More Than 40% of NJ Technology Fast 50 Have Used
EDA Resources
Twenty-one of the 50 technology businesses named to the 12 th annual New Jersey Technology Fast 50 List have been assisted by New Jersey Economic Development Authority (EDA) resources to support their strong growth and operational advancement. Cumulatively, these companies have closed or been approved for more than $44 million in EDA financing and business and tax incentives.
Now in its 12th year, the New Jersey Technology Fast 50 ranks technology companies located in the state by revenue growth over the last five years.
This year’s list includes businesses that have taken advantage of such EDA incentive and funding resources as the Technology Business Tax Certificate Transfer Program, Business Employment Incentive Program (BEIP) grants and low-cost financing. The tax certificate program enables technology companies to sell tax losses or research and development tax credits to raise cash to finance their growth and operations. It is administered by the EDA in conjunction with the New Jersey Division of Taxation and the New Jersey Commission on Science and Technology.
The EDA makes grants through the BEIP to expanding or relocating businesses that create jobs in New Jersey. Grants may be awarded for up to 10 years and can range between 10% and 80% of the total amount of state income taxes withheld by the company during the calendar year from the new employees hired.
The Technology Fast 50 rankings are coordinated by Deloitte & Touche and sponsored by the EDA and other public and private entities. The companies that comprise this year’s list were honored at an award event held Aug. 11 at the Sheraton at Woodbridge Place in Iselin.
Listed businesses taking advantage of EDA resources include: Antenna Software, Inc. (ranked first); Access Integrated Technologies, Inc. (2); Albridge Solutions, Inc. (5), GAIN Capital Group (8); Unigene Laboratories (9); Lumeta Corporation (10); Columbia Laboratories (13); Palatin Technologies, Inc. (14); marketRx.com (16); Voxware, Inc. (17); and Audible, Inc. (20).
Also, American Sensor Technologies (27); Enzon Pharmaceuticals, Inc. (28); EduNeering Holdings, Inc. (31); Celgene Corporation (32); netForensics (33); LifeCell Corporation (39); Curtiss-Wright Corporation (40); Integra LifeSciences Holdings Corp. (43); and Q-Med, Inc. (44).
To be considered for an award, a company must maintain headquarters in New Jersey and be either publicly or privately held; be in business at least five years and have base-year operating revenues of at least $50,000 and current-year operations revenues of at least $5 million; and be defined as a company that develops a proprietary technology that contributes to a significant portion of the company’s operating revenues, manufactures a technology-related product, or devotes a high percentage of effort to research and development of technology.
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