NJ State Offers Income Replacement Grants to Support Entrepreneurs

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The Innovation Fellows program will support would-be entrepreneurs, particularly diverse entrepreneurs, with “income replacement” grants. The resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding in the two-year ideation and formation period of their businesses.

Per program policy, approved teams will be qualified to receive $200,000 as a base award, and up to $200,000 in bonuses (resulting in a total $400,000 award). Bonuses include $50,000 if any one of the entrepreneurs in a team resides in an Opportunity Zone within the State. An additional $50,000 bonus is awarded for each Entrepreneur leader on the Fellows team with a diversity self-certification or education bonus up to $150,000, resulting in a total potential award of $400,000.

Awards will be disbursed over eight quarters to teams that meet and maintain compliance milestones.  

For more information, visit the New Jersey Economic Development Authority here.

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Press Release by State of NJ: Business.NJ.gov



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