February 14, 2013
Christie
Administration Seeks Partner to Help Create Life
Sciences/Healthcare IT Accelerator
The Christie
Administration is looking to tap
into the expertise of the private
sector to bolster New Jersey’s
status as a leader in life sciences
and healthcare technology. To
help the industry’s most promising
entrepreneurs deliver products to
market, the New Jersey Economic
Development Authority (EDA)
announces that it will launch a Life
Sciences/Healthcare IT Accelerator
and secure a private partner to
manage the effort.
“Governor Christie
recognizes how important it is to
nurture the growth of New Jersey’s
early-stage life sciences and
technology companies, and this is
another opportunity for the state to
partner with the private sector to
fill a market need,” said EDA Chief
Executive Officer Michele Brown.
“The Life Sciences/Healthcare IT
Accelerator will allow us to
capitalize on the talent in our
region and provide an environment
that catalyzes innovation,
entrepreneurship and job creation.”
This initiative
builds on the market success of New
Jersey’s first technology
accelerator, TechLaunch, which the
EDA created in 2012 with industry
pioneer Mario Casabona. Consistent
with TechLaunch, the concept and
model of the Life
Sciences/Healthcare IT Accelerator
is based on a competitive selection
of companies interested in advancing
the commercialization of technology
through seed funding and access to
industry expertise. The EDA
will host the Accelerator at its
North Brunswick-based
Commercialization Center for
Innovative Technologies (CCIT), the
state’s leading life sciences
incubator.
The EDA
anticipates that the Accelerator
will offer an estimated 10 companies
the opportunity to participate in
the intense boot camp. The
selected companies would receive
hands-on mentorship; seed funding
ranging from $20,000 to $100,000;
and, connections to potential
partners and customers. At the end
of the boot camp, companies would
demonstrate their technologies and
business models to a wide variety of
investors during a formal event.
EDA President and
Chief Operating Officer Tim Lizura
noted that the Accelerator model is
one that engages the community to
support promising entrepreneurs.
Lizura said the
EDA anticipates life science mentors
will include industry leaders
representing three main categories:
strategic partners (hospitals,
pharmaceuticals, health insurance
companies and research
institutions); investors (angel
investors, venture capitals and
serial entrepreneurs); and, service
partners (accountants and lawyers).
The EDA expects to
issue a Request for Proposals in
late February via a competitive
solicitation that will score and
rank the respondents who would like
to manage the Accelerator. The
ranking criteria will include: a
demonstration of matching funds and
readiness to proceed; strength of
historical investment track record;
strength of historical role in
mentoring entrepreneurial companies;
and, experience in the New Jersey
life sciences market. Respondents
will be required to detail their
specific model and approach, along
with the justification of why the
proposed model will be successful in
New Jersey.
Consistent with
TechLaunch, the new Accelerator
would have the EDA’s contribution of
equity as “matching dollars,” with a
ratio of 2:1, thus leveraging
private capital and commitment.
Under this initiative, EDA would
contribute $500,000 of capital, plus
an estimated $35,000 of in-kind real
estate contribution per year over
three years. The cash contribution
will require the formal 2:1 private
sector match, for an annual public
private investment of $1.5 million.
The EDA’s funding will be in
exchange for a $535,000 annual
prorata Limited Partnership
investment, with a subordinate
equity return position.
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