Today, the New Jersey Economic Development Authority (NJEDA) announced a partnership with Rowan University to establish a Strategic Innovation Center (SIC) focused on medical technology. The SIC will be located in Camden and Mullica Hill, serving as an accelerator for early-stage medtech companies and promoting scientific collaboration.
Cooper University Health Care will act as the anchor commercial affiliate, while Garden State Venture Partners (GSVP) plans to invest in select participating companies. “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.
The SIC will provide 8,500 square feet of space across two locations in Camden and at Rowan University’s West Campus in Mullica Hill. It will include comprehensive laboratory, diagnostic, and testing spaces. Pending Board approval, NJEDA intends to invest $9.55 million into the SIC.
Rowan University President Ali A. Houshmand remarked, “Nothing like the SIC exists to draw investments of this type to New Jersey.” GSVP plans to deploy up to $7 million in seed and later-stage investments into select companies participating in the initiative.
“Partnering with the NJEDA, Rowan University, Cooper University Health Care and Plug and Play marks a pivotal milestone for Garden State Venture Partners,” said Michael Connallon, Managing Partner at GSVP.
Cooper University Health Care is set to support companies operating at the SIC. Anthony J. Mazzarelli of Cooper University Health Care expressed excitement about their role in generating jobs and improving lives through innovations.
Plug and Play will operate the SIC, overseeing two cohorts of at least 25 companies annually. “We’re proud to partner with NJEDA, Rowan University, and Cooper University Health Care,” said Michael Olmstead from Plug and Play.
NJEDA Deputy Chief Executive Officer Mary Maples highlighted Governor Murphy’s commitment to fostering an environment conducive to innovation. Kathleen Coviello from NJEDA emphasized that programs like this are investing in high-growth sectors defining New Jersey’s economic future.
SICs offer facilities supporting research and development through mentorship, networking opportunities, training, business support services, and education opportunities. To date, NJEDA has announced investments into 12 SICs across various industries including artificial intelligence and biotech.
