After our post about QSBS in NJ, over 150 entrepreneurs and investors signed on to support the policy update. Here is a snapshot of quotes of what they shared:
“As an investor and advisor, I avoid NJ because of QSBS.”
Charles Nebenzahl, CEO, Synergy Pet Group
Relation to NJ: Headquarters and live in Lakewood, NJ
“Will be the best job-creator and ultimate revenue generator for NJ.”
Brian Smiga, Co-founding Partner, AlphaPartners.com
Relation to NJ: Monmouth County native. I have founded 2 companies in NJ and 1 non-profit.
“As both a founder and an investor of numerous companies, I was shocked when I learned that New Jersey, my home state and the state where my startup, IFundWomen, was founded and operates, does not recognize the Qualified Small Business Stock tax incentive.”
Karen Cahn, Founder & President, IFundWomen, Inc.
“I missed out on QSBS on my first business which we sold to a public company. I won’t miss out on it again, and I’m hopeful that doesn’t force me to rethink building in NJ.”
Jeff Frommer, CEO, OWM
“NJ not recognizing QSBS makes justifying living in the Garden State incredibly challenging. As a founder, simple math shows a compelling reason to leave the state.”
Ryan Hubbard, CTO, Updater
Relation to NJ: I live and work in NJ. I work in tech founding multiple companies.
“QSBS will be the best job-creator and ultimate revenue generator for NJ.”
Brian Smiga, Co-founding Partner, AlphaPartners.com
Relation to NJ: Monmouth County native. I have founded 2 companies in NJ and 1 non-profit.
“Currently considering moving states due to QSBS.”
Michael Dwyer, Co-founder, Prompt Therapy Solutions
Relation to NJ: Hoboken
“I couldn’t benefit from QSBS in my first venture and I’d hate to move out of NJ just for this reason while planning my next. I hope NJ leaders show support for the startup community by making this important change.”
Ganes Kesari Balakesari, Co-founder & Chief Decision Scientist, Gramener
Relation to NJ: Live and work in NJ
“I have lost good candidates for my startup companies because of this tax policy. NJ is too small to give people reasons to live in PA, DE, NY, and CT. So NJ loses a lot of other sources of tax revenue because of this tax.”
Richard E Riman, Distinguished Professor/Founder of 6 NJ Companies, Rutgers University
Relation to NJ: Piscataway, NJ
“When I sold my last startup, I could’ve retained significantly more proceeds that would’ve been reinvested in my future startup ventures if the state recognized QSBS. Relocation is a serious consideration ahead of my next venture.”
Steve Cornwell, Founder/CEO, Northpass (Acq. by Gainsight)
Relation to NJ: Live and work in Morris County