New Jersey’s innovation economy was on full display on March 20 as the New Jersey Economic Development Authority (NJEDA) hosted its second Founders & Funders All-Stars event at The College of New Jersey. With a crowd full of ambitious entrepreneurs, seasoned investors, and key players in the state’s economic development space, the event delivered a powerful message: the Garden State is more than just a hub for big ideas—it’s a launchpad for what’s next.
💡 A Glimpse Into Jersey’s Innovation Ecosystem
The All-Stars event wasn’t your average networking mixer. It was a full-on showcase of New Jersey’s entrepreneurial spirit, combining “speed dating”-style investor meetings, a $100,000 pitch competition, and thoughtful insights from the very leaders shaping the state’s innovation economy.
Hosted by the NJEDA, the All-Stars program brought together standout startups that previously participated in NJEDA’s biannual Founders & Funders events. These invite-only gatherings have connected more than 400 New Jersey-based companies with over 250 investors—and the All-Stars event was a way to shine a spotlight on the best of the best.
🧠 “We’re Just Getting Started”
Tim Sullivan, CEO of NJEDA, delivered a passionate keynote that touched on the agency’s vision, the state’s progress, and what’s still to come. Reflecting on his seven-plus years at the helm, Sullivan painted a clear picture of New Jersey’s evolution into a nationally recognized innovation hub:
“You think about the evolution of where we are and what we can describe about who we are today – compared to seven or eight years ago, which was a strong base to build from,” Sullivan said. “The investments that Gov. Murphy has made. The initiatives that our team has played a big role in. It’s just extraordinary to think about the potential. I think the next five, 10, 25 years of Jersey’s trajectory are – if not limitless – pretty damn close.”
That momentum, he emphasized, isn’t just wishful thinking. It’s showing up in the form of new innovation centers, increased investment, and startup success stories unfolding across the state.
“It’s really exciting to be on the precipice of all the things that we are seeing,” Sullivan continued. “Everywhere you look there’s real signs of incredibly strong momentum.”
He credited much of the progress to the leadership of Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer, whose team has been instrumental in building the state’s innovation “toolkit”—including programs like Innovation Fellows and the Strategic Innovation Centers (SICs).
“Every single tool we have, has not just Kathleen’s fingerprints,” Sullivan said. “But her brilliance and her leadership.”
🗣️ “Team Jersey” in Action
But Sullivan wasn’t just there to reflect—he made a call to action, asking attendees to help spread the word about New Jersey’s innovation energy.
“We need everybody who is part of Team Jersey telling people about what’s going on here,” he said. “We have a tremendous amount of momentum – but we can make our own momentum by telling our story consistently, positively.”
That means celebrating wins big and small—IPO announcements, acquisitions, major funding rounds, and more. Sullivan encouraged founders and funders alike to be proud storytellers of Jersey’s economic comeback.
“We’ve got to tell that story,” he emphasized.
🎤 Startup Spotlight: A Pitch for the Future
One of the highlights of the day was the $100,000 pitch competition, where three standout startups went head-to-head for funding—and bragging rights:
Lactiga (North Brunswick) – A biotech company developing novel treatments for mucosal infections in immunodeficient patients.
Tidal Metals (Hamilton) – A deep-tech firm working on sustainable, carbon-neutral magnesium extraction from seawater.
Boxcar Transit (Chatham) – A commuting solution that blends tech and transit, offering luxury motor coach service between Jersey suburbs and Midtown Manhattan.
Each company delivered a fast-paced, high-impact pitch and fielded live audience ratings via QR code—a modern twist that matched the energy of the day.
Before announcing the winner, Coviello spoke to the significance of the All-Stars event and what makes it different.
“We only allow entrepreneurs to come once to Founders & Funders – except for All-Stars,” she said. “You get to come back for All-Stars. And we’ve been tracking how companies have done at these events. It’s just over a 10% success rate for the companies that go on and are successful in raising capital.”
To qualify for All-Stars, startups needed to have raised at least $1 million and be past participants of the Founders & Funders program.
🤖 Startup Stories: From Garage to Growth
Among those featured was Ehud Segev, CEO of Logie Inc., an AI-powered marketing platform operating out of—yes—a Union City garage. His excitement for the event and the state’s support was palpable.
“We are privileged to be part of the vibrant New Jersey startup ecosystem and super excited to be recognized as an All-Star by NJEDA,” said Segev. “New Jersey has not only fostered incredible innovation but has also been a strong supporter of Logie’s growth.”
He noted that Logie received $500,000 in seed investment through NJEDA’s Angel Match program, which helped fuel its mission to revolutionize product discovery through AI-driven creator campaigns.
“This support fuels our mission… and we were super excited to be sharing our vision with investors and fellow entrepreneurs at this incredible event.”
🏁 Looking Ahead
As Sullivan wrapped up his remarks, he underscored the long-term vision of NJEDA’s approach.
“Innovation and innovation ecosystem investments don’t necessarily happen fast,” he said. “But these are long-term investments that’ll pay dividends two, three, four governors from now — and that I think deserves appreciation.”
Whether it’s biotech breakthroughs, clean energy solutions, or commuting tech making daily life smoother, the All-Stars event made one thing clear: New Jersey isn’t just keeping up—it’s leading the charge.
And with a growing roster of passionate founders, strategic investors, and supportive public leadership, the Garden State’s next chapter in innovation is already being written—loud and proud.
Coviello noted how strong the crop of companies that participated in the All-Stars event were.
We’re trying to find the right sweet spot of getting folks early – and then getting them as they mature,” said Coviello. “But again, just an incredible, opportunity to work with you all in this – and to see such great entrepreneurs that we have in the State of New Jersey.”
With that, Coviello announced that Boxcar had won the (very close) competition and $100,000 prize.
Founder and CEO Joe Colangelo thanked the NJEDA for the award and for its help throughout this “wild journey.” Launched in 2017, his company has used NJEDA’s Angel Match program to incentivize private investment and increase access to working capital.
