Senior Product Officer - Venture Products at New Jersey Economic Development Authority in Trenton, New Jersey

Job Description:

Senior Product Officer - Venture Products

US-NJ-Trenton

Job ID: 2024-2139
Type: Regular Full-Time
# of Openings: 1
Category: Venture Products
NJEDA

Overview

Job Summary

EDA Overview

The mission of the NJEDA’s Economic Transformation Division is to accelerate the growth of New Jersey’s economy by implementing programs that will enhance the State’s long-term economic competitiveness and establish New Jersey as a leader within high-growth innovative strategic sectors. The Venture Products department implements unique programs that catalyze investment to create and sustain job growth, strengthening the State’s innovation ecosystem. The team that delivers these products is focused on effective execution combined with a positive market impact.

The Senior Product Officer will focus their efforts on growing all aspects of the $300 million New Jersey Innovation Evergreen Fund co-investment program, but will support across the Venture Product department’s portfolio of programs. The department is committed to achieving the State’s goal to build the nation’s most diverse and inclusive innovation ecosystem, and the Senior Product Officer’s work will support these efforts.

$85,680 - $107,100

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a manager's approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Job Overview

• The Venture Programs Senior Product Officer works as an integral member of the Venture Products department to catalyze angel, venture capital and corporate investment in New Jersey, with a focus to create economic growth for innovative businesses in the State.

• The Senior Product Officer will serve as a key agent to support the development and management of a sophisticated $500 million suite of capital and resource investment programs including the New Jersey Innovation Evergreen Fund (NJIEF), NJ Founders & Funders, Venture Fund investments, Black and Latino Seed Fund, State Small Business Credit Initiative (SSBCI) Life Sciences Fund and Socially and Economically Disadvantaged Individual (SEDI) Seed Fund, NJ Innovation Fellows, and New Jersey’s Golden Seeds chapter.

• Intellectually curious, self-starters will have the opportunity to conceive, build, and lead adoption of novel economic development mechanisms at the intersection of corporate and alternative investment strategy.

Duties

Daily Tasks and Responsibilities:

• Lead outreach to establish and maintain relationships with key innovation ecosystem stakeholders. This includes institutional and strategic investors in the investment community, startups, corporations, accountants, universities and attorneys. Represents the Authority at networking events including speaking engagements and panel participation.

• Maintains a working knowledge and relationships within the venture capital and startup market with a consideration to identify new venture capital partners and portfolio companies. Leads project management the due diligence and compliance monitoring process of venture capital and startup applicants, working in coordination with Authority Staff across various departments.

• Identifies corporate NJIEF tax credit auction purchasers to fund program investments and to develop strategic commitments to support the State’s innovation ecosystem. Maintains relationships with corporate partners and plans and leads program Advisory Board meetings. Leads project management of the application review and compliance monitoring process of corporate tax credit purchasers, working in coordination with Authority Staff across various departments.

Projects:

• Serves as the subject matter expert to coordinate the design and development of policy, products and processes for programs associated with the venture programs and co-investment activity within the EDA, including substantial engagement on the New Jersey Innovation Evergreen Fund.

• Works closely with potential program applicants across department programs to determine program eligibility. Leads due diligence which may include review of offering materials, RFP and questionnaire responses, legal documentation along with qualitative and quantitative analysis and reference calling. Prepares and presents analysis for senior management and Board decision in accordance with program requirements.

• Perform quantitative and qualitative monitoring and administration of the existing venture fund portfolio and prospective programs. Responsibilities will include regular update calls with existing fund managers, attendance at annual meetings, review of financial statements, capital call and distribution fulfillment.

Goals and Objectives:

• Develops relationships with venture capital funds and NJ-based startups to identify up to $300 million of NJIEF co-investment opportunities over the program’s life. Leads project management of review and approval process for program investments.

• Develops relationships with venture capital funds with experience investing in startups in historically underserved communities and with startups based in underserved communities in support of achieving the NJIEF target of investing 25% of capital into startups based in Opportunity Zones.

• Develops relationships with corporate tax credit purchasers to help lead the successful sale of up to $300 million in tax credits over the life of the program to fund NJIEF investments. The Senior Officer will also working closely with the corporate purchasers to monitor the successful execution of program strategic commitments to support the State’s innovation ecosystem.

Collaboration and Cross-Divisional Interaction:

• Promotes teamwork and communication to encourage an interactive, cooperative, collaborative, and customer focused work environment among division, EDA staff and external customers.

• Collaborates with NJEDA Authority Staff across various departments to identify suitable program applicants and to project meanage the review, approval, and compliance processes of program applications for department products, including the NJIEF.

Reporting Structure:

• The Senior Product Officer will report to a department Manager who will directly oversee the NJIEF in addition to other department products. The Senior Product Officer will serve as the primary point of contact internally for all aspects of the NJIEF and will enjoy a high-degree of autonomy in identifying program applicants and in leading project management of the program application review, approval, and compliance processes.

• A junior Investment Analyst will support NJIEF program activities, but will report directly to the department Manager.

• Must complete annual self-assessment as required.

• Performs other duties and special projects, as assigned.

Qualifications

Skills and Qualifications

Technical Skills:

• Knowledge in venture fund and startup investment underwriting and portfolio analysis including:

• Understanding of GAAP, income, balance sheet and cash flow statements

• Ability to understand investment documentation from a legal and regulatory perspective

• Sound concept of governance and fiduciary responsibility

• Proficiency in Microsoft Office Suite, a working knowledge of databases and the ability to learn new software packages including CRM.

• Must have a strong focus on financial details and possess analytical curiosity.

Soft Skills:

• Demonstrates a leadership and ownership mindset within the Venture Programs team supporting the department Director, Managers, and other colleagues.

• Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff.

• Strong relationship management skills.

• Must possess a solution-oriented mindset, to allow creative thinking in this dynamic asset class.

• Ability to prioritize workload with effective time management. Must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with little or no supervision.

• Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.

• Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff.

Experience:

• 7+ years of professional experience in alternative investment, venture capital, asset management, startups, or other roles related to the innovation ecosystem.

• Experience with technology entrepreneurial development.

• Familiarity within niche area of venture capital industry preferred.

• Familiarity with venture and angel investing as equity sources preferred.

• Advanced degree or industry specific certification may be substituted for 1 year of experience

Education:

• Bachelor’s Degree required, preferably with emphasis in finance and/or equivalent professional experience.

• Advanced degree such as an MBA or related degree preferred.

Software/Tools Proficiency:

• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.

• Learn and utilize the EDA’s Customer Relationship Management (CRM) database per departmental standards including populating key application data in various CRM records.

• Familiarity with industry databases such as Pitchbook and Crunchbase preferred.

Additional Information

• Minimal physical demands and ability to work out normal business hours

• Travel expected when necessary for business operations

Certificates and Licenses Required

• Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.

NJ SAME Program

In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.

The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here. If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.

This posting open to eligible applicants regardless of SAME eligibility.

Equal Opportunity Employer

Position Requirements

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.

• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.

• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.

• Must review the required NJ State Ethics Guidelines found on the state website.

• Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

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PI249973226

Salary:

$85,680.00

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