Sometimes, people have great ideas. These ideas lead to products, services, medications or other valuable creations that eventually help others around New Jersey, the country and the world. However, in order to make these ideas come to life, people often need money. Starting a business in New Jersey is often not cheap, especially if significant research or man power is required in making the product. Unless people are willing to invest significant amounts of their own money into the company, they need some sort of funding.
There are many different sources of funding for New Jersey businesses. There are traditional bank loans, selling stock to investors or grants, among others.
Recently, a New Jersey start-up has won a grant from the Michael J. Fox Foundation. This start-up, Durin Technologies Inc. has been doing research on Parkinson’s disease. It has apparently developed a blood test to try and detect the disease before the patient has any visible symptoms. While the treatment is still in an experimental stage, the North Jersey company has also received financial support from a venture capitalist investment firm based in New Jersey. Now, the company will receive more than $350,000 from the Foundation to further its research.
Funding is just one of many different business formation issues that New Jersey start-ups need to consider as they grow. And, the type of funding that these businesses choose to acquire can have significant legal consequences. People should make sure they understand all the ramifications to accepting different sources of income as they are trying to grow their business. Without the right help, the wrong investment can end up costing a business in the long run.
Source: Philadelphia Business Journal, “N.J. start-up gets Michael J. Fox Foundation grant,” John George, Aug. 29, 2013
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