Read the summary and watch or listen to the interview here: https://www.crowleylawllc.com/podcasts/10-million-startup-secrets-with-aaron-price/
Voiceover: Welcome to the From Lab to Patient, Garage to Market podcast with your host, Phil Crowley. In each episode, we discuss professionals serving the tech startup market and key issues impacting those companies. You can find this show on YouTube, LinkedIn, Facebook, Apple Podcasts, Spotify, and on our website, crowleylawllc.com.
Now, here’s your host: Phil Crowley.
Phil Crowley: Hello and welcome. Thanks for tuning in. We bring you leaders in the life sciences and technology sectors to share their perspectives on developments, how to succeed, mistakes to avoid, and key issues to be aware of—helping demystify the process of taking ideas from the laboratory to commercialization and ultimately improving lives.
Meet Aaron Price: CEO of Tech United New Jersey
Phil Crowley: Today, I’m joined by Aaron Price, CEO of TechUnited: NJ, an organization dedicated to supporting and promoting innovators in New Jersey. Aaron and his team have played a major role in strengthening the early-stage technology ecosystem in the state.
At the end of our discussion, I’ll ask Aaron to share a couple of key takeaways to help you avoid missteps and improve your chances of success. Aaron, welcome.
Aaron Price: Thanks, Phil. Great to be here.
Aaron Price’s Journey in Tech Entrepreneurship
Phil Crowley: Tell us about your background and the path that led you to your current role.
Aaron Price: I’ve been an entrepreneur my entire life. My brother and I patented something in high school and launched my first tech company in 1998—an online food ordering platform called DeliverYou, at a time when there were no smartphones and a lot of faxing.
We eventually had a successful exit, along with one other venture, though I also had several failures. It was a fairly isolating career early on, as entrepreneurship wasn’t as widely embraced as it is today.
I became involved in the New York tech community, which was the first time I felt surrounded by people who understood those challenges. That led me to start the New Jersey Tech Meetup, which grew to 9,000 members and became the largest tech group in the state. It also inspired the Propelify Innovation Festival, a major waterfront tech event.
That effort was later acquired by what is now TechUnited:NJ, where we focus on empowering entrepreneurship and innovation across the region.
Programs and Initiatives by Tech United
Phil Crowley: What types of programs does Tech United offer?
Aaron Price: Our members range from solo founders with an idea to large enterprises like Verizon, so our programs vary accordingly.
For early-stage entrepreneurs, we focus on access to expertise and mentorship—helping them avoid common mistakes. We host events with networking, demos, and speakers, including founders who’ve built companies without outside funding and venture capitalists who explain what they look for in pitches.
We also advocate for policy changes, connect founders with talent and capital, and run mentorship programs that pair startups with large corporations. Our goal is to accelerate business growth by providing access to customers, capital, and expertise.
Success Stories and Insights on Raising Capital
Phil Crowley: You mentioned a company reaching $10 million in revenue without outside investment. How does that happen?
Aaron Price: It’s rare, but possible. Raising capital often means selling equity and control, which founders need to take seriously.
In this case, the founders pooled $15,000 each and gave themselves six months to generate enough revenue to sustain salaries. Over eight years, they built a 40-person company generating $10 million annually—without outside funding.
They focused on revenue over product perfection. That’s easier in software than in life sciences, but the principle holds.
It’s also important to understand venture capital dynamics. Funds typically need one company to return the entire fund, which affects decision-making. Founders should understand what those expectations mean for their own outcomes.
Legislative Wins for New Jersey Innovators
Phil Crowley: You’ve been involved in legislative efforts. Can you explain the impact of qualified small business stock (QSBS)?
Aaron Price: QSBS is a federal incentive designed to encourage early-stage investment. If an investor qualifies, the first $15 million of gains from a successful exit can be tax-free at the federal level.
Until recently, New Jersey didn’t match that benefit at the state level. We advocated for change, and now gains qualifying federally will also qualify in New Jersey starting in 2026. That helps keep investment and talent in the state.
Crowley Law: Supporting Innovators
Phil Crowley: Let me briefly introduce Crowley Law. We’re a boutique firm focused on helping life sciences and technology innovators avoid pitfalls as they commercialize their ideas.
As a former research physicist and now a corporate lawyer, I understand both the technical and business challenges involved.
Visit crowleylawllc.com for resources, including my book Avoid Startup Failure, which outlines the top causes of startup failure and how to address them.
Angel Investor Tax Credit Expansion
Phil Crowley: You also worked on another legislative initiative.
Aaron Price: Yes, the angel investor tax credit. Previously, investors received a 20% credit on early-stage investments. We increased that to 35%, with an additional 5% for investments in women- or minority-owned businesses.
This brings New Jersey in line with national averages and strengthens incentives for early-stage funding.
Economic Environment and Tech Innovation
Phil Crowley: How is the current economic environment affecting innovators?
Aaron Price: Tech is somewhat insulated, especially with AI enabling high revenue with small teams. However, this also creates broader economic disparities.
We need to ensure more people have access to opportunities—whether through entrepreneurship or participation in growing companies.
Supporting Entrepreneurship
Phil Crowley: Is there more government can do to support entrepreneurship?
Aaron Price: Incentives like these help, but not everyone is suited to be a founder. Our role is to reduce friction—saving time, reducing mistakes, and improving access to knowledge and networks.
Even small efficiencies can make a meaningful difference.
Future Vision for Tech United
Phil Crowley: If you had additional funding, what would you build?
Aaron Price: Two things:
First, a world-class AI accelerator and incubator.
Second, a network of grassroots community leaders running local meetups—bringing people together to share ideas and support each other.
Those community-driven efforts are incredibly powerful but require resources to sustain.
Advice for Aspiring Entrepreneurs
Phil Crowley: What key advice would you leave with our audience?
Aaron Price:
First, discipline—especially with time. Focus on what matters, avoid unnecessary meetings, and listen to what your metrics are telling you.
Second, surround yourself with great people. Hire carefully, address issues quickly, and build systems that can operate without you.
Conclusion and Contact Information
Phil Crowley: Aaron, thank you for sharing your insights. Where can people learn more?
Aaron Price: Visit techunited.co.
Phil Crowley: Thank you for joining us. Visit crowleylawllc.com for resources, and check out Avoid Startup Failure. Please subscribe so you don’t miss future episodes.
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