NJ Launches New ‘Innovation Center’ In Newark

Business & Tech

NJ Launches New 'Innovation Center' In Newark New Jersey's newest strategic innovation center will focus on accelerating and commercializing intellectual property.

NEWARK, NJ — A new state "innovation center" is launching in Newark, officials say.

Gov. Phil Murphy recently announced that the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII) – a corporation of the New Jersey Institute of Technology (NJIT) – have launched the NJII Venture Studio, the state's latest Strategic Innovation Center (SIC).

The governor's office said that the NJII Venture Studio will focus on accelerating and commercializing intellectual property with a focus on high technology and information technology developed by NJIT, NJII and NJIT's corporate partners, as well as other academic institutions who contribute to the advancement of the industry.

According to the governor's office:

"The Venture Studio will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $5.8 million into the project on a 1:1 basis with NJII, with program funding for the Venture Studio totaling $11.6 million."

NJII, a non-profit subsidiary corporation established by NJIT in 2014, will operate and manage the studio. The NJEDA and NJII have entered into a non-binding term sheet to establish the creation, funding, and management of the Venture Studio with an opportunity to make equity investments into participating companies.

The studio, which will be located in the Paul Profeta Center for Innovation and Entrepreneurship in Newark, will seek to launch two to three start-ups a year over a four-year period.

It will be the seventh SIC in New Jersey announced under the Murphy Administration.

According to the governor's office, NJII intends to partner with NJIT, other New Jersey higher education institutions, and NJII and NJIT's corporate partners to offer university students hands-on experience and training.

Since its founding, NJII has spun out two for-profit companies, Healthcare Innovative Solutions (HCIS) and BioCentriq , with hopes to replicate and expand its capacity to spin out startups.

Serving as the SIC's anchor academic partner, NJIT will provide access to university resources and intellectual property to assist with the launch and development of participating companies.

"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," Murphy said.

"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," the governor added.

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