Governor Phil Murphy has announced the establishment of the NJII Venture Studio, a new Strategic Innovation Center (SIC) based 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 Venture Studio will focus on advancing high technology and information technology through commercialization of intellectual property developed by NJIT, NJII, and their partners.
Governor Murphy stated, "Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development." He emphasized that this new center would enhance New Jersey's status as an innovation hub.
The NJEDA and NJII have outlined plans to establish, fund, and manage the Venture Studio with opportunities for equity investments in participating companies. The facility will be located at the Paul Profeta Center for Innovation and Entrepreneurship in Newark. Over four years, it aims to launch two to three start-ups annually.
Tim Sullivan, CEO of NJEDA, highlighted Governor Murphy's commitment to expanding New Jersey’s innovation economy. "Powered by the NJEDA’s Strategic Innovation Center program," he said, "the NJII Venture Studio will foster the development of new technologies."
Michael Johnson, Ph.D., President of NJII, expressed excitement about partnering with the NJEDA. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization,” he noted.
The studio intends to partner with higher education institutions across New Jersey to offer students hands-on experience. Since its inception, NJII has successfully spun out two for-profit companies: Healthcare Innovative Solutions (HCIS) and BioCentriq.
Dr. Teik C. Lim, President of NJIT, commented on how this venture aligns with their strategic plan aiming for innovation-driven growth at their university. Brian K. Bridges from New Jersey Secretary of Higher Education praised this move for cultivating emerging talent in state-of-the-art industries.
Senator Paul Sarlo acknowledged this step towards positioning New Jersey as a leader in emerging technologies while providing practical experiences for young entrepreneurs. Kathleen Coviello from NJEDA pointed out that proximity to key players in Newark would benefit those involved by facilitating research advancement.
Strategic Innovation Centers like these support entrepreneurship through mentorships and business services while promoting economic growth within diverse communities across different sectors.
