{"data":{"id":"us-nj/n.j.-stat.-34-1b-296","jurisdiction":"us-nj","citation":"N.J. Stat. § 34:1B-296","heading":"Application process.","body":"28. a. The authority shall establish an application process and determine the form and manner through which a venture firm may make and file an application for certification as a qualified venture firm.  The authority may accept applications on a rolling basis or on a date set by the authority.\nb.\tIn evaluating applicants for certification as a qualified venture firm, the authority shall establish weighted criteria by which the authority will evaluate all venture firms applying in the same calendar year and shall establish a minimum acceptable score.  The criteria shall include, but not be limited to:\n(1)\tthe management structure of the applicant, including:\n(a)\tquality of the leadership, including willingness to work with the authority to support targeted industries and the innovation ecosystem in the State, and to locate in the State;\n(b)\tthe investment experience of the principals with qualified businesses;\n(c)\tthe knowledge, experience, and capabilities of the applicant in subject areas relevant to high-growth businesses in the State;\n(d)\tthe tenure and turnover history of principals and senior investment professionals of the applicant;\n(e)\twhether the State's investment with the applicant under this program would exceed 15 percent of the total invested in the applicant by all investors, including investments in any special purpose vehicles;\n(f)\tthe applicant's stage of fundraising; and\n(g)\twhether fees, expenses, and the remuneration of the general partner or manager are similar to those of peer investors;\n(2)\tthe applicant's investment strategy, including:\n(a)\tthe applicant's track record of investing in high-growth businesses;\n(b)\twhether the investment strategy of the applicant is focused on high-growth businesses, including the percentage of the investment identified to be invested in New Jersey or surrounding geographic areas; and\n(c)\tthe performance history of the general partner or fund manager based on a review of investment returns on individual funds on an absolute basis and relative to peers; and\n(3)\tThe location of the applicant's venture firm and the proposed structure of the applicant venture firm's investments in qualified businesses, with preference given to applicant venture firms that are located in incentive areas and to applicant venture firms that agree to dedicate a greater portion of qualified investments into qualified businesses located within incentive areas.\nL.2020, c.156, s.28.","path":["TITLE 34 LABOR AND WORKMEN'S COMPENSATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"f2e204787c54047ab99da84aeff08a170a81afbc02f5407f58fe09bee1e6d82a","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-34-1b-295","next":"us-nj/n.j.-stat.-34-1b-297"},"notice":"GroundRules: Original legal text. Not legal advice."}