Entrepreneurship Archives - NJII https://www.njii.com/category/entrepreneurship/ New Jersey Innovation Institute Wed, 08 Oct 2025 13:21:21 +0000 en-US hourly 1 https://www.njii.com/wp-content/uploads/2020/08/cropped-NJII_icon_red_logo_noBG_square-01-32x32.png Entrepreneurship Archives - NJII https://www.njii.com/category/entrepreneurship/ 32 32 How the NJII Venture Studio is De-Risking Corporate Innovation https://www.njii.com/2025/10/de-risking-corporate-innovation-venture-studio/ Wed, 08 Oct 2025 13:21:19 +0000 https://www.njii.com/?p=20928 We often hear from our corporate partners that while innovation has never been more important, it’s becoming increasingly difficult. Businesses are required to bring new technologies to market faster than ever just to keep up ...

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We often hear from our corporate partners that while innovation has never been more important, it’s becoming increasingly difficult. Businesses are required to bring new technologies to market faster than ever just to keep up with global competition, digital transformation, and rapidly shifting consumer demands in the age of AI and instant gratification. Yet, traditional R&D is notoriously expensive, slow, and uncertain. Many promising ideas never leave see the light of day, while others fail to gain traction in the market after years of investment.

I saw these dynamics firsthand during my years at Google, where I often partnered with startups as their first corporate customer. Even at a company with seemingly unlimited resources and smart people, the process of evaluating, piloting, and scaling innovation was complex. Some startups moved quickly into adoption and their innovations created an outsized impact. Others never made it through procurement cycles or risk management processes, despite having built amazing products. 

The lesson I carry forward to this day is simple: innovation accelerates when corporations and startups align early and build risk-sharing and incentives into their partnerships. 

That insight is what drives the work we’re doing today at the NJII Venture Studio: creating a repeatable model for corporations, entrepreneurs, and universities to co-develop companies that are strategically aligned, capital-efficient, and capable of hitting meaningful milestones within 18 months.

A New Approach to Corporate Innovation

Traditional corporate innovation often follows one of two paths:

  1. Internal R&D, which is expensive, slow, and not always aligned with immediate business unit needs.
  2. External acquisition, which can be costly once a startup has already scaled and proven itself in the market.

The NJII Venture Studio offers a third path

  1. De-Risked Joint Venture Creation: early partnership with academia and entrepreneurs to co-create companies that are strategically aligned from day one. This approach allows corporations to test and validate new technologies in a controlled, capital-efficient way, while maintaining the option to fully acquire once market readiness is demonstrated.

But what exactly is a venture studio? A venture studio is a company that builds other companies. It plays a meaningful role in three aspects: Entrepreneur, Operator, and Investor. By combining those three roles, venture studios provide a structured and repeatable way to turn ideas into startups that solve real-world problems.

The NJII Venture Studio Model

The NJII Venture Studio provides a structured framework for creating new high-growth startups (“NewCos”) that solve real-world problems. Each NewCo includes what we consider to be the necessary ingredients for successful technology translation:

  • Corporate Partner: Brings market insight, real commercialization needs, pathways to distribution, and potential funding or acquisition opportunities.
  • Intellectual Property: University-originated or corporate-shelved IP that addresses a clear market problem and is positioned for productization.
  • Executive Leadership: An operator/entrepreneur (often paired with technical founders or faculty) who drives execution across product, go-to-market, partnerships, and (where relevant) regulatory strategy.

Underpinning these ingredients is NJII’s studio platform, which provides the capital, operational infrastructure, and experienced leadership needed to launch and scale each NewCo. From incorporation to licensing, governance, and go-to-market support, our team ensures startups are built on a strong foundation. Together, this creates a repeatable, de-risked path from research to revenue while compressing time to market.

Why This Model Works for Corporations

The NJII Venture Studio gives corporate partners an innovation engine that is capital-efficient, strategically aligned, and de-risked from the outset:

  • Shared risk: Instead of shouldering all the cost and uncertainty of internal R&D, partners share risk with NJII while retaining long-term ownership options.
  • First-look at cutting-edge IP: Tap into a curated pipeline of university and independent innovations without funding all the discovery work.
  • Cheaper path to acquisition: Because you’re involved from day one, acquiring a company you helped shape is significantly more cost-effective than buying it on the open market.

Why It Works for Entrepreneurs

The model also reshapes the journey for entrepreneurs:

  • Immediate access to capital and resources without months of fundraising.
  • Meaningful equity ownership from day one, earned through expertise and execution
  • Strategic alignment with a major industry partner, increasing adoption and commercialization success.
  • Operational support from NJII, freeing founders to focus on building.
  • Clarity on exit pathways, reducing uncertainty and financial risk.

This is a de-risked entrepreneurship model where innovators can build faster, with stronger partners, and a higher probability of long-term success.

The Opportunity Ahead

Corporations are under pressure to deliver what’s next, researchers are generating world-class IP, and entrepreneurs are eager to build, but these groups struggle to connect in a way that’s efficient, aligned, and scalable.

That’s also where the opportunity lies. Internal R&D and acquisitions will always have their place, but they’re no longer, enough on their own. The real opportunity is to build a new model of collaboration that combines corporate strength, cutting-edge innovations, and entrepreneurial execution.

The NJII Venture Studio was designed to unlock exactly that opportunity: a way for corporates and innovators to move faster, share risk, and create companies that solve real-world problems.

Let’s Build What’s Next, Together

At NJII, we believe innovation doesn’t have to be risky or slow. By aligning corporations, researchers, and entrepreneurs from the very beginning, we’re proving there’s a faster, smarter way to bring ideas from the lab to the marketplace.
If your organization is looking to explore new technologies, expand into emerging markets, or simply reimagine how to innovate, we’d love to partner with you.

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Merck Digital Sciences Studio Showcases Third Cohort of Biotech Innovators in NYC https://www.njii.com/2025/06/merck-digital-sciences-studio-showcases-third-cohort-of-biotech-innovators-in-nyc/ Thu, 19 Jun 2025 18:47:35 +0000 https://www.njii.com/?p=20680 On June 11, the Merck Digital Sciences Studio (MDSS) held its Cohort 3 Graduation Showcase graciously hosted by McDermett, Will, & Emory at their Manhattan Office. The event marked the culmination of the 10-month accelerator ...

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On June 11, the Merck Digital Sciences Studio (MDSS) held its Cohort 3 Graduation Showcase graciously hosted by McDermett, Will, & Emory at their Manhattan Office. The event marked the culmination of the 10-month accelerator program, which supports early-stage companies developing technologies that enable more efficient and effective drug discovery and development.

MDSS is a collaboration between Merck and the New Jersey Innovation Institute (a subsidiary of NJIT), with additional investment from the Merck Global Health Innovation Fund, Northpond Ventures, and McKesson Ventures. Microsoft for Startups provides technical support. The program is designed to support startups that are building digital infrastructure for biopharma. These companies extend beyond not just applications of artificial intelligence, but through a range of tools spanning biology, automation, and data systems.

A Cross-Sector Audience and a Focus on Impact

The event brought together a curated audience of investors, pharma executives, academic researchers, and tech transfer leaders. All sharing an interest in accelerating innovation across the biopharma pipeline. Over the course of the afternoon, attendees heard directly from 12 MDSS-backed companies, each developing novel approaches to longstanding challenges in research, development, and clinical translation.

The format centered around three panel discussions, each highlighting a different facet of the drug development ecosystem. Rather than traditional pitch presentations, the panels allowed founders to dig into the scientific, technical, and operational problems they’re solving and why it matters.

Panel Discussions: Spotlighting Core Themes

The first panel, Enabling Biology, featured Orb Therapeutics, UbiquiTx, and Hebbian Bio. These companies are designing platforms that expand what’s possible in therapeutic discovery, whether through programmable therapies, next-gen proteome editors, or biomarker platforms for neurological disease.

The second panel, Redefining Human Disease, focused on teams working to extract new insight from patient-derived data. Voyant Bio, Nine Diagnostics, and ImYoo are developing technologies that allow researchers to characterize disease with more precision and speed, particularly in immunology, oncology, and personalized medicine.

The final panel, AI Toolkits for R&D Teams, addressed the need for more integrated and intelligent infrastructure to support preclinical research. ModernVivo, Potato, and ReSync Bio are tackling bottlenecks in experimental design, data coordination, and team workflows. All areas that remain major inefficiencies in the drug development lifecycle.

The Cohort: A Range of Technical Approaches

Collectively, the cohort reflects the breadth of what “digital enablement” in biopharma can mean. Some companies are focused on foundational biology such as Augment Biologics, which is building a platform based on glycobiology, or Inaedis, which is developing stable biologic formulations. Others are reimagining data capture and analysis, such as Esya Labs, which is working to make brain health screening more routine and accessible.

Across the board, the companies are grounded in deep technical expertise and a strong understanding of the needs of biopharma R&D teams. While several leverage artificial intelligence, they also incorporate domain-specific tools in chemistry, immunology, and systems biology. These companies underscore that innovation in this space is inherently multidisciplinary.

Looking Ahead

The showcase closed with a networking reception, giving attendees a chance to connect more informally with the founders and one another. Set against panoramic views of Manhattan, the reception served as a reminder of the broader goal of MDSS: to build a collaborative ecosystem where early-stage companies gain access not just to capital, but to the networks, knowledge, and infrastructure they need to scale.

As Cohort 3 graduates from the program, they join a growing network of companies using technology to transform how therapies are discovered, developed, and delivered. The Showcase made clear that MDSS is not just accelerating companies, it’s helping define the future of biotech innovation.

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Why Corporate Partners Are Central to the NJII Venture Studio Model  https://www.njii.com/2025/05/why-corporate-partners-are-central-to-the-njii-venture-studio-model/ Mon, 19 May 2025 17:51:13 +0000 https://www.njii.com/?p=20641 At the NJII Venture Studio, we’re building companies that solve real problems, bring cutting-edge research to the market, and create meaningful economic impact. And we know we can’t do it alone.  We work across many ...

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At the NJII Venture Studio, we’re building companies that solve real problems, bring cutting-edge research to the market, and create meaningful economic impact. And we know we can’t do it alone. 

We work across many sectors, including Human Health, Advanced Manufacturing, and AI/ML, because we believe innovation can and should happen everywhere. But we also know that we’re not experts in everything. That’s where our strategic partners come in, and why they’re such a critical part of our model. 

Deep industry knowledge and lived experience help us focus our energy on what we do best and are uniquely positioned to do: building new ventures that address real-world problems and unlock the value of IP assets. 

Two Approaches to Strategic Partnerships  

  1. Translating Industry Needs to New Ventures 
    • Startups don’t have to be built in a garage or a lab. Some of the best startup ideas can come from inside a company that’s been living with a problem for years. Whether it’s a costly inefficiency, a market need that isn’t being met, or a shelved concept that never had the resources to get off the ground, these problems can represent high-potential starting points for new ventures. 
    • At the NJII Venture Studio, we collaborate closely with corporate partners to uncover these challenges, validate the opportunity, and build purpose-built startups to solve them. We bring the entrepreneurial talent, capital, and operational support needed to take an idea from concept to company without draining our partners’ internal resources. 
    • The result is a venture that’s independently operated, structured for scale, and built with real-world relevance from day one. For our corporate partners, that means early insight into an emerging solution, potential shared ownership or commercial rights, and a strategic way to extend innovation beyond the boundaries of the core business. 
  2. Commercializing Underutilized IP 
    • Many companies are sitting on intellectual property with untapped commercial potential—technologies that fall outside the core business, require a nontraditional go-to-market strategy, or simply never found the right internal champion to move them forward. 
    • At the NJII Venture Studio, we provide a structured path to bring these assets to life. We work with corporate partners to assess the commercial viability of underutilized IP, identify high-impact use cases, and build independent startups designed to bring those technologies to market. 
    • We handle the heavy lifting—from sourcing talent and conducting early-stage validation to structuring capital and managing operations. The result: your team can stay focused on core priorities while we work in parallel to unlock new revenue streams, accelerate IP utilization, and increase the long-term return on R&D investments. 

Why This Model is a Win-Win 

Venture studios are distinctly different from startup incubators, accelerators, and venture capital firms. We typically don’t look to existing startups or founders to build our pipeline. We actively create companies from scratch, and we do it with intention, speed, and structure. 

By collaborating directly with corporate partners, we ensure that our ventures are grounded in real demand and have a built-in customer, use case, or market channel from day one. That reduces risk, helps us hit inflection points faster, and drives meaningful innovation. 

It also means that our ventures are not just technically feasible, but also strategically aligned with industry trends, customer needs, and evolving market pressures. 

Let’s Build What’s Next, Together 

We’re actively seeking strategic partners who are: 

  • Sitting on valuable but unutilized IP  
  • Dealing with persistent problems that can’t be solved internally  
  • Looking for new ways to innovate without disrupting core operations 
  • Interested in shaping or co-owning the next wave of market-ready startups 

If that sounds like you, we’d love to talk.

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Revolutionizing Drug Discovery: How ReSync Bio is Simplifying AI for Scientists https://www.njii.com/2025/04/revolutionizing-drug-discovery-how-resync-bio-is-simplifying-ai-for-scientists/ Wed, 23 Apr 2025 14:53:55 +0000 https://www.njii.com/?p=20578 ReSync Bio is building the next generation of drug discovery tools for preclinical teams. While organizations are excited to add new AI tools to their workflows, the challenge of integrating models, storing data, and permissions ...

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ReSync Bio is building the next generation of drug discovery tools for preclinical teams. While organizations are excited to add new AI tools to their workflows, the challenge of integrating models, storing data, and permissions access make it exceedingly difficult to adopt new technologies. Led by CEO Mihir Trivedi, ReSync is building a platform to centralize their communication, data, and computational tools in one location – enabling the development of next-generation therapies by helping drug discovery teams access the most cutting-edge tools for their workflows.

Company Background

  • ReSync was founded based on hundreds of conversations with companies at the forefront of AI-enabled drug discovery, and their learnings from building infrastructure for closed-loop, automated operations.
  • We learned that while all organizations were motivated to add AI tools to their workflows, integrating models, storing data, and permissioning access were creating months to years of new work for teams.
  • Our team wants to make AI-enabled innovation accessible to every company, regardless of their starting point.

Solution Summary

  • We’ve built a platform for small molecule discovery teams to centralize their communication, data, and computational tools.
  • Our platform enables teams big and small to run design-make-test-analyze (DMTA) cycles efficiently by running large-scale virtual screens, tracking experimental workflows, and visualizing progress – all without scaling a computational team.
  • ReSync curates top open source models and partners to make running AI tools within your DMTA cycle simple, removing the need to write any code or hire an engineering team.
  • Our unified dashboards allow users to see data-rich visualizations of docking, tabular data, chemical structures, and more directly in their browser – no downloads required.

Case Study

  • For a mid-size biotech company, ReSync helped a VP of Medicinal Chemistry gain visibility into chemists’ designs across her organization.
  • Instead of emailed ChemDraw files, all virtual structures are registered and described on the ReSync platform.
  • The customer is now able to run Docking simulations themselves and view results instantly, instead of making emailed requests to a computational CRO, then waiting days for the results to be sent back.
  • During an evaluation, the biotech company found ReSync saved almost a full day a week in time spent searching for data or tracking requests for computational and experimental work.

Partnership Opportunities

  • Biotechs, Pharma, Academics, and CROs can all be users of the @ReSync platform. We’re powerful for multi-team collaborations, including Joint Ventures, Consortiums, and multi-site organizations.
  • Building predictive or generative models for small molecule drug discovery? Reach out to us at partnerships@resync.bio for more information on how our distribution network can help grow usage of your models.

About Merck Digital Sciences Studio:  

The Merck Digital Sciences Studio (MDS Studio or MDSS) is a collaboration between Merck, the Merck Global Health Innovation Fund, Northpond Ventures, McKesson Ventures, Microsoft for Startups, and the New Jersey Innovation Institute, a New Jersey Institute of Technology (NJIT) subsidiary. The 10-month startup accelerator program empowers members and enables the generation of innovative digital technologies for drug discovery and development through hands-on mentorship, connection opportunities with industry-leading partners, and training in an active entrepreneurial setting. Through the accelerator program, these startups will have access to workshops, coaching, office space, and Microsoft for Startups resources, including up to $150,000 Azure Cloud computing credits. 

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Discover Open Coffee Club: A Monthly Networking Event for Entrepreneurs & Investors in New Jersey https://www.njii.com/2025/02/discover-open-coffee-club-a-monthly-networking-event-for-entrepreneurs-investors-in-new-jersey/ Wed, 12 Feb 2025 21:01:10 +0000 https://www.njii.com/?p=20391 If you’re an entrepreneur, investor, or just someone passionate about innovation, there’s no better way to start your month than with Open Coffee Club. Hosted by NJII’s Entrepreneurship Division, Open Coffee Club is a casual ...

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If you’re an entrepreneur, investor, or just someone passionate about innovation, there’s no better way to start your month than with Open Coffee Club. Hosted by NJII’s Entrepreneurship Division, Open Coffee Club is a casual networking event that brings together Northern New Jersey’s vibrant startup community. Whether you’re a seasoned founder, an aspiring entrepreneur, or a corporate partner looking to collaborate, Open Coffee Club offers the perfect opportunity to connect over coffee and conversation. 

What is Open Coffee Club? 

Open Coffee Club was originally created by Saul Klein, a venture capitalist and co-founder of Skype, with the goal of fostering open, accessible conversations within the startup ecosystem. Today, NJII’s Entrepreneurship Division carries forward this tradition by hosting Open Coffee Club on the first Wednesday of every month at the Profeta Center for Innovation and Entrepreneurship

Why Attend Open Coffee Club? 

  • Meet Like-Minded Individuals: Engage with entrepreneurs, investors, and corporate partners who are actively shaping the startup landscape in New Jersey. 
  • Expand Your Network: Whether you’re looking for a co-founder, funding opportunities, or industry insights, Open Coffee Club is a great place to make meaningful connections. 
  • Casual and Inclusive Atmosphere: No formal pitches, no pressure—just genuine conversations over coffee. 
  • Stay Inspired: Learn from the experiences of others, exchange ideas, and discover new opportunities in the local innovation ecosystem. 

Exciting Changes Coming in 2025 

Starting in 2025, Open Coffee Club will introduce monthly themes to enhance networking and learning experiences. Each month will focus on a specific topic relevant to startups and innovation, such as: 

  • Founder Stories from startups in Human Health, AI/ML, Advanced Manufacturing, and the New Jersey Innovation Fellows program 
  • Startup Hiring: how to find & retain talent 
  • Fundraising: Insights from local VCs 
  • Research Commercialization: Research @ NJIT 

These themes will bring targeted discussions and insights from industry leaders, founders, and investors to help attendees gain practical knowledge and expand their network. Check out each month’s registration page to learn more.  

Join Us! 

Start your day with coffee and conversation at Open Coffee Club. It’s free to attend, and everyone is welcome! Simply register at this link to secure your spot. 

When: First Wednesday of every month, 9:00-10:30am 
Where: Profeta Center for Innovation and Entrepreneurship (211 Warren St Newark, NJ) 
Register: Sign up here 

Come sip, connect, and spark new ideas with fellow innovators. We look forward to seeing you at the next Open Coffee Club!  

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Transforming Drug Development with AI: A Spotlight on ModernVivo https://www.njii.com/2025/02/transforming-drug-development-with-ai-a-spotlight-on-modernvivo/ Fri, 07 Feb 2025 17:06:51 +0000 https://www.njii.com/?p=20370 ModernVivo, a startup at the forefront of innovation in preclinical research, has joined the Merck Digital Sciences Studio’s (MDSS) third cohort. ModernVivo’s mission is clear: help researchers accelerate study design, optimize resource efficiency, and fuel ...

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ModernVivo, a startup at the forefront of innovation in preclinical research, has joined the Merck Digital Sciences Studio’s (MDSS) third cohort. ModernVivo’s mission is clear: help researchers accelerate study design, optimize resource efficiency, and fuel translational success with automated data-driven literature reviews.  

Addressing a Critical Challenge in Drug Development 

The pharmaceutical industry faces a staggering challenge: over 90% of novel drug candidates fail during human clinical trials. Often, these failures can be traced to limitations in preclinical animal studies, which struggle to accurately predict human outcomes. Moreover, the traditional methods of designing these studies remain slow, manual, and outdated, with researchers relying on limited literature analysis to inform billion-dollar decisions. 

Led by CEO Ian Levine, ModernVivo’s innovative approach tackles this head-on. The company’s AI-enabled software helps research scientists design preclinical animal models to accelerate project timelines, reduce development costs, and identify more effective therapeutics. This solution not only addresses the inefficiencies of manual study design but also promotes ethical research practices by minimizing the use of animals in experiments. 

Solution Overview 

  • ModernVivo has developed an AI-enabled software suite that revolutionizes the way in vivo models are designed by taking a data-driven approach. This allows for rapid development of experimental protocols, and can aid in the identification of more effective therapeutics, earlier on in drug development.  
  • ModernVivo’s software allows research scientists at pharmaceutical companies, contract research organizations, and academic institutions to analyze thousands of published articles in a fraction of the time, improving confidence in novel preclinical data.   
  • Current functionality focuses on analyzing large quantities of experimental conditions to accelerate study design and lower associated animal costs.  
  • Near-term product development focuses on the implementation of the company’s patent-pending technology to identify and prioritize animal study designs that are most representative of the human condition. 

A Vision for the Future 

ModernVivo’s participation in the MDSS program underscores its potential to drive significant advancements in preclinical research. As the company continues to develop its technology and expand its reach, it is poised to play a pivotal role in improving the success rate of novel therapeutics. 

Learn more about ModernVivo and their work on their website.  

About Merck Digital Sciences Studio:   

The Merck Digital Sciences Studio (MDS Studio or MDSS) is a collaboration between Merck, the Merck Global Health Innovation Fund, Northpond Ventures, McKesson Ventures, Microsoft for Startups, and the New Jersey Innovation Institute, a New Jersey Institute of Technology (NJIT) subsidiary. The 10-month startup accelerator program empowers members and enables the generation of innovative digital technologies for drug discovery and development through hands-on mentorship, connection opportunities with industry-leading partners, and training in an active entrepreneurial setting. Through the accelerator program, these startups will have access to workshops, coaching, office space, and Microsoft for Startups resources, including up to $150,000 Azure Cloud computing credits.  

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Profeta Entrepreneurship Workshop: Business Fundamentals for Entrepreneurs https://www.njii.com/2025/01/profeta-entrepreneurship-workshop-business-fundamentals-for-entrepreneurs/ Tue, 21 Jan 2025 23:33:53 +0000 https://www.njii.com/?p=20324 Every entrepreneur is an expert on their own business. They enthusiastically share details about the products and services they’re bringing to the market and how they solve their customers’ problems. But business success also requires ...

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Every entrepreneur is an expert on their own business. They enthusiastically share details about the products and services they’re bringing to the market and how they solve their customers’ problems. But business success also requires an understanding of fundamental business concepts in order to make smart decisions and avoid costly mistakes. Fortunately help is readily available for entrepreneurs in Newark and the surrounding communities. 

The Profeta Entrepreneurship Workshop is a free program at NJII that teaches business fundamentals and best practices to aspiring and early-stage entrepreneurs. The nine-week workshop focuses on key topics new business owners need to be prepared to manage: validating a good business idea; researching their market; understanding business financials and conducting basic financial analysis; developing a pricing strategy; and marketing their goods and services. To date, the workshop has provided instruction to nearly 100 entrepreneurs and several have successfully launched their businesses.  

In addition to teaching fundamentals, the workshop has connected participants with additional resources, introduced them to potential partners and suppliers, and given them the support they needed to turn their business ideas into real businesses. Libre Jones, founder of Beloved Upcycle, said, “The Profeta Entrepreneurship Workshop helped me identify that my hobby is a legitimate business. The assistance I received helped me work through the trepidation with financial statements and creating projections, which always intimidated me. In the past I would get discouraged and stop, but now I am moving full steam ahead!”  

The 5th cohort of the Profeta Entrepreneurship Workshop will launch on March 6th, 2025. The program is free for participants thanks to a generous gift to NJIT from Paul Profeta, an entrepreneur and philanthropist. Mr. Profeta launched his real estate business nearly 50 years ago. He enjoys supporting entrepreneurs, noting, “Launching your own enterprise creates a strong sense of independence while simultaneously elevating your self-esteem. I experienced that when I started my own business, and it is evident in the dozens of businesses that I have helped launch in Newark over the past few years. It benefits the entrepreneur, their family, and the community.” Mr. Profeta teaches the workshop classes on understanding financial statements and financial statement analysis. 

Entrepreneurs who successfully complete the workshop are also eligible for free one-on-one mentoring. Mentors guide participants in developing business ideas, creating financial projections, drafting business plans, and outlining marketing strategies. Vincent McDonald, CEO of Mortgage Field Services NJ said, “Thanks to the Profeta Entrepreneurship Workshop, I transformed a business idea into reality. Over a year later, I am still a beneficiary of the mentorship, as the program was just the beginning.”  

For more details and to register for the 5th cohort of the Profeta Entrepreneurship Workshop, entrepreneurs can follow this link. Sequoya Carter, founder of Redwood Dog Grooming, enthusiastically recommends the program: “More than anything, I got the confidence to fully commit to being an entrepreneur through the Profeta Entrepreneurship Workshop,” she said. 

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Empowering Entrepreneurs to Succeed in Fundraising: Highlights from NJIF’s ‘Raising Funds’ Session  https://www.njii.com/2024/12/empowering-entrepreneurs-to-succeed-in-fundraising-highlights-from-njifs-raising-funds-session/ Wed, 18 Dec 2024 14:40:01 +0000 https://www.njii.com/?p=20236 Last month, NJII’s entrepreneurship team hosted an engaging virtual learning session as part of the New Jersey Innovation Fellows (NJIF) program, bringing together 30 first-time entrepreneurs to dive into the intricacies of fundraising. Moderated by ...

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Last month, NJII’s entrepreneurship team hosted an engaging virtual learning session as part of the New Jersey Innovation Fellows (NJIF) program, bringing together 30 first-time entrepreneurs to dive into the intricacies of fundraising. Moderated by MJ Durkin, NJII’s Director of Entrepreneurship, and featuring an accomplished panel of speakers, the session offered valuable insights into both the art and science of raising funds.  

NJIF, a New Jersey Economic Development Authority (NJEDA) program, supports entrepreneurs who have unique startup ideas with access to mentorship and income replacement grants. NJII’s entrepreneurship division provides mentorship programming to the companies participating in the program, in partnership with Rowan University.  

Insights from Experienced Founders 

The session featured a powerhouse panel of experts who shared their diverse experiences: 

  • Viraj Mane, Director of the NJII Venture Studio and co-founder of Lactiga, shared his journey in securing $2 million in venture capital and over $500K in non-dilutive funding. 
  • Sloane Tilley, CEO and co-founder of DIA, provided insights into raising capital as a first-time founder, highlighting her experience securing $3.25 million in non-dilutive grants from the Department of Defense. 
  • Amos Winbush, CEO of bckers and a seasoned entrepreneur, discussed the evolution of fundraising instruments and the strategic considerations founders must weigh. 
  • William Reichert, Proposal Writer, Grants and Restricted Funds at NJII, an expert in grants writing, provided actionable advice on finding and applying for grant opportunities effectively. 

Key Takeaways: Mastering the Fundamentals of Fundraising 

Participants left the session equipped with a clear understanding of the fundraising landscape, from grants to equity investments. Some of the essential learning points included: 

Fundraising Fundamentals: 

Startups need a solid foundation of traction, a validated product, and a clear understanding of funding options. Panelists emphasized the difference between dilutive funding (e.g., venture capital) and non-dilutive funding (e.g., grants) and stressed the importance of understanding market conditions. 

Grant Writing Tips: 

William Reichert provided a wealth of insight on crafting successful grant applications. He emphasized the importance of paying attention to detail, including accurate and complete documentation and adherence to deadlines. Budgeting was another critical focus—Reichert explained that a clear, justified budget can make or break an application, as grantors scrutinize how the funds will be used. Finally, he reminded founders that grants are highly competitive, and winning a grant requires a compelling narrative that clearly articulates the problem, solution, and potential impact. 

Preparation for Due Diligence: 

Viraj Mane offered invaluable guidance on navigating the due diligence process, a critical phase of fundraising where investors closely evaluate a company’s readiness and potential. He stressed the importance of organizing key documents, such as financial statements, legal agreements, and intellectual property records, to instill confidence in potential investors. Mane also recommended using data rooms—secure online repositories for sensitive documents—to streamline the sharing and review process. Beyond preparation, he emphasized the importance of responsiveness, noting that founders who are quick and thorough in addressing investor questions are more likely to build trust. Mane’s advice underscored that due diligence is not just about document compliance but also an opportunity to demonstrate professionalism and readiness for investment. 

Fundraising Strategies & Choosing the Right Investors: 

Panelists shared their experiences, such as securing millions in both dilutive and non-dilutive funding, and stressed the importance of market knowledge and having a clear plan for capital utilization. Sloane Tilley and Amos Winbush discussed their strategies for determining the appropriate amount of capital to raise, emphasizing the importance of understanding the market, having a clear plan for the funds, and building relationships with investors. They also highlighted the importance of finding investors who align with the company’s mission and vision, and the need for mutual respect and understanding in the investor-founder relationship.  

Closing Thoughts 

The session concluded with an open Q&A, where participants had the chance to seek personalized advice from the panel. The discussions were both practical and inspiring, leaving attendees with a roadmap to navigate the complex world of fundraising. 

As NJIF participants continue their entrepreneurial journeys, sessions like these provide critical support, equipping founders with the tools and knowledge to transform their innovative ideas into thriving businesses. 

Stay tuned for more updates on NJIF and future learning opportunities. If you want to learn more about the services NJII’s Entrepreneurship Division offers, check out our webpage.  

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Pioneering Cardiovascular Health: A Spotlight on QuanBio  https://www.njii.com/2024/12/pioneering-cardiovascular-health-a-spotlight-on-quanbio/ Mon, 09 Dec 2024 18:53:38 +0000 https://www.njii.com/?p=20166 QuanBio is a groundbreaking company at the forefront of cardiovascular health innovation. Co-founded by Astrid Androsch and Dr. Vlad Friedman, a New York Presbyterian cardiologist, the company aims to address a significant gap in the ...

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QuanBio is a groundbreaking company at the forefront of cardiovascular health innovation. Co-founded by Astrid Androsch and Dr. Vlad Friedman, a New York Presbyterian cardiologist, the company aims to address a significant gap in the healthcare system: early detection of cardiovascular disease. Cardiovascular issues, often referred to as silent killers, are typically diagnosed too late, when arteries are often up to 95% blocked. QuanBio’s mission is to change that narrative by providing an affordable, accessible, and innovative solution.  

Transforming Detection with AI and Science 

QuanBio has developed a non-invasive medical platform that uses Photoplethysmography (PPG) to measure arterial stiffness—a key indicator of cardiovascular health. The non-invasive medical device and software leverages machine learning to rapidly analyze arterial stiffness. Their AI algorithms are specifically engineered to adapt and learn from complex patterns in cardiovascular data, providing 25 biomarkers to gauge vascular health. This innovation enables doctors to assess patients’ cardiovascular health in real-time, at point of care, paving the way for early interventions and personalized medicine.  

“Our goal is not just rapid detection but accessibility. We aim to address cardiovascular-related inequities, by serving as an affordable tool for screening of vascular health.” said Androsch. This transformative technology is expected to have a profound impact on underserved communities, particularly those in rural areas where access to healthcare is limited. 

Thriving in New Jersey’s Innovation Ecosystem 

In its pursuit of an ideal environment to grow, QuanBio relocated from Atlanta, Georgia to the New Jersey Innovation Institute’s (NJII) Incubator in Newark, New Jersey, drawn by the robust technology and healthcare ecosystem fostered by NJII and other innovation leaders. “From the moment we began negotiations to move here, we’ve experienced incredible support,” Androsch shared. QuanBio has benefited from connections to investors, partnerships with healthcare systems, and access to top-tier talent through programs like NJII’s internship initiatives. 

The company’s collaboration with Rutgers University and its partnerships with esteemed researchers such as Dr. Partho Sengupta have further cemented their position as leaders in cardiovascular innovation. 

Overcoming Challenges and Words of Wisdom 

Like many startups, QuanBio has faced challenges, particularly in securing warm introductions within New Jersey’s tight-knit investment community. The team stressed the importance of networking, never giving up, and being prepared to hear ‘no’ many times before you succeed, which are mantras they have followed to their current success. 

Reflecting on her journey, Androsch offered advice for those starting their entrepreneurial paths: 

  1. Embrace Complexity: “Never underestimate the complexity of what you’re embarking on.”
  2. Follow Your Passion: “Listen to others but trust your vision even when others doubt you.” 
  3. Stay Resilient: “If I’d listened to every person who told me what we’re doing wasn’t needed, we wouldn’t be here today.”   

Looking Ahead 

QuanBio is currently preparing for FDA submission and aiming for broader market adoption as they advance their innovation toward market entry. The team remains committed to its vision: redefining cardiovascular care through innovation, accessibility, and prevention. With the support of partners like NJII and the New Jersey healthcare ecosystem, QuanBio is poised to revolutionize cardiovascular health, saving countless lives along the way. 

For more updates on QuanBio’s journey, visit their website

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Merck Digital Sciences Studio: Meet Our Third Cohort https://www.njii.com/2024/12/merck-digital-sciences-studio-meet-our-third-cohort/ Mon, 02 Dec 2024 19:26:40 +0000 https://www.njii.com/?p=20154 December 2, 2024, Newark, NJ — New Jersey Innovation Institute (NJII), a subsidiary of New Jersey Institute of Technology (NJIT), is pleased to announce The Merck Digital Sciences Studio (MDS Studio) Cohort 3.  NJII welcomed ...

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December 2, 2024, Newark, NJ — New Jersey Innovation Institute (NJII), a subsidiary of New Jersey Institute of Technology (NJIT), is pleased to announce The Merck Digital Sciences Studio (MDS Studio) Cohort 3. 

NJII welcomed the new MDS Studio cohort to the Profeta Center for Innovation and Entrepreneurship for a kickoff event, marking a key step on the journey for 12 innovative startups focused on revolutionizing drug discovery and development through digital solutions. Highlights of the November 21st event include a panel on technology trends, a discussion on product growth, and a collaborative panel with program alumni and other team members to wrap up the day.  

MDS Studio is a collaborative digital accelerator designed to enable the next generation of technologies for drug discovery and development, including artificial intelligence and machine learning. MDS Studio was founded to offer support for early-stage digital biopharma startups providing strategic guidance, direct investment, and connection opportunities to pharma leadership. Since inception in 2022, this highly selective program has accepted less than 7% of applicants over its first three cohorts. 

This cohort will focus on important and disruptive bio-technical approaches in artificial intelligence (AI) and machine learning (ML), with expertise and tools from clinical scientists to advance leading-edge science to save and improve lives. 

Meet the Cohort:  

Augment Biologics: Using foundational discoveries in glycobiology to transform biologic drug development. 

Esya: Making brain health screening as routine and accessible as any other essential health check. 

Hebbian Bio: Unlocking novel treatments and biomarkers for neuro conditions through precision medicine. 

ImYoo: Powering personalized medicine via big molecular data directly from patients. 

Inaedis: Manufacturing powdered, thermally stable biologics and vaccines using innovative room-temperature dehydration technology. 

ModernVivo: Developing software to help research scientists design optimized in vivo models to reduce costs, accelerate timelines, and identify effective therapeutics. 

Nine Diagnostics: Determining treatment effectiveness and discovering new biology using AI-enabled nanosensor technology. 

Potato AI: Building an AI scientist to speed up discovery. 

ReSync Bio: Serving as a single source of truth for preclinical operations: coordinating labs, data, and software programs on one platform. 

UbiquiTx: Integrating AI, computation, and biological automation to accelerate the design of novel proteome editors. 

Voyant Bio: Designing precision immunotherapies targeting immune-immune cell interactions to radically improve cancer patient treatment outcomes. 

About Merck Digital Sciences Studio:  

The Merck Digital Sciences Studio (MDS Studio or MDSS) is a collaboration between Merck, the Merck Global Health Innovation Fund, Northpond Ventures, McKesson Ventures, Microsoft for Startups, and the New Jersey Innovation Institute, a New Jersey Institute of Technology (NJIT) subsidiary. The 10-month startup accelerator program empowers members and enables the generation of innovative digital technologies for drug discovery and development through hands-on mentorship, connection opportunities with industry-leading partners, and training in an active entrepreneurial setting. Through the accelerator program, these startups will have access to workshops, coaching, office space, and Microsoft for Startups resources, including up to $150,000 Azure Cloud computing credits. 

About NJII: 

New Jersey Innovation Institute (NJII) is a 501c3 organization wholly owned by the New Jersey Institute of Technology (NJIT). As an independent corporation, NJII is uniquely positioned to be agile, entrepreneurial, and opportunistic. NJII is focused on accelerating technology and fostering innovation to have a positive economic impact in New Jersey. To date, NJII has generated over $330M in revenue during its ten years of operation across its divisions (AI/ML, Defense, Entrepreneurship, Healthcare and Learning & Development) and today has a team of 100+ members. Learn more: https://www.njii.com/about/ 

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