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Incubator and Collaborative Workspace Initiative

October 31, 2018 By WorkSocial Editorial

WorkSocial now taking applications for NJ first State Funded Incubator and Collaborative Workspace Initiative!

 The State of New Jersey will offer Grants to the Tenants of WorkSocial. The purpose is to support early stage technology and life science companies in New Jersey collaborative workspaces.

  • EDA’s grants will cover rent payments for 2, 4 or 6 months.
  • A collaborative workspace must match EDA’s grant to the tenant company on a 1:2 basis (e.g. if EDA provided a grant for 2 months, the collaborative workspace would need to provide a grant for 1 month)
  • The start-up tenant company must commit to continuing to work from the collaborative workspace (paying rent) for a total period of 24 Months
  • EDA will provide an additional month of support if the workspace is located in an Opportunity Zone, affiliated with a hospital system or New Jersey university, or is recently established. These months can be added together for a total of three additional months.  These months do not count toward the workspace match requirement or the tenant commitment requirement.

What is required of the workspace?

Step 1: Apply for your Spot

Sign a LOI and get the grant process started.

Online grant applications will include basic information about the tenant company (see below) and a signed lease (can be contingent on grant funding) to start within 30 days +/- from grant application submission date).

What is required of the tenant?

Because the grants are intended to support early-stage life sciences and technology companies, the program requirements are very straight forward. To be eligible, a company must:

  • Be registered to do business in New Jersey
  • Provide a two-page executive summary of their business

In addition, the company must certify that they:

  • Are a technology and life sciences company
  • Are applying within three years of earliest date of formation
  • Have fewer than 10 employees (1099 or W2)
  • Have less than $1,000,000 in trailing 12-months gross sales from date of application submission
  • Have at least one full-time NJ employee that will be working in the facility (1099, W2, and common law employees are eligible
  • Have not previously utilized another collaborative workspace in NJ (use of out-of-state collaborative workspaces does not disqualify the tenant)
  • Commit to working at the facility beyond the grant term for 1x the length of the total grant. (For example, if the grant covers 2 months of rent from EDA and 1 month of rent from the collaborative workspace, the company must commit to an additional 3-months beyond the term of the grant.)

How to Apply

We are in the process of short listing clients for our first round of funding. We will also write you a check for $5500 as an Angel Investor.

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