Strategic Sectors Archives

The advisory council will advance NJ’s innovation ecosystem and cultivate collaboration amongst the state’s 12 SICs

NEWARK, N.J. (October 8, 2025) – Governor Phil Murphy kicked off the inaugural meeting of the newly-formed Strategic Innovation Center Advisory Council (SIC-AC) today at Prudential Plaza in Newark. The advisory council brings together key stakeholders, academic and corporate leaders, industry champions, subject matter experts, and government officials to further advance New Jersey’s innovation ecosystem through the SIC network established during the Murphy Administration. The SIC initiative is powered by the New Jersey Economic Development Authority (NJEDA).

“From technology to life sciences and manufacturing, New Jersey is once again leading the way in innovation. The Strategic Innovation Center Advisory Council will serve as a national model for cultivating a welcoming environment for entrepreneurs and keep the state ahead of the curve as market trends shift,” said Governor Murphy.“By bringing together the public and private sector, this unique collaboration will strengthen our innovation ecosystem, helping bring new technologies to the marketplace and create good-paying jobs for our residents.”

“Throughout his tenure, Governor Murphy has made major investments to bolster innovation across the state, helping create jobs and strengthen our economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Strategic Innovation Centers are supporting the state’s startup community, ensuring that entrepreneurs have access to capital and opportunities for meaningful collaboration with industry stakeholders. Launching the advisory council today confirms the State’s commitment to growing our innovation ecosystem and the expertise and guidance of its members will help enhance our economic competitiveness.”

The SIC-AC aims to make New Jersey a national model of sustainable and equitable economic growth in the innovation sector by creating good-paying jobs, cultivating companies and technologies of the future, and ensuring the state’s long term economic competitiveness. Through dedicated engagement with NJEDA staff, the council seeks to bridge the gap between the private, public, and academic sectors, maximizing the impact of collaborative partnerships within New Jersey’s dynamic innovation ecosystem.

Members of the council will serve as primary advocates for New Jersey’s innovation ecosystem, providing strategic guidance on market trends and ecosystem growth, and assessing programmatic impact. As advocates, members will guide strategic communication efforts, spearhead outreach and engagement with industry, academic, and governmental partners, and will serve as New Jersey innovation economy ambassadors, promoting success stories both from established SICs and NJEDA’s innovation programs.

The advisory council consists of representatives from each announced SIC. Steve Van Kuiken, Senior Partner Emeritus, McKinsey & Company, will serve as the SIC-AC Chairperson. Additionally, the NJEDA CEO, NJEDA Chief Economic Transformation Officer, and the Secretary of Higher Education, will serve as the council’s Ex-Officio members. Individuals from New Jersey’s innovation sectors will also serve on the SIC-AC.

“I’m extremely impressed with the progress made to date on establishing a robust ecosystem of SICs across the State,” said Van Kuiken, Chair of the SIC-AC. “The SICs will be an engine of economic growth for the State for years to come, and the Advisory Council is well positioned to help them achieve that goal.”

Members of the SIC-AC include:

Strategic Innovation Center Representatives

Saeed Amidi – Founder & CEO, Plug and Play
Michael Olmstead – Chief Revenue Officer and Partner, Plug and Play
Howard Kyle – President, National Aerospace Research & Technology Park
Paul Hoffman – President & CEO, Liberty Science Center
Alexis Richter – Executive Director, SciTech Innovation Hub
Duncan Turner – General Partner; Global Managing Director, SOSV; HAX
Susan Schofer, PhD – Partner, SOSV; HAX
Christopher Paladino – President, New Brunswick Development Corp.
Liat Krawczyk – Founding Executive Director, NJ AI Hub
Michael Johnson, PhD – President, New Jersey Innovation Institute
Michael van Ter Sluis – Vice President of Entrepreneurship, New Jersey Innovation Institute
Thierry E. Klein, PhD – President, Nokia Bell Labs Solutions Research
Chris Jones, PhD – Vice President of Strategic Partnership, Nokia
Jean-Pierre Issa, MD – President & CEO, Coriell Institute for Medical Research
Timothy Meyer, PhD – Deputy Director for Operations and Chief Operating Officer, Princeton Plasma Physics Laboratory
Tony Lowman, PhD – Inaugural Chancellor, Rowan University

Independent Members

Steve Van Kuiken (SIC-AC Chair) – Senior Partner Emeritus, McKinsey & Company
Gina Tedesco – Managing Member, Amala Ventures
Aisha Glover – Vice President, Urban Innovation, Audible
Marie Pryor, PhD – Leader of Microsoft’s TechSpark Initiative
Wesley Mathews – President & CEO, Choose New Jersey
Sean O’Sullivan – Managing General Partner, SOSV
Corey Sanders – Senior Vice President of Strategy, CoreWeave
Jeff Cherry – Founder, CEO & Executive Director, Conscious Venture Lab
Nina Edwards – Vice President of Emerging Technology & Applied Innovation, Prudential Financial
Anindya Sengupta – Vice President, Strategic Initiatives, Prudential
Victoria Manax, MD – Partner, Eckuity Capital
Josh Barer – Managing Director, Astr Partners
John Flavin – Founder & CEO, Portal Innovations
Nancy Tyrrell – Director of Academic Partnerships on the Growth and Expansion Team, Portal Innovations
Brian Bridges, PhD – Secretary of High Education, Office of the Secretary of Higher Education
Tim Sullivan – CEO, New Jersey Economic Development Authority
Mary Maples – Deputy CEO, New Jersey Economic Development Authority
Kathleen Coviello – Chief Economic Transformation Officer, New Jersey Economic Development Authority

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (September 22, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Next New Jersey Manufacturing Program on Thursday, September 25, 2025. The program will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies. Last month, Governor Phil Murphy signed A5687/ S4407 into law, establishing the $500 million tax credit program.

WHAT: The Next NJ Manufacturing Program is a tax credit initiative designed to spur significant investment, create new jobs, and solidify the state’s manufacturing industry.Under the program, manufacturers can receive a tax credit award of up to $150 million, based on an applicant’s proposed new jobs and capital investment.

WHO: Eligible applicants include businesses in manufacturing industries, such as advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences.

WHEN: Applications will open on Thursday, September 25, 2025, at 10:00 a.m. Click here for full eligibility requirements and to apply. For more information, please email nextnjmfg@njeda.gov.

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$15M NJ LEAF program will strengthen cannabis cultivators, manufacturers, and laboratories to bolster long-term industry stability

TRENTON, N.J. (September 15, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $15 million pilot program to bridge capital access gaps for recreational cannabis cultivators, manufacturers, and testing laboratories. The New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program will provide low-cost financing of up to $1.5 million to eligible cannabis companies, expanding upon NJEDA’s already established cannabis-focused financial tools, empowering small businesses, and advancing the State’s commitment to equitable economic development.

“Under Governor Phil Murphy’s leadership, New Jersey is building an equitable cannabis market by supporting every link in the supply chain,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ LEAF will ensure companies that are cut off from traditional financial resources have access to the capital needed to succeed, helping to create jobs, strengthen communities, and solidify New Jersey’s long-term growth as a national leader in the cannabis market.”

The NJ LEAF Program will provide flexible lending options for both fixed assets and working capital, helping eligible businesses grow and stabilize their operations in New Jersey. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million, and working capital support loans will extend from $100,000 to a maximum of $500,000. The funding options offer valuable resources for businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses.

“NJ LEAF will build upon the NJEDA’s already successful efforts to support the state’s burgeoning cannabis industry,” said NJEDA Chief Community Development Officer Tai Cooper. “New Jersey’s continued investment into this strategic sector is unlocking much-needed resources for diverse entrepreneurs, helping create jobs and strengthen communities.”

Eligible businesses must hold a valid and current recreational Class 1- Cannabis Cultivator, Class 2 – Cannabis Manufacturer, or Testing Laboratory annual license digital card issued by the New Jersey Cannabis Regulatory Commission (NJCRC). In addition, businesses must be based in New Jersey, employ fewer than 250 full-time employees, and must have been in operation for at least one calendar year with annual gross revenues of $5 million or less. In line with Governor Murphy’s efforts to foster an equitable cannabis industry, five percent of funding under the program will be set aside for businesses located in Impact Zones, which are areas designated by statute that were disproportionately impacted by cannabis prohibition or meet other statutory criteria. For more information on eligibility and funding uses, visit www.njeda.gov/nj-leaf or email businessbanking@njeda.gov.

“It has been heartening to see the NJEDA’s commitment to financially supporting New Jersey’s cannabis entrepreneurs,” said NJCRC Chairwoman Dianna Houenou. “Our applicants and operators face obstacles that are unique to the industry without access to the financial tools available to other business owners. I am grateful that NJEDA with NJ LEAF and its grant programs are attempting to close that gap.”

In May, the NJEDA Board approved the $5 million Cannabis Business Development (CBD) Grant Program, which will provide targeted financial support to eligible recreational cannabis entrepreneurs to help alleviate and manage the cost of ongoing State and local compliance, as well as operating expenses. The NJEDA’s two new cannabis programs follow the success of the Seed Equity and Joint Ventures Grant Programs, which have delivered nearly $14 million and supported the opening of 40 cannabis businesses across New Jersey to date.

About the NJEDA

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TRENTON, N.J. (August 15, 2025) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on draft rules for the Next NJ Manufacturing Program, which will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies. Yesterday, Governor Phil Murphy signed A5687/S4407 into law, establishing the $500 million tax credit program.

WHAT: The rules will be presented to the NJEDA Board for its review and consideration for approval. If approved, the rules will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

The document explaining the draft rules can be found here.

WHEN: A listening session, which will provide an overview of the draft rules, will be held on Monday, August 18, 2025, at 1:00 p.m. To register for the webinar, click here.

Feedback must be submitted through the NJEDA’s website by Friday, August 22, 2025, at 5:00 p.m.

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$500 Million Next NJ Manufacturing Program Will Provide Tax Credits to Catalyze Investment and Job Creation in Crucial Sector

KEARNY – Governor Phil Murphy today signed A5687/S4407, creating a new $500 million tax credit program that incentivizes manufacturing investment and job creation. The Next New Jersey Manufacturing Program, which will be administered by the New Jersey Economic Development Authority (NJEDA), will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies.

“From the industries that powered our early growth to the advanced facilities driving innovation today, manufacturing continues to play a vital role in shaping New Jersey’s economy and its future,” said Governor Murphy. “Since taking office, my administration has advanced policies that create good-paying jobs, attract cutting-edge manufacturers, and expand opportunity in communities across the state. The Next New Jersey Manufacturing Program builds on that progress, providing the support needed to accelerate growth, enhance our competitive position, and deliver lasting economic benefits for New Jersey manufacturers.”

Under the program, eligible businesses in manufacturing industries including advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences can receive a tax credit award equal to the lesser of 0.1 percent of the eligible business’s total capital investment multiplied by the number of new full-time jobs or 25 percent of the eligible business’s total qualified investment, subject to a total cap of $150 million per project. $100 million in tax credits in the first two years will be reserved for clean energy product manufacturers in industries such as solar, geothermal, and green hydrogen, supporting innovative companies to further the State’s clean energy goals and support clean manufacturing. After the first two years of the program, any unused proceeds will roll over into the general manufacturing allocation.

“Under Governor Phil Murphy’s leadership, the NJEDA has remained focused on strengthening the industries of the future through programs that encourage job growth, promote expansion, and strengthen communities across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The Next New Jersey Manufacturing Program will encourage manufacturers to establish and grow successful operations in New Jersey, producing impactful economic benefits for the state and its residents for generations to come.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the program will offer stackable bonuses to companies holding New Jersey Business Certifications, like Minority and Women Business Enterprises, businesses located in Opportunity Zones, or companies that have collective bargaining agreements or labor harmony agreements in place. For a complete list of available bonuses and more information on eligibility requirements and potential awards, click here.

The Next New Jersey Manufacturing Program adds to the NJEDA’s existing initiatives that bolster the state’s manufacturing industry, aiding in expansion and supporting workforce development. As of July 2025, the NJEDA has approved 431 applications across three phases of its historic New Jersey Manufacturing Voucher Program (NJMVP), providing a total of over $66.2 million in support for these companies. In return, program awardees have committed to investing over $252.7 million in upgrading their manufacturing equipment and processes, an amount nearly four times the financial support provided by the NJEDA. Additionally, the NJEDA sponsored the New Jersey Manufacturing Extension Program’s (NJMEP) Future Makers & Creators Tour, providing an opportunity for the state’s students to connect with industry leaders and learn about career opportunities.

The primary sponsors of A5687/S4407 are Senators Michael Testa and Linda Greenstein, and Assemblymembers Louis Greenwald, Antwan McClellan, and Verlina Reynolds-Jackson.

“Manufacturing has long been the backbone of New Jersey’s economy, and this historic investment reaffirms our commitment to revitalize this vital sector,” said Senator Testa. “The ‘Next New Jersey Manufacturing Program’ is designed to drive innovation, attract new investment, and create high-quality careers for our residents. Through targeted incentives, we’re giving manufacturers and entrepreneurs the tools they need to grow, compete globally, and succeed right here in the Garden State. It is a modern revival of the message proudly displayed on the Lower Trenton Bridge— ‘Trenton Makes, The World Takes.’”

“This is a landmark piece of legislation that will drive major investments in New Jersey’s manufacturing sector,” said Senator Greenstein. “With the generous tax incentives included, the ‘Next New Jersey’ program will create high-quality jobs and solidify our state’s status as a leader in clean energy manufacturing. I am proud to sponsor this bill and will continue to push New Jersey toward a more economically prosperous and sustainable future.”

“The Next New Jersey Manufacturing Program makes clear that our state is open for business and we are ready to compete for the industries and innovation that will define the future,” said Assembly Majority Leader Greenwald. “This is about building a stronger, smarter New Jersey that prioritizes good paying jobs and long-term economic growth.”

“Manufacturing is more than machines; it’s people, neighborhoods, and opportunities,” said Assemblywoman Reynolds-Jackson. “This bill is a bold investment in our workforce and our future. With the right tools, New Jersey can lead the way in bringing back high quality manufacturing jobs.”

“The Next New Jersey Manufacturing Program is a powerful example of how our state is leading the way on creating good jobs and investing in local businesses,” said Congressman Rob Menendez. “Manufacturing is a vital part of our economy and I’m grateful to Governor Murphy and our partners in state government for prioritizing this initiative. It’s crucial that we continue to collaborate across all levels of government to ensure that we are meeting the moment and moving our great state forward.”

“We are honored to host Governor Murphy at MAC Products, Inc. for the signing of A-5687. This legislation aligns with our decades-long commitment to strengthening New Jersey’s manufacturing backbone,” said Eddie Russnow, President, MAC Products, Inc. “As a family-owned business that lives by the motto ‘We Don’t Do Easy,’ we understand the importance of resilient, in-state manufacturing capacity. The Next New Jersey Manufacturing Program will propel local investment, fuel job creation, and reinforce the innovation and integrity at the heart of our operations—and the operations of manufacturers across the state.”

“This bill represents a vital investment in New Jersey’s future, supporting the full spectrum of manufacturing, including the clean energy sectors, while empowering the workforce that drives them,” said Peter Connolly, CEO, New Jersey Manufacturing Extension Program, Inc. “NJMEP is prepared to stand alongside NJEDA and every business this program attracts to offer targeted training, consulting, and workforce development. With this robust support in place, this $500 million incentive can translate into real high-quality jobs and tangible economic opportunity for the people of New Jersey.”

“This investment reflects New Jersey’s commitment to supporting growth in manufacturing,” said Tom Bracken, President & CEO, New Jersey Chamber of Commerce. “The Next New Jersey Manufacturing Program aims to encourage innovation, attract new industries, and expand career opportunities in the state. By combining targeted tax incentives with the strengths of our workforce, we’re creating a stronger environment for businesses to build and grow in the Garden State.”

“This law represents a significant and targeted investment for New Jersey’s manufacturing sector and our economy, with no new additional funding required,” said Michele Siekerka, President and CEO, New Jersey Business & Industry Association. “It will support much-needed workforce development in manufacturing amid both federal tariff and supply chain uncertainty that challenges these important businesses. And it will incentivize a wide range of manufacturing activities, including advanced manufacturing, food and beverage production, life sciences, defense, and clean energy component manufacturing. NJBIA thanks Governor Murphy for signing this important bill into law, as well as overwhelming bipartisan support within the Legislature. Let’s get to work.”

“New Jersey’s manufacturers are the backbone of our economy, and this program provides the kind of bold, targeted investment needed to keep them competitive in a rapidly changing economic landscape. By prioritizing innovation, job creation, and in-state capital investment, the Next New Jersey Manufacturing Program sends a clear message: our state is serious about building things here at home and supporting manufacturers up and down the state. We commend Governor Murphy for his leadership on this critical issue,” said Christina M. Renna, President & CEO, Chamber of Commerce Southern New Jersey.

“As the ‘Medicine Chest of the World,’ New Jersey relies on a strong manufacturing ecosystem to produce highly advanced, technologically sophisticated, and life-saving biopharma and medical device products,” said Chrissy Buteas, CEO, HealthCare Institute of New Jersey. “These products—from cell and gene manufacturing to complex metallurgic bone mesh implants to radioligand therapeutic products—are made in New Jersey because of our skilled, well-trained workforce and incentives like the Next New Jersey Manufacturing Program Act.” Buteas added, “New Jersey’s life sciences commend the bill’s sponsors and the Governor for their leadership and vision to grow New Jersey manufacturing and create jobs.”

Film Ready New Jersey Program prepares municipalities and counties across the state for film and television production

NEWARK, N.J. (August 1, 2025) – Today, the New Jersey Motion Picture and Television Commission (NJMPTVC), part of the New Jersey Economic Development Authority (NJEDA), announced that 19 municipalities and two counties have been designated as Film Ready Communities following completion of the Film Ready New Jersey Program. The Program prepares communities to accommodate movie and television producers and effectively market themselves as film destinations, bolstering the state’s standing as a national leader in film and television production.

“From the Jersey Shore to the Pine Barrens, and from vibrant cities to quiet suburban neighborhoods, New Jersey offers a remarkable variety of landscapes that meet the diverse needs of film and television productions,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey has reestablished itself as a premier destination for the industry — creating jobs, supporting small businesses, and driving meaningful economic growth in communities across the state. Through the Film Ready New Jersey Program, municipalities are better positioned to welcome and support productions of every scale, from big-budget blockbusters to independent films.”

The new Film Ready Communities announced today include Atlantic City, Bridgewater, Carteret, Clinton Town, East Brunswick, Florence Township, Gloucester Township, Guttenberg, Keyport, Leonia, Little Silver, Livingston, Maplewood, Moorestown, Mount Holly, New Providence, Ocean, Sparta, and Union Township, as well as Hunterdon and Salem Counties. Along with the state’s first cohort announced in March 2024, New Jersey now has 43 Film Ready Communities.

“The NJMPTVC has built consistency into the Film Ready program so when studios or networks bring projects to New Jersey, Film Ready localities are prepared for any opportunity that may arise,” said NJMPTVC Executive Director Jon Crowley. “As the Garden State continues to break records in film and television production, initiatives like Film Ready exemplify the state’s commitment to ensuring towns and counties across the state share in the industry’s immense economic benefits.”

The Academy Award-nominated film A Complete Unknown showcased the vast diversity of New Jersey communities. The movie filmed in 17 municipalities across the state, with notable scenes filmed in Hoboken, Jersey City, Paterson, and Cape May. In the film, New Jersey doubles as New York City, Pittsburgh, Rhode Island, Washington D.C., and Northern California. Buildings such as the Ritz Theatre in Elizabeth doubled as Carnegie Hall and the Newark Symphony Hall doubled as a San Francisco concert venue.

Film Ready New Jersey is a 5-step certification and marketing program that educates municipalities on the basics of motion picture and television production and sets basic standards for attracting filmmaking. The NJMPTVC’s Film Ready Workshops provide training and guidance from industry professionals, local mayors, and NJMPTVC Commissioners and staff, covering topics such as the economic impact of hosting on-location filming, ordinances and permitting, opportunities for small businesses, and expanding film infrastructure.

The NJMPTVC will be hosting their next workshop at the 2025 League of Municipalities in Atlantic City on Tuesday, November 18, from 10 a.m. to 1 p.m. For more information on the event, click here.

About the New Jersey Motion Picture & Television Commission

The NJMPTVC, part of the NJEDA, is staffed by industry professionals and serves as a resource for production companies. The Commission promotes film and television production in New Jersey.

www.film.nj.gov

About the NJEDA

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Centers in Camden and Mullica Hill will bolster early-stage medtech companies and promote scientific and commercial collaboration

CAMDEN, N.J. (July 21, 2025) – Today, the New Jersey Economic Development Authority (NJEDA) announced it will partner with Rowan University to create a new multi-location Strategic Innovation Center (SIC) in Camden and Mullica Hill. The SIC, operated by Plug and Play, will support the research, development, and commercialization of novel medical technologies and devices, serving as an accelerator for South Jersey’s burgeoning medtech ecosystem. The SIC will have locations in Camden and at Rowan University’s West Campus in Mullica Hill, serving as a world-class accelerator for early-stage companies and promoting overall scientific collaboration in the region.

Cooper University Health Care will serve as the anchor commercial affiliate and Garden State Venture Partners (GSVP) will invest in select participating accelerator companies. The SIC will support early-stage ideas emerging from southern New Jersey labs and pull companies from across the region into the state, helping to provide specialized lab space to meet the needs of companies that might otherwise be forced to seek expansion outside New Jersey.

“Due to the ingenuity of its entrepreneurs and its breadth of state resources to promote startup growth, New Jersey has long been a hub for innovation in medical technology,” said Governor Phil Murphy. “Through robust investment in our innovation economy and partnerships with storied medical and academic institutions, New Jersey is poised to maintain its leadership in the research and development of inventive healthcare technologies.”

“Under Governor Murphy’s leadership, New Jersey is leveraging partnerships with the private sector and academic institutions to bolster the state’s startup community, ensuring that entrepreneurs have access to capital and opportunities for meaningful collaboration with industry stakeholders,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJEDA’s Strategic Innovation Center initiative, the Garden State’s leadership in medtech and healthcare innovation will be strengthened, enhancing New Jersey’s economic competitiveness.”

The SIC will encompass 8,500 square feet of space within two locations in Camden: the Joint Health Sciences Center and the Cooper Medical School of Rowan University. It will also have space on Rowan University’s West Campus in Mullica Hill, alongside the Shreiber School of Veterinary Medicine and Virtua Health College Research Center of Rowan University, when open. The SIC will include comprehensive laboratory, diagnostic, and testing spaces for research and development of new technologies in a collaborative environment.

Pending approval by its Board, the NJEDA will invest $9.55 million into the SIC, including $5.5 million into a seed and early-stage fund for companies in the accelerator program and those that choose to locate and grow their operations in the State. 20 percent of participating companies must be from New Jersey, and the remaining participants will include companies from out of state that may relocate to New Jersey with support from programs that support early-stage startups, such as NJ Accelerate.

Rowan University is among the nation’s top 100 research universities, the nation’s third fastest-growing public research institution, and one of two public universities nationwide with three medical schools. Along with the Cooper Medical School, the SIC will partner with the Shreiber School of Veterinary Medicine and the Virtua Health College of Medicine & Life Sciences, leveraging the university’s world-class facilities and faculty expertise to support startup creation.

“Nothing like the SIC exists to draw investments of this type to New Jersey,” said Rowan University President Ali A. Houshmand. “Governor Murphy’s vision helps health care innovators, entrepreneurs and investors take a giant leap forward in developing novel solutions. The SIC will add value to strong partnerships like those we have throughout the state with health care leaders as a result of our medical education and research excellence. We’re eager to see the SIC and GSVP attract startups that will thrive alongside Cooper, Rowan, and our other partners.”

GSVP is a New Jersey-based venture capital firm committed to driving innovation and economic growth across the state. GSVP-managed funds will deploy up to $7 million in seed and later-stage investments into select companies participating in the initiative. As part of its investment strategy, GSVP seeks to accelerate the commercialization of breakthrough technologies emerging from Rowan University, other leading research institutions, universities, healthcare organizations, and innovation centers throughout New Jersey.

“Partnering with the NJEDA, Rowan University, Cooper University Health Care and Plug and Play to launch the State’s newest Strategic Innovation Center marks a pivotal milestone for Garden State Venture Partners and for New Jersey’s innovation economy,” said Michael Connallon, Managing Partner at Garden State Venture Partners. “By aligning both early and later-stage capital with world-class academic research and the clinical expertise of leading health systems, we are building a powerful platform to accelerate breakthroughs in healthcare and medical technologies—sectors that are vital to both public health and long-term economic growth across the state.”

Cooper University Health Care is a leading New Jersey academic health system, consistently recognized as one of the top health systems in the Philadelphia Metropolitan area. As its anchor commercial affiliate, Cooper University Health Care will provide engagement and support to companies operating at the SIC.

“Supporting innovations and business creation that work to improve lives is a major focus of the work of Cooper’s Innovation Center,” said Anthony J. Mazzarelli, MD, JD, MBE, co-CEO of Cooper University Health Care. “We are excited to play a supporting role in work that will generate jobs as well as technologies and devices to improve and save lives.”

Plug and Play, an innovation platform and startup accelerator, will be the SIC’s operator, overseeing two cohorts of at least 25 companies a year. The NJEDA previously partnered with Plug and Play on the Fintech Accelerator at Stevens Institute of Technology (NJ FAST), a financial technology and insurance technology SIC.

“We’re proud to partner with NJEDA, Rowan University, and Cooper University Health Care to accelerate medtech innovation in South Jersey,” said Plug and Play Chief Revenue Officer and Partner Michael Olmstead. “This Strategic Innovation Center reflects our belief that meaningful progress happens when startups, healthcare leaders, academia, and the public sector come together with a shared mission. Our goal is to help the next generation of healthcare companies scale their impact faster — right here in New Jersey.”

“Throughout his administration, Governor Murphy has been committed to creating an environment where entrepreneurs can pursue innovative ideas with the capital and resources needed to succeed,” said NJEDA Deputy Chief Executive Officer Mary Maples. “The NJEDA’s newest SIC in Camden and Mullica Hill will foster a culture of collaboration among South Jersey’s healthcare, academic, and technology sectors, ensuring that startup businesses in the medtech space have access to cutting-edge research and funding opportunities.”

“Through programs like the NJEDA’s Strategic Innovation Center initiative, New Jersey is continuing to invest in high-growth, strategic sectors that will define the economic future of the state,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Our newest SIC investment will leverage Rowan University’s academic prowess in medical technology to boost inventive startup companies and promote novel discoveries, furthering South Jersey’s standing as a regional leader in medtech innovation.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

The NJEDA has announced investments into 12 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/.

About the NJEDA

Major Artificial Intelligence Hub Will Bolster State’s Innovation Economy

Microsoft, CoreWeave, New Jersey Economic Development Authority, and Princeton University Expected to Invest Over $72 Million to Support the Long-Term Success of the Hub

TRENTON, N.J. (January 27, 2025) – Governor Phil Murphy and Princeton University President Christopher L. Eisgruber today announced that Microsoft and CoreWeave will join the State and Princeton as founding partners in the NJ AI Hub. The NJ AI Hub will serve as a state-of-the-art, collaborative ecosystem that integrates world-class research, innovation, education, and workforce development. As part of this investment in the NJ AI Hub, Microsoft will leverage its TechSpark program to provide expertise and resources for AI skilling and workforce development to create opportunities for innovation in New Jersey and the region.

The NJ AI Hub will help position New Jersey as a leading East Coast center for AI innovation. It will be located along Route 1 — New Jersey’s innovation corridor — at 619 Alexander Road in Princeton, in space provided by Princeton University.

“As the AI industry rapidly evolves, it’s imperative that we capitalize on this moment in New Jersey. I’m incredibly proud of this partnership with the top leaders in the industry and higher education, which further establishes our state as a hub for cutting-edge AI innovation and talent,” said Governor Murphy. “AI’s economic and innovation potential is vast, giving us the chance to take our state to new heights. This partnership will not only solidify New Jersey’s position as a global technology leader, it will also attract high-paying, sustainable jobs for our residents, allowing for a stronger and more prosperous future for our state.”

“The addition of Microsoft and CoreWeave as founding partners of the NJ AI Hub demonstrates how government, higher education and the corporate sector are coming together to advance AI innovation and the regional innovation ecosystem — two of Princeton’s highest priorities,” President Eisgruber said. “I’m eager to see many of the state’s other excellent colleges and universities join this effort as its development continues.”

“New Jersey has long been at the forefront of American innovation and AI is the next chapter of this journey,” said Brad Smith, Vice Chair and President of Microsoft. “By leveraging the strengths of the private sector, Princeton, and the state of New Jersey, our goal is to build a thriving regional AI economy that not only drives economic growth, but sets a new standard for research, development, and workforce development.”

“This collaboration represents the best of what private-public partnerships can achieve, bringing together the brightest minds from government, academia, the business community, and our team of experts to foster groundbreaking AI innovation in New Jersey,” said Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “Together, we’re advancing the future of technology while driving meaningful economic growth and strengthening New Jersey’s role as a leader in the global AI landscape. New Jersey is our home, and we’re excited to continue our partnership with the state by making it a leader in AI advancement.”

“AI is rapidly evolving and New Jersey is capitalizing on this moment to cement our place as a national leader in the industry. By bringing together world-class leaders like Princeton, Microsoft, and CoreWeave, Governor Murphy is building upon the Garden State’s longstanding legacy in innovation and helping advance cutting-edge AI technologies,” said New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan. “The opportunity presented by AI aligns with Governor Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool, and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.”

Microsoft, CoreWeave, the NJEDA, and Princeton University are founding equity partners in the newly created NJ AI Hub. Together, they expect to invest over $72 million to support the long-term success of the Hub, including up to $25 million of non-binding commitment from the NJEDA.

A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund that will support innovation commercialization through equity investments.

Microsoft, CoreWeave, the NJEDA, and Princeton University will focus on the following three pillars of programming at the NJ AI Hub:

Research and development:

The NJ AI Hub will help companies across a range of industry sectors integrate and apply AI in their businesses and use it to advance their research and development efforts. The Hub will focus on applications of AI in several industry sectors that have strong footprints in New Jersey such as the life sciences, clean energy and climate resilience, telecommunications and cybersecurity, and infrastructure and logistics. The NJ AI Hub will also actively engage New Jersey’s research universities on applied research in AI and will host events to connect companies developing and using AI tools with cutting-edge research and potential collaborators.

Commercializing and accelerating innovation:

An AI accelerator will be operated at the NJ AI Hub, which will help facilitate the growth of the early-stage AI ecosystem in New Jersey. The accelerator will host cohorts of start-up ventures and will provide them with essential support services such as workspace, compute power, legal assistance, and business development advice. In addition, these start-ups will have coordinated access to the NJ AI Hub’s corporate partners for mentorship and networking opportunities.

Strengthening AI education and workforce development:

The Hub will work closely with New Jersey’s higher education community to promote high-quality talent development at all levels and will leverage the resources of Microsoft’s TechSpark program. By developing shared curricula, projects, and teaching tools for AI courses, training community college faculty in teaching AI, and creating upskilling opportunities to help workers across disciplines apply AI in their work, the Hub will coordinate efforts to build the State’s pool of AI talent. Ongoing collaboration with employers will ensure that education and training programs are providing trainees with industry-recognized credentials and in-demand skills for the workforce. The NJ AI Hub will also be able to connect employers with opportunities to host AI apprenticeships, develop customized upskilling training for their workers, recruit talent from New Jersey schools for jobs and internships, and partner with project-based AI courses at the college and graduate level.

Through this new AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date, TechSpark has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs.

Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a non-binding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.

For further updates, please visit the NJ AI Hub website at njaihub.org.

About the NJEDA

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The Strategic Innovation Center will support state-of-the-art aerospace research and innovation

TRENTON, N.J. (January 10, 2025) – Last month, the New Jersey Economic Development Authority (NJEDA) Board approved an $8.6 million investment to support the development and construction of the Aerospace Innovation Center (AIC), a Strategic Innovation Center (SIC) located in Atlantic County that will focus on the aerospace industry. The AIC, being developed in partnership with the Atlantic County Improvement Authority (ACIA), will be the fifth SIC in New Jersey and the first with a focus on innovation in aviation.

“This investment from the NJEDA builds upon New Jersey’s reputation as a leader in cultivating an innovation economy by expanding opportunities for aerospace research in our state,” said Governor Phil Murphy. “As our fifth Strategic Innovation Center, it will drive economic growth, create jobs, and continue to attract entrepreneurs to New Jersey.”

The AIC will be located in the National Aerospace Research & Technology Park (NARTP) in Egg Harbor Township. The Center will provide state-of-the-art aerospace research spaces, high-speed connectivity to the FAA William J. Hughes Center for Advanced Aerospace data systems and laboratories, and co-working and studio spaces that are ideal for collaboration and innovation.

“Atlantic County’s deep roots in the aerospace industry makes it a prime location for the Aerospace Innovation Center, where companies can test and further their products, while students and entrepreneurs make discoveries and create new technologies to help move the industry forward,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA, under Governor Murphy’s leadership, has developed programs and initiatives to drive innovation, create jobs, and support sustainable long-term economic growth. Strategic Innovation Centers, like the AIC, is helping unlock opportunities for innovators to pursue research, testing, and development of cutting edge technologies.”

The AIC will be a 40,000-square-foot, two-story facility containing office and studios dedicated to research and development, innovation, and commercialization of emerging aerospace and aviation technologies. The innovation center will create hundreds of local, good-paying jobs in Atlantic County, including 130 permanent jobs and 114 construction jobs.

“The Aerospace Innovation Center is an incredible addition to the William J. Hughes FAA Technical Center and National Aerospace Research and Technology Park was made possible through the leadership of Governor Murphy and perseverance of New Jersey Economic Development Authority CEO Tim Sullivan,” said Senator Vince Polistina (R-Atlantic County). “Atlantic County is finally forging a path where people can be educated here, trained here, and have excellent opportunities for permanent employment in high-paying technical jobs.”

In addition to the NJEDA’s investment, the ACIA, NARTP and the Atlantic County Economic Alliance (ACEA), will contribute $10.5 million dollars in funding to construct the innovation center. Construction for the innovation center is underway and is expected to be completed in October 2025. The Center is expected to be fully operational in January 2026. ACIA is managing the construction of the facility and NARTP will manage the AIC’s operations.

“At ACIA, we are excited to collaborate with NARTP, ACEA, and NJEDA in the creation of the Aerospace Innovation Center,” stated Timothy Edmunds, Executive Director of the Atlantic County Improvement Authority. “This initiative represents a significant step forward in advancing aerospace innovation and research, and it is only be possible with the foresight and steadfast financial support of our Atlantic County partners whose vision laid the foundation for the success of the research park. We’re equally appreciative of Governor Murphy’s leadership and Senator Vince Polistina’s dedication, both of whom have been instrumental in turning the AIC into a reality. Together, these efforts are shaping a brighter, innovation-driven future for Atlantic County and beyond.”

“This $8 million investment in the Atlantic County New Jersey Aerospace Center represents a critical step forward for New Jersey’s innovation economy. By fostering research, development, and entrepreneurship within the aerospace industry, we are positioning the Garden State as a national leader in addressing the challenges of integrating advanced technologies, like drones and electric-powered flying taxis, into the National Airspace System,” said NARTP Chairman Major General Mark Loeben, USAF, retired. “I commend Governor Murphy, Tim Sullivan and the NJEDA, for their support. I especially commend Senator Polistina for his dedicated efforts in advancing the NARTP to the next level. I also thank our Atlantic County partners for their support in establishing and sustaining the NARTP.”

“We thank Governor Murphy for his leadership in driving innovation and economic growth in New Jersey. This $8.6million investment is a significant step forward for our state’s burgeoning aerospace industry. We also extend our sincere thanks to NJEDA President Tim Sullivan and his team for their dedication to advancing this transformative project,” said Michael Viscount, Chairman of the ACEA. “Additionally, we appreciate Senator Polistina’s strong advocacy and collaboration, which played an integral role in bringing this innovative vision to reality. Together, their support underscores the commitment to positioning New Jersey as a hub for aerospace research, development, and innovation.”

Additionally, the AIC will partner with Rowan University, Rutgers University School of Engineering, Stockton University, Embry-Riddle Aeronautical University, and the National Institute of Aerospace to provide university students hands-on experience and training.

About the NJEDA

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TRENTON, N.J. (January 18, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced the inaugural cohort of the New Jersey Innovation Fellows (NJIF) program. The cohort consists of 10 new businesses, made up of 30 entrepreneurs, that will receive a total of $3.6 million in income replacement grants, as well as mentorship and training. The inaugural cohort marks an important milestone in the NJEDA’s commitment to fostering innovation and supporting business ventures in their critical early stages.

“Governor Phil Murphy has been committed to growing our state’s innovation economy and ensuring entrepreneurs of all backgrounds have the tools to get their businesses off the ground,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIF, a first-in-the-nation program, levels the playing field for first-time entrepreneurs by providing the funding and training needed to succeed. By supporting these 10 new, cutting-edge companies, New Jersey is firmly cementing itself as a national leader in innovation.”

The competitive program’s innovative approach of providing income replacement grants to diverse teams ensures entrepreneurs of all backgrounds can fully dedicate themselves to growing their ventures without the financial strain typically associated with the early stages of businesses development. This is particularly true for many first-time entrepreneurs, diverse entrepreneurs, and recent grad students, who may not be able to forego steady income, leaving a gap in the state’s innovation economy.

Each team receives an income replacement grant of $200,000. A bonus grant is available to teams located in designated opportunity zones. Additionally, bonus grants are available to teams with members who self-certify as a woman or minority or graduated from a New Jersey college or university. A team can receive a total of up to $400,000 in grants. This year’s cohort welcomes 20 first time entrepreneurs accumulating $1.7million in bonus grant funding.

Selected from a competitive pool of entrepreneurs, the inaugural round of NJIF companies will support ventures in the fields of life sciences, film, information technology, and professional services over a two-year period. In future NJIF cohorts, the NJEDA will look forward to that might additionally include infant and maternal health care and clean energy. Understanding the potential impact new businesses will have on innovation and the statewide economy, the NJEDA, through the NJIF program, will continue providing economic and social capital to underserved and under-resourced first-time entrepreneurs

“New Jersey has a long history of innovators and change-makers, and the NJIF program would make it so people from diverse backgrounds including first-time entrepreneurs, minorities, and women have a chance to demonstrate their potential,” said Majority Leader Teresa Ruiz (D-Newark). “By granting the fellows the financial freedom to focus entirely on their businesses, NJIF is providing an opportunity to accelerate their success.”

A cornerstone of the program is its robust mentorship initiative, designed to complement the financial support. Each startup will participate in a comprehensive mentorship program facilitated by the New Jersey Innovation Institute (NJII) or The Rowan Center for Innovation & Entrepreneurship (RCIE). Mentorship and network support can help mitigate the risk business failure, which many first-time entrepreneurs experience, and can propel businesses to the next level.

The curriculum will provide training in subjects such as managerial finance, accounting, and financial statement preparations; human resources development and management; business model design; marketing and customer development; and more. The program will pair each startup with experienced mentors who guide them through the multifaceted challenges of building a business. Through their mentors, startups gain access to an expansive network of industry contacts, potential partners, and investors.

“New Jersey Innovation Institute is proud to partner with the NJEDA in this inaugural NJIF program and is well positioned to support this cohort of fellows through its Entrepreneurship program.,” said NJII President, Michael Johnson, Ph.D. “This initiative reflects NJII’s commitment to fostering innovation, supporting local entrepreneurs, and contributing to the economic development of New Jersey through collaborative efforts with organizations like the NJEDA.”

“Since its establishment in 2017, the Rowan Center for Innovation and Entrepreneurship has mentored dozens of startup companies who have created new products, services, and jobs as economic catalysts in our State,” said Dr. Michael Dominik, Professor at the Rowan University School of Innovation and Entrepreneurship. “Rowan is thrilled to work with the NJEDA as part of the Innovation Fellows program to mentor these startups to become shining stars in the New Jersey entrepreneurial ecosystem.”

Through the NJIF program, the NJEDA is demonstrating the power of diversity as a catalyst for business innovation and success. Diverse teams bring together varied viewpoints, leading comprehensive and creative problem solving. The inaugural cohort of startups showcase a rich tapestry of diverse backgrounds, experiences, and perspectives, with many startups at the forefront of the current AI/technology revolution.

The inaugural cohort includes the following startups:

AbilityHUB, West Windsor – $350,000
The company will facilitate collaboration among service providers, caregivers, disabled community members and their families by connecting, collaborating, predicting, and ensuring the delivery of services that impact whole person health for the disabled community. The company’s proposed technology infrastructure will be built upon a combination of powerful and scalable technologies that ensure a robust and reliable platform from front to back-end development and management.

AntaMed, East Orange – $350,000

The medical device company is developing a one-of-a-kind durable back brace which also enables rehabilitative movements to innovatively treat patients with core and back pain. With remote patient monitoring in the device, the company’s goal is to aid healthcare professionals in preventing and alleviating back pain while increasing compliance and convenience for patients.

Fire Start Productions, Gloucester Township – $250,000
This start-up film and digital media company specializes in virtual production technologies. The company will focus on delivering comprehensive digital production and creative services that will streamline the production process of traditional film and other video production models. The company aims to forge new pathways in storytelling, animation and content delivery leveraging technology.

Helloboss, Jersey City – $350,000
The company aims to provide small businesses with high-quality professional services that are offered through their digital mobile marketing application. The range of services will include design, marketing, research, analytics, consulting, and engineering.

Klick Studios, Burlington City – $400,000
The digital content creation studio will provide high quality visual media production content for marketing and advertising purposes for its clients. The company aims to fuse innovative digital media technologies with traditional video and content marketing tools to create interactive, immersive experiences.

Liv Again Wellness, Vineland – $350,000
The company offers mobile IV hydration services through IV Hydration therapy, and will focus on immediate, personalized, nutritional support, beyond traditional medical settings. Moreover, the company will utilize integrative therapies to make clients feel restored, exhilarated, and energetic and will focus on helping clients achieve optimal health with preventative care.

My FitPlate, Jersey City – $400,000
The company is developing a digital mobile fitness and nutritional wellness application that will integrate virtual reality technology into client wellness plans as well as the gamification of home workout programs, meditation, and stress management strategies. The innovative application will embrace cutting edge technology to connect users across its platform.

Planthopper Corp, Keansburg – $350,000
The bio-controls company is designed to defend and protect food security, which is under threat by the spotted lanternfly infestation in at least 14 states in the Eastern United States. The business is developing, modifying, and scaling production and dispersion methods for entomopathogenic fungus that are maximally pathogenic to and selective for the spotted lantern flies.

Quarks Advantage, Jersey City – $400,000
The high-tech digital consulting firm will focus on helping small businesses achieve their goals through the use of artificial intelligence tools. The company will focus on building their digital proprietary platform and easy to use digital application.

Thrivio Health, North Bergen – $400,000

Thrivio Health offers an AI-driven health care platform and digital therapeutics for primary care, urgent care, mental health, and pediatric care. The company aims to provide accessible and affordable health care solutions by leveraging AI and data analytics.

About the NJEDA