New Jersey Assembly Bill A2352

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Creates grant program for business accelerator and incubator networks; transfers $1 million in societal benefits charge revenues to EDA to administer program.

Impact

The implementation of A2352 is set to impact state laws concerning economic development and support for startups. By enabling the New Jersey Economic Development Authority to manage the grant program with funding up to $1 million sourced from societal benefits charge revenues, the bill aims to bolster support for emerging businesses. It reflects a commitment from state legislators to foster a conducive environment for technological advancement and business growth.

Summary

Assembly Bill A2352 aims to establish a Business Accelerator and Incubator Network Grant Program, which facilitates the allocation of grants to business accelerators and incubators that support incubator businesses within New Jersey. The bill intends to enhance economic growth by encouraging innovation and entrepreneurship in the state, specifically targeting sectors such as clean energy, life sciences, advanced materials, and big data.

Contention

While there is broad support for the bill's intent, certain points of contention may arise regarding the program's eligibility criteria and the allocation of funds. Critics may argue that the specific focus on certain fields could inadvertently exclude diverse business models that do not fit neatly within the defined sectors. Furthermore, the effectiveness of the program in achieving its goals will be heavily monitored through annual reports evaluating grant distributions and program outcomes.