Senior Product Officer - Venture Products

Senior Product Officer - Venture ProductsUS-NJ-TrentonJob ID: 2024-2139Type: Regular Full-Time# of Openings: 1Category: Venture ProductsNJEDAOverviewJob 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.ResponsibilitiesJob 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. QualificationsSkills 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 MEqual Employment Opportunity/M/F/disability/protected veteran statusApply Here:

Created: 2024-11-02