About this programme
The New Jersey Innovation Fellows Program (NJIF) gives early-stage entrepreneurs an income replacement grant and mentorship over a two-year period while they build a company full time. It was established under Assembly Bill No. 5939 and approved by the NJEDA Board on November 16, 2022. NJEDA administers the program.
The stated goals are to grow New Jersey's entrepreneur base and innovation economy, with a specific push to make New Jersey the most diverse state for innovation in the country by supporting underserved founders.
This guide covers Cohort III.
How it works
The base grant is $200,000 per team, disbursed quarterly over two years, contingent on hitting program milestones.
Teams can add up to $200,000 in bonuses on top of the base grant, for a maximum total award of $400,000: $50,000 if a team member resides in a designated Opportunity Zone, and $50,000 per diverse entrepreneur (women or minorities, per the state's definition) or NJ college/university graduate on the team, up to a maximum of three such bonuses ($150,000).
Mentorship is mandatory throughout the two years, delivered through either the New Jersey Innovation Institute (NJII) or the Rowan Center for Innovation & Entrepreneurship (RCIE). The curriculum covers managerial finance and accounting, human resources, marketing and customer development, product design and management, capital sourcing, business model design, and legal structures and contracts. Attendance must be satisfactory throughout.
Administrative fees equal to 5% of the total appropriation support NJEDA administration and the mentorship program.
Who can apply
A team of at least three full-time entrepreneurs, holding majority (more than 50%) equity in the venture, with at least half the team being first-time entrepreneurs.
A first-time entrepreneur is defined as someone who has never been a founder, co-founder, or owner of a New Jersey-targeted-industry business that received third-party funding (angel, VC, or PE capital).
All grant recipients must have paid New Jersey gross income tax within 60 days of application and must commit to continuing to pay NJ tax throughout the two-year program.
Team members must work full time (35 or more hours per week) on the venture for two years, and cannot take on outside work exceeding 20 hours per week.
The venture must operate in one of NJIF's 13 targeted industries: Advanced Transportation & Logistics, Advanced Manufacturing, Aviation, Autonomous Vehicles, Clean Energy, Clean Tech, Life Sciences, Hemp Processing, Information & High Technology, Finance & Insurance, Professional Services, Film & Digital Media, and Non-retail Food & Beverage.
The business must be registered in one of 76 eligible New Jersey municipalities (mostly urban centers, including Newark, Jersey City, Trenton, Camden, Paterson, and Atlantic City) within 30 days of the award notice, and must hold a current tax clearance certificate.
New Jersey law bars most cannabis license and certification holders from receiving or continuing to receive an NJEDA economic incentive.
How to apply
- Attend the Q&A period, which for Cohort III runs from Wednesday, August 19, 2026 (10:00 AM EDT) through Wednesday, September 9, 2026 (5:00 PM EDT).
- Submit your application during the application window, which for Cohort III runs from Wednesday, September 9, 2026 (10:00 AM EDT) through Friday, December 4, 2026 (5:00 PM EDT).
- Register your team and business information and submit a complete business plan in presentation format.
- Pay the $250 application fee (non-refundable if the application is declined).
Documents you’ll typically need
- Business plan in presentation format
- Certified organizational chart showing the three entrepreneurs
- Quarterly management-prepared financial statements
- Annual accountant-prepared financial statements
- Verification of gross income tax withholding
- Business address documentation
- Mentorship program attendance records
Frequently asked
How much can my team receive?
A $200,000 base grant, plus up to $200,000 in bonuses, for a maximum of $400,000 total, paid quarterly over two years as milestones are met.
How many people need to be on my team?
At least three full-time entrepreneurs holding majority equity, and at least half of them must be first-time entrepreneurs.
When can I apply for Cohort III?
The application window runs September 9, 2026 through December 4, 2026, after a Q&A period from August 19 to September 9, 2026.
Is there an application fee?
Yes, $250, and it is not refunded if the application is declined.
Do I have to be based in any New Jersey city?
No. Your business must be registered in one of 76 eligible municipalities, mostly urban centers such as Newark, Jersey City, Trenton, Camden, Paterson, and Atlantic City.
More funding in New Jersey
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All 12 programmes in New Jersey →
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.