NJEDA approves over $12.5M in funding to support innovative Medtech and Maternal Health Startups

The New Jersey Economic Development Authority (NJEDA) Board has approved a landmark $12.55 million commitment to establish two new Strategic Innovation Centers (SICs). This investment is designed to catalyze the state’s burgeoning medical technology and maternal health sectors, providing a launchpad for startups to transition from research and development to commercial success.

The funding will support two distinct but complementary initiatives:

• NJ Accelerator for Innovation in Medtech (NJ AIM): A multi-location hub in Camden and Mullica Hill dedicated to novel medical devices and technologies.
• New Baby New Jersey SIC: Located within Trenton’s upcoming Maternal and Infant Health Innovation Center (MIHIC), this center will focus on groundbreaking solutions for maternal and infant health equity.

These Strategic Innovation Centers (SICs) are a cornerstone of the state’s strategy to reclaim its legacy as a global leader in innovation. By providing physical space, specialized equipment, and access to capital, the NJEDA aims to keep high-growth companies within New Jersey.

“Throughout the Murphy administration, New Jersey has invested heavily in creating environments where entrepreneurs can thrive,” NJEDA Acting CEO Mary Maples said. “These investments into NJ AIM and the New Baby New Jersey SIC further establish the state’s leadership in medtech and maternal health, advancing breakthroughs and creating jobs.”

The programs will be managed by Plug and Play, a global innovation platform that runs over 100 accelerators annually. The partnership ensures that New Jersey startups are connected to a network of more than 550 corporations and thousands of investors.

Funding Breakdown:

• $5.5 million: Dedicated investment fund for participating startups in both accelerators.
• $2.25 million: Support for accelerator operations, matched by Rowan University.
• $1.5 million: Investment in a new venture studio operated by NLC Ventures, a global healthtech venture builder.
• $3 million: Reserve for early-phase maternal and infant health development initiatives in Trenton.

The centers are strategically located to leverage the expertise of academic and clinical partners:

• Camden/Mullica Hill (NJ AIM): Based at the Joint Health Sciences Center and Cooper Medical School of Rowan University, with a future presence alongside the Shreiber School of Veterinary Medicine. Cooper University Health Care will serve as the anchor commercial affiliate.
• Trenton (New Baby New Jersey): Housed in the MIHIC, this center supports the Nurture NJ initiative. It will focus on digital health, doula support, and mental health to eliminate racial disparities in maternal care.

“Innovation begins with bold investment,” Rowan University President Ali A. Houshmand said. “Together we will shape a stronger, more vibrant New Jersey.”

The SIC initiative is already showing significant promise. A recent economic impact assessment projected that startups developed at New Jersey’s 12 SICs will generate over $17 billion in economic output and support 28,000 jobs over the next decade.

Read the full story on BINJE.