New Jersey looks to spur growth in innovation, high tech

"These are the spaces where the next great leaps in technology and the life sciences will be made."

David Madden
July 28, 2018 - 11:00 pm

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PRINCETON, N.J. (KYW Newsradio) -- The Murphy administration is taking a couple actions aimed at growing New Jersey's tech and innovation industry. 

Speaking at Princeton's Innovation Center BioLabs, Gov. Phil Murphy unveiled two ways to help fledgling start-ups get on their financial feet. 

One provides seed money for several months of rent to qualifying firms. The other extends R&D tax credits to more companies to keep up with the ever changing technology landscape.

"It is right here and in places like this across our state where the innovation economy will be reborn and once again dominate in New Jersey," the governor said. "These are the spaces where the next great leaps in technology and the life sciences will be made by new companies doing leading edge research and development."

The rent program alone could give a startup as much as $15,000 in help to get the business going so they can center on talent. 

The tax credit list is being modernized for the first time in more than 20 years to better reflect standards now in effect in other states and on the federal level.