Newark, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- The New Jersey Economic Development Authority (NJEDA) and New Jersey Innovation Institute (NJII), a corporation of NJIT, have launched the NJII Venture Studio, New Jersey’s latest Strategic Innovation Center (SIC).
The NJII Venture Studio will accelerate and commercialize high-tech and information technology developed by NJIT, NJII and NJIT’s corporate partners, alongside other academic contributors to the advancement of the industry. This is the seventh SIC established under Governor Phil Murphy’s administration. SICs are designed to nurture R&D, innovation and entrepreneurship through mentorship, networking and business support, driving the growth of new and diverse enterprises and fueling economic progress.
"Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development," said Murphy. "The NJII Venture Studio, our seventh Strategic Innovation Center, will provide aspiring entrepreneurs with access to cutting-edge technology and the chance to collaborate with industry experts. This exciting initiative reinforces New Jersey's reputation as a hub for innovation and research and the tremendous expertise within our state’s research universities.”
NJII, NJIT’s non-profit subsidiary founded in 2014, will operate and manage the studio. A nonbinding term sheet between NJEDA and NJII outlines the studio’s creation, funding and management, with potential for equity investments in participating companies. Housed in NJIT's Paul Profeta Center for Innovation and Entrepreneurship in Newark, the Venture Studio plans to launch two to three startups each year over a four-year period.
The Studio will offer business training, operational support, workspace and management guidance to help companies bring research to market. Pending Board approval, NJEDA will match NJII’s $5.8 million investment, with total program funding of $11.6 million.
"Governor Murphy is dedicated to expanding New Jersey’s innovation economy by investing in various industries and equipping entrepreneurs with the necessary resources to grow and scale their businesses," said NJEDA CEO Tim Sullivan. "Powered by the NJEDA’s Strategic Innovation Center program, the NJII Venture Studio will foster the development of new technologies, good-paying jobs, and long-term, sustainable economic growth throughout the state."
The studio aims to involve NJIT and other New Jersey higher education institutions, along with NJII’s corporate partners, in offering students hands-on experience and training. NJII has already successfully spun out two for-profit ventures, Healthcare Innovative Solutions and BioCentriq, and plans to replicate and expand on this success.
“We are excited to embark on this partnership with the NJEDA to further build the state’s Innovation Economy,” said Michael Johnson, president of NJII. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization, resulting in innovative companies and world-changing technologies.”
As the SIC’s academic partner, NJIT will contribute university resources and intellectual property to support startup development within the studio.
“The creation of the NJII Venture Studio aligns perfectly with NJIT’s 2030 strategic plan, which calls for the university to expand on its role as a nexus of innovation — a physical and intellectual focal point for ideas, actions and people that brings together researchers, learners, entrepreneurs and partners from government, industry and the community to pursue innovation,” said Teik C. Lim, president of NJIT.
"With this next Strategic Innovation Center, New Jersey continues to unlock unparalleled opportunities to grow cutting-edge industries and cultivate emerging talent right here in the Garden State,” said New Jersey Secretary of Higher Education Brian K. Bridges. “Combined with the expertise and resources of the state’s world-class institutions, like NJIT, we are well-positioned to lead innovation and meet the workforce demands of tomorrow’s economy."
Senator Paul Sarlo, NJIT alumnus and chair of the Senate Budget Committee, added, “I know firsthand the innovative spirit possessed by the university’s students and faculty. I am thrilled that this center will not only help jumpstart the careers of young entrepreneurs, but also give NJIT students the opportunity to gain hands-on experience in the process of starting a company.”
“The NJII Venture Studio will offer fresh and exciting opportunities for students and entrepreneurs in Newark and beyond,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The studio’s prime location and proximity to the state’s key players in the innovation sector will open doors for entrepreneurs to advance their research, testing, and development of diverse technologies.”
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