VentureLink Applications Open Through March 1 for Newark Minority Entrepreneurs

Applications are now open for local business leaders of color to join NJIT's Paul Profeta Entrepreneur-in-Residence program.

The program, operated by NJIT’s VentureLink incubator, initially functions as a matchmaking service between the vast collection of NJIT-developed intellectual property and Newark-area minorities who might have impressive talent but lack traditional management or technology backgrounds.

Selected individuals will receive funding, office space, training and other resources. VentureLink announced the program last fall and intends to run the first cohort from March through September of this year.

"The core of the program is a la carte time and resources in support of an entrepreneur building their startup," VentureLink stated. "This will be wrapped in scheduled entrepreneurship workshops, including cohort sessions and networking at our monthly Open Coffee Club; industry mentorship and funding relationships, where relevant; and residency at VentureLink@NJIT. Entrepreneurs are expected to work/learn full-time throughout the 6-month period. Additionally, entrepreneurs will receive access to the NJIT IP Database and connections with investors. Finally, entrepreneurs will receive a living stipend to support their time in the program of $13,000 paid in monthly installments."

“We’re really excited about opening up this program. It’s going to provide an on-ramp to technology entrepreneurship in a way that a lot of venture capital hasn’t been able to do. Not everyone has enough in the bank to start a startup, we hope this addresses that,” said VentureLink's Will Lutz, general manager for entrepreneurship and commercialization. 

Applicants will be evaluated based on skills, need, and desire to learn the startup process. Applications are due by March 1.