Business View Magazine | June 2019

250 BUSINESS VIEW MAGAZINE JUNE 2019 spaces have already been approved to participate in NJ Ignite. Governor Murphy has also proposed a New Jersey Innovation Evergreen Fund, designed to supercharge the return of venture capital to the Garden State. As proposed, a total of approximately $500 million in capital would be available through the program. The NJIEF would raise approximately $250 million in capital by competitively auctioning new state tax credits to New Jersey corporations who want to participate in the innovation economy. Underscoring the important role collaboration plays in building the Garden State’s innovation ecosystem, the bidders would not only have to bid on price, but also on what value and support they would bring to the state’s innovation ecosystem. At a minimum, successful corporate bidders would agree to provide mentoring and networking support for the funded companies. The Fund would then invest the auction proceeds, alongside at least $250 million in funds from venture capital firms, into promising startups with the potential to scale up and create jobs. New Jersey is also taking steps to emerge as a leader in several high-wage, high-growth sectors. New Jersey’s location along the eastern seaboard offers an opportunity to be a leader in the offshore wind industry, and New Jersey has resources available to support this key sector. The NJEDA recently established the Offshore Wind Tax Credit, which provides reimbursement for capital investment made in offshore wind-related facilities in the seven southern counties of New Jersey. Additionally, Governor Murphy recently announced that New Jersey is creating an Offshore Wind Supply Chain Registry. This free online portal will allow investors exploring offshore wind- related projects in New Jersey to find Jersey-based companies to partner with or purchase from. We also envision the creation of the Wind Innovation & New Development (WIND) Institute to fully leverage our state’s expansive academic and workforce training assets to develop a robust wind industry. Finally, the Governor has proposed the NJ Forward Tax Credit Program as a more focused and strategic way to remain competitive with our