Gov. Phil Murphy has made creating an innovation economy the cornerstone of his administration. Tuesday, in his last budget address, he said he wants to provide an additional $20 million in funding to support one of his signature innovation programs: Strategic Innovation Centers.
SICs are facilities that support research and development, innovation and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services and education opportunities. SICs can be accelerators, incubators or research centers — and often are connected to institutions of higher education and come with support from the N.J. Economic Development Authority.
Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.
The additional $20 million in funding could provide resources to open two or three more centers — to go along with the ten centers already open, including three introduced this year: At Coriell Institute for Medical Research in Camden, at Nokia Bell Labs in Berkely Heights/New Brunswick and at Princeton.
Potential centers in the coming months could be around film/TV, cannabis/hemp — or additional avenues for life sciences or manufacturing.
The key, one administration official said, is to continue to create centers where small business entrepreneurs have the resources and support to succeed.
“The governor is committed to the start-up economy,” the person said. “I think anywhere we can find a place to start companies and grow companies, we’re going to look at.
“That’s always been the governor’s plan to set the state on the right track.”
Here’s a look at just some of the CISs that already have been announced.
Coriell Institute for Medical Research: In Camden, the center will leverage the world-class assets available at Coriell to support biomedical research and innovation. The new innovation center will be fully equipped with state-of-the-art incubator and laboratory spaces for emerging biotech companies, will drive economic growth in the region and establish Camden as a leader in life sciences innovation.
Nokia Bell Labs: In New Brunswick, the NJ Nokia Innovation Center and New Jersey Bell Labs Venture Studio will focus on accelerating and commercializing intellectual property in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks.
Princeton University: In Princeton, global corporate tech giants Microsoft and CoreWeave will join school as the founding partners in the state’s quickly established AI hub at the school.
New Jersey Innovation Institute: In Newark and housed in NJIT’s Paul Profeta Center for Innovation and Entrepreneurship in Newark, the Venture Studio plans to launch two to three startups each year over a four-year period. The studio, which will run in partnership with the EDA, will offer business training, operational support, workspace and management guidance to help companies bring research to market.
Stevens Institute of Technology: In Hoboken, NJ FAST (Fintech Accelerator at Stevens Institute of Technology) will combine efforts by school, EDA, Prudential Financial and Plug and Play, a globally renowned venture capital firm, to create accelerator to support startups in FinTech space.
HAX: In Newark, the EDA is working with HAX to create a startup development program for pre-seed hard tech companies, with offices across the world, supports startups and entrepreneurs through investment capital, mentorship and collaboration.
National Aerospace Research & Technology Park: In Egg Harbor Township, the EDA and the Atlantic City Improvement Authority will support the development and construction of the Aerospace Innovation Center, which will focus on the aerospace industry.
