New Jersey Invests $12.5 Million to Drive Innovation in Med-Tech and Maternal Health

This $12.55 million grant package from the New Jersey Economic Development Authority (NJEDA) promotes medical technology and maternal health entrepreneurship and innovation. This massive investment will create two Strategic Innovation Centers (SICs) to help startups develop across the state.

New Baby New Jersey in Trenton and the Camden-Mulliga Hill New Jersey Accelerator for Innovation in Medtech (NJ AIM) will receive financing. Both centers should offer startups mentorship, business development services, training, and investment options to foster innovation.

Acting NJEDA CEO Mary Maples stressed the importance of these investments in medical technology and maternal health. She said funding these areas will boost science, jobs, and the regional economy.

Two startup cohorts of at least 20 companies will meet annually at each site. The remaining companies may be from outside New Jersey, but incentives are offered to relocate there. At least 20% must be.

To maximize impact, $12.55 million is strategically allocated. The participating companies received $5.5 million in direct investment, $2.25 million for accelerator programs with Rowan University, $1.5 million for NLC Ventures’ venture studio, and $3 million for a Trenton-based early-phase maternal and infant health initiative.

NJ AIM will have 8,500 square feet in Camden at Rowan University’s Joint Health Sciences Center, Cooper Medical School, and West Campus in Mullica Hill. The initiative’s core commercial partner is Cooper University Health Care. Jaap Haemers, Director of NLC Ventures USA, said the venture studio will collaborate with startups to scale scientific breakthroughs using a robust ecosystem of clinical partners, universities, and investors.

The Maternal and Infant Health Innovation Center in Trenton will house the 5,000-square-foot New Baby New Jersey SIC. Improve maternity care equity, digital health tools, doula support, perinatal mental health, and family access to public benefits are the center’s goals. The New Jersey Maternal and Infant Health Innovation Authority CEO, Lisa Asare, stressed that this project is crucial for improving mother and infant outcomes and strengthening healthcare infrastructure.

Companies will receive expert advice and access to investors and industry partners from Plug and Play, a global organization with over 100 accelerator programs, at both centers. New JerseyEDA invests in 12 Strategic Innovation Centers in AI, finance, aerospace, life sciences, and biotechnology.

New Jersey wants to boost its status as a hub for innovation, scientific breakthroughs, and exceptional healthcare by giving businesses the tools and assistance they need to turn their ideas into significant solutions.

Sources:

• New Jersey Economic Development Authority (NJEDA)
• Cooper University Health Care
• Rowan University
• New Jersey Maternal and Infant Health Innovation Authority