Governor Phil Murphy has announced the launch of the NJII Venture Studio, a new Strategic Innovation Center (SIC) in Newark. This initiative is a collaboration between the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII), a subsidiary of the New Jersey Institute of Technology (NJIT). The studio aims to accelerate and commercialize intellectual property focusing on high technology and information technology.
"Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development," said Governor 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."
The NJII Venture Studio will operate from the Paul Profeta Center for Innovation and Entrepreneurship in Newark. It plans to launch two to three start-ups annually over four years. Emerging companies will receive business training, operating services, physical space, and management guidance.
Pending board approval, NJEDA intends to invest $5.8 million into the project alongside NJII's matching contribution, bringing total funding for the studio to $11.6 million.
"Governor Murphy is dedicated to expanding New Jersey’s innovation economy by investing in various industries and equipping entrepreneurs with necessary resources," said Tim Sullivan, CEO of NJEDA.
Michael Johnson, Ph.D., President of NJII, expressed enthusiasm about partnering with NJEDA: "We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization."
NJIT will serve as an anchor academic partner providing resources and intellectual property access. Dr. Teik C. Lim, President of NJIT stated that this aligns with their strategic plan: "The creation of the NJII Venture Studio aligns perfectly with NJIT’s 2030 strategic plan."
New Jersey Secretary of Higher Education Brian K. Bridges noted that this initiative would help grow cutting-edge industries in New Jersey: "Combined with expertise and resources of state’s world-class institutions... we are well-positioned to lead innovation."
Senator Paul Sarlo commended Governor Murphy and NJEDA for their focus on innovation: "This new Strategic Innovation Center is a vital step in positioning New Jersey as a national leader in emerging technologies."
Kathleen Coviello, Chief Economic Transformation Officer at NJEDA remarked on opportunities for students: "The Studio’s prime location...will open doors for entrepreneurs to advance their research."
Strategic Innovation Centers like this one support research through mentorships, networking opportunities, hands-on training, business support services among others.
