New Jersey is a standout state for a number of reasons. It has the most diners in the world, the largest boardwalk in the world and is home to the best pizza in the world — sorry, New York! These facts give unique character to the Garden State, which we all know is home to the biggest and best things. Something you may not realize about New Jersey is that it is also the best state to start a tech startup, especially now.
First, it starts with talent. New Jersey has more engineers and scientists per square mile than anywhere in the world. Notably, Princeton University, Rutgers University and New Jersey Institute of Technology produce thousands of science, technology, engineering and mathematics graduates a year, so there is no shortage of STEM-based talent in the Garden State. Collegiate opportunities in world-class research and public-private collaboration add an edge to graduates. Plus, as the most diverse state in the country, the diversity of tech spaces in New Jersey allows for profound creativity and innovation.
Second: location, location, location. With easy access to New York, Boston, Philadelphia, Washington, D.C., and the globe, New Jersey is in the center of it all. We host the East Coast’s largest port and one of the world’s largest airports. In comparison to other tech hubs like Boston, New York and Silicon Valley, New Jersey has more affordable commercial and residential real estate. Beneficial to both startups looking for flexible office space and employees looking for a short work commute, New Jersey is an advantageous location to comfortably accommodate talent from a broad range of communities.
Finally, no state has been more aggressive in recent years to entice entrepreneurs and startups than New Jersey. From tax incentives to a variety of programs matching direct investments in your company, New Jersey is hungry for your ideas, leadership and ambition. Launched earlier this year, the New Jersey Innovation Evergreen Fund seeks to invest directly in New Jersey startups through partnerships with top venture capitalists. With a goal of raising more than $300 million to invest, the state, through the New Jersey Economic Development Authority, will be making capital investments to directly support New Jersey startups. Further, the New Jersey Angel Investor Tax Credit Program provides tax credits against corporation business taxes or gross income taxes to encourage angel investing in the technology sector. Plus, if your company needs a workspace, there are now dozens of shared workspaces, like VentureLink@NJIT, which offers workspace, wet labs, expert mentorship and other resources to startups for little to no cost.
Developments in the tech space in New Jersey are rapidly growing, so increasing investment in the Garden State as a tech hub will create profound transformation. Whether you’re seeking investment, talent or workspace, the diverse, highly skilled workforce, advantageous location and supportive state government make New Jersey the place to launch your next venture.