Booker Introduces Legislation to Help Grow Startups

Press Release

Today U.S. Sen. Cory Booker (D-NJ) was joined by NJ Tech Meetup, Tiger Labs, and TechLaunch at a business pitch event to highlight some of New Jersey's most innovative startups and entrepreneurs.

At the event, Sen. Booker discussed his recent introduction of the Startup Opportunity Accelerator, or SOAR, Act. The legislation would direct $25 million of funding over five years to a U.S. Small Business Administration program called the Growth Accelerator Fund. The program allows business startups to compete for funding to help their businesses grow.

The Growth Accelerator Fund helps companies to find new connections, new routes to investment, and new ideas and strategies to achieve their full potential.

As a member of the Small Business Committee, Sen. Booker understands the importance of business accelerators to cultivate entrepreneurs and provide resources. The SOAR Act also gives special consideration to applicants serving women and minority business owners.

"This program will stimulate our nation's entrepreneurial energy and spur economic growth in untapped areas," Sen. Booker said.

"Over the past 17 years, the number of women-owned businesses in New Jersey has increased more than 48 percent and I'm looking forward to seeing that growth continue," Sen. Booker added. "With the SOAR Act, we'll be able to increase investments made in promising entrepreneurs, who will put their ingenuity to work for the benefit of their neighbors."

According to the Small Business Administration Office of Advocacy, collectively New Jersey's African American, Hispanic, and Asian-owned small business employ a total of 188,000 people. New Jersey also has an estimated 230,800 women-owned firms, employing 259,200 people and doing nearly $45 billion in sales.

The pitch-off event held at Tiger Labs in Princeton consisted of five New Jersey startups showcasing their products before an expert panel of investors and tech leaders. Founders from Fusar Technologies, Gruberie, Hastke, Notefly, and Wattvision presented a range of products and ideas from wearable technologies to new mobile applications. The event also provided an opportunity for entrepreneurs to connect with other innovators and business leaders across New Jersey.

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