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Green Light for State Fund That Will Invest in NJ Startups

Updated: Aug 6, 2022

April 18, 2022 |

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.

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