Slow response to after takeoff commands by Falcon 900 First Officer results in failure to meet 1500 ft altitude restriction on the TEB 5 SID from TEB.

Narrative

I was cleared to depart TEB on Runway 24 with the TEB 5 departure; the initial altitude clearance was 1500 ft MSL; at 400 ft. Inaccordance with proper after takeoff flow; I instructed the First Officer to clean up and activate VNAV; AUTO PILOT and AUTO THROTTLE; for some reason he did not accomplish it. I asked again at 700 ft; he again was slow performing his duties. At 1200 ft MSL I realized that we were still not properly configured; and initiated the level-off myself; our climb rate was too high and I overshot the altitude by approximately +/-300. At that time the First Officer activated the auto pilot and we descended back to 1500 ft and continued the departure without incident. Before switching to the next controller; the Air Traffic Controller did query us on our experience flying out of TEB and he went on to explain that 1500 ft is a hard altitude due to arrivals into Newark. I believe as a Captain I should have recognized that the after takeoff flow was not accomplished and I should have initiated the level-off sooner. I flew with this First Officer many times and I was not expecting him to take that long to perform the after takeoff flow. I will make a very detailed briefing before taking off; to make sure the First Officer understands what I expect from him.