The state of New Jersey is making strides in fostering an innovation economy, a key focus of Governor Phil Murphy's administration. This initiative is led by the New Jersey Economic Development Authority (NJEDA) and aims to stimulate economic growth through public-private partnerships involving industry, academia, and other stakeholders.
Strategic Innovation Centers (SICs) are central to this strategy. These centers provide support for research and development, innovation, or entrepreneurship by offering services such as mentorship, networking opportunities, hands-on training, business support services, education opportunities, and access to testing facilities. The NJEDA emphasizes that having physical locations where entrepreneurs can collaborate is crucial for supporting new innovators and driving long-term economic growth.
A report highlighted the impact of these centers, noting that the New Jersey BioScience Center Incubator supported companies that created an average of 2,744 jobs per year and generated $32 million in tax revenue in 2023. Located on Route 1 in North Brunswick, this incubator offers lab space within a 50-acre research park known as the New Jersey Bioscience Center.
“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “Since taking office, Gov. Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market.”
NJEDA Chief Economic Transformation Officer Kathleen Coviello noted that “the BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and startups by providing them with the space and resources to grow their companies.”
Examples of recent SICs include HAX in Newark; the New Jersey Health & Life Science Exchange (HELIX) in New Brunswick; the NJ Fintech Accelerator at Stevens Institute of Technology (NJ FAST) in Hoboken; SciTech Scity on Liberty Science campus in Jersey City; and a new Aerospace Innovation Center in Egg Harbor Township.
Coviello emphasized that despite being late into his term, Governor Murphy continues to push forward with innovation initiatives. She stated there is significant activity across various sectors including clean energy/offshore wind, manufacturing, film and television, tech, life sciences among others.
Through mid-2024, New Jersey ranked third nationwide with $9.8 billion invested in venture capital money according to PitchBook. Coviello remarked on how some traditional hubs like Boston or San Francisco have "frothy" deal terms whereas "what we find traditionally in New Jersey is you get good value for your investment."
Discussing further developments at SICs like BCI since 2002 which generated over $9 billion total output she reflected on how “the collision that happens when you bring like-minded smart people under one roof” drives growth particularly between two major metropolitan areas giving access both northwards towards NYC investors southwards toward Philadelphia/DC regions while maintaining distinct identity within broader national context
She stressed importance public-private partnerships noting: “First off we don’t have big enough pockets government do alone...adding value experience private sector critical.” Recently HELIX reached milestone phase one topping off ceremony while NJ FAST launched officially showing continued progress across board
As remaining months Murphy administration unfold focus remains firmly set deploying allocated funds ensuring continued momentum building out robust sustainable future aligned around key strengths areas fintech aviation manufacturing life sciences technology
“We’re working hard deploy all those dollars,” concluded Coviello.
