April 18, 2022 | njspotlightnews.org
It’s taking some time to get up and running, but Gov. Phil Murphy’s long-envisioned plan to establish a new state fund to invest in promising New Jersey-based startups has taken a big step forward.
The formal establishment of the Innovation Evergreen Fund was approved by the board of directors of the state Economic Development Authority during a vote held last week.
NJ SEED: The Innovation Evergreen Fund is a plan to use tax credit auctions to foster, in partnership with venture capital firms, NJ small business start-ups expecting them to become successful and create jobs. This is one more way to make NJ attractive to small businesses that, when successful, grow into big businesses.