New Jersey is making significant strides in fostering innovation and economic growth with the launch of the NJII Venture Studio.
This new Strategic Innovation Center (SIC) is a collaboration between the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII), a corporation of the New Jersey Institute of Technology (NJIT), based in Newark, NJ.
Accelerating Technology Commercialization
The NJII Venture Studio aims to fast-track the commercialization of cutting-edge technology and information systems developed by NJIT, NJII, and their corporate partners.
By bringing together academic contributors, the studio is set to play a crucial role in advancing the tech industry in New Jersey.
To support businesses in transitioning research into market-ready products, the studio will provide comprehensive resources, including business training, operational assistance, workspace, and management guidance.
With board approval anticipated, the NJEDA plans to match NJII’s initial investment of $5.8 million, creating a total funding pool of $11.6 million for this ambitious program.
Management and Future Goals
NJII, a non-profit organization established in 2014 as NJIT’s subsidiary, will oversee the operations of the new studio.
A term sheet detailing the studio’s creation, funding, and management has been agreed upon by NJEDA and NJII, which also includes provisions for potential equity investments in the startups that participate.
Located in NJIT’s Paul Profeta Center for Innovation and Entrepreneurship, the venture studio is on track to launch two to three new startups annually over the next four years.
Engaging Students and Building Partnerships
A key goal of the NJII Venture Studio is to engage NJIT students and other higher education institutions across New Jersey, providing them with valuable hands-on experience and training opportunities.
NJII has a successful track record, having already launched two for-profit ventures—Healthcare Innovative Solutions and BioCentriq—and is poised to replicate and expand upon this success.
Supporting Economic Growth
This venture marks the seventh SIC established during Governor Phil Murphy’s administration, aimed at nurturing research and development, innovation, and entrepreneurship.
These centers provide mentorship, networking, and business support to help drive the growth of new and diverse enterprises, ultimately fueling economic progress throughout New Jersey.
What’s Next?
With the NJII Venture Studio set to make waves in the tech landscape, the focus will be on building a vibrant ecosystem that nurtures innovation and collaboration.
As this initiative unfolds, it will undoubtedly attract attention from aspiring entrepreneurs, academic institutions, and investors alike, paving the way for a brighter economic future in the state.
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