to bring ideas to implementation, including a collaborative stakeholder engagement process and strategy. Applications will also be scored against the anticipated economic and social impact; an ability to track results; transferability; and existing staff capacity and management experience.
The EDA anticipates releasing the Request for Proposals/Qualifications in July. Check www.njeda.com/InnovationChallenge for updates.