a. One of the most difficult challenges for upstart entrepreneurs is forgoing employment to launch their businesses.

b. For diverse entrepreneurs from underserved populations, this challenge is often exacerbated as these entrepreneurs historically lack funding from family and friends to support their living expenses while building a business without income.

c. Having alternative sources of capital and new ways to deploy capital to entrepreneurs can be crucial for disadvantaged entrepreneurs in particular.

d. Although many universities provide fellowships for advancing business ideas, this assistance is often only available to students, and there is a dearth of programs designed specifically to support non-student entrepreneurs.

e. The New Jersey Economic Development Authority, through the New Jersey Innovation Fellows Program, shall seek to consolidate public and private economic development efforts through various funding sources into one targeted program to invest in diverse talent critical to New Jersey having a vibrant innovation ecosystem.

L.2021, c.160, s.66.