New Jersey Innovation Fellows Program (Cohort III)
New Jersey Economic Development Authority (NJEDA) · Founder income-replacement grant
$400K$200,000 base grant per team plus up to $200,000 in bonuses (up to $400,000), paid quarterly over 2 years as income replacement, plus 2-year mentorship
State grant that pays income replacement to teams of first-time founders leaving their jobs to build a startup in an eligible New Jersey municipality, with a mandatory two-year mentorship programme.
Key terms
- Team of at least 3 full-time entrepreneurs; at least half must be first-time entrepreneurs leaving employment within 60 days before applying
- Venture must be in a NJ Targeted Industry with an address in an eligible municipality; founders hold >50% equity
- Recipients must have paid NJ gross income tax and keep doing so for the 2-year program
- Bonuses: $50,000 if a founder lives in a NJ Opportunity Zone; $50,000 per founder (max 3) who is a diverse entrepreneur or NJ college graduate
- Funds are income replacement, paid quarterly against milestones; $250 application fee
- Cohort III window 9 Sep - 4 Dec 2026, 5:00 p.m. ET
Eligibility
- Where
- United States
- Stages
- idea, pre-seed
- Needs VC/accelerator backing
- No
- Needs partner referral code
- No
- Must be incorporated
- No
- AI focus required
- No
- Students / researchers
- Not eligible
- Nonprofits
- Not eligible
Also required
- New Jersey eligible municipality
- Team of 3+ full-time founders, half first-time
- NJ gross income tax payers
- $250 application fee
How to apply
Apply through the NJEDA application portal linked from the Innovation Fellows page by 4 December 2026, 5:00 p.m. ET, with a business plan in the NJEDA presentation template.
- Benefit
- cash
- Equity-free
- Yes
- Decision time
- —
- Credit validity
- —
- Deadline
- 2026-12-04
- Status
- Open
Verified 2026-11-07 · source
More: Government grants for startups · Startup programs in the United States