The New Jersey Economic Development Authority said July 21 it will partner with Rowan University to create a multi-location Strategic Innovation Center in Camden and Mullica Hill.
The center, operated by Plug and Play, will support the research, development, and commercialization of novel medical technologies and devices, serving as an accelerator for South Jersey’s emerging medtech ecosystem. The center will have locations in Camden and at Rowan University’s West Campus in Mullica Hill, serving as an accelerator for early-stage companies and promoting scientific collaboration in the region.
Cooper University Health Care will serve as the anchor commercial affiliate and Garden State Venture Partners will invest in select participating accelerator companies. The center will support early-stage ideas emerging from southern New Jersey labs and pull companies from across the region into the state, helping to provide specialized lab space to meet the needs of companies that might otherwise be forced to seek expansion outside New Jersey.
“New Jersey is leveraging partnerships with the private sector and academic institutions to bolster the state’s startup community, ensuring that entrepreneurs have access to capital and opportunities for meaningful collaboration with industry stakeholders,” said NJEDA Chief Executive Officer Tim Sullivan.
The center will encompass 8,500 square feet of space within two locations in Camden: the Joint Health Sciences Center and the Cooper Medical School of Rowan University. It will also have space on Rowan University’s West Campus in Mullica Hill, alongside the Shreiber School of Veterinary Medicine and Virtua Health College Research Center of Rowan University, when open. The center will include comprehensive laboratory, diagnostic, and testing spaces for research and development of new technologies in a collaborative environment.
Pending approval by its board, the NJEDA will invest $9.55 million into the center, including $5.5 million into a seed and early-stage fund for companies in the accelerator program and those that choose to locate and grow their operations in the state. Twenty percent of participating companies must be from New Jersey, and the remaining participants will include companies from out of state that may relocate to New Jersey with support from programs that support early-stage startups, such as NJ Accelerate.
“Nothing like the center exists to draw investments of this type to New Jersey,” said Rowan University President Ali A. Houshmand. “The center will add value to strong partnerships like those we have throughout the state with health care leaders as a result of our medical education and research excellence. We’re eager to see the center and GSVP attract startups that will thrive alongside Cooper, Rowan, and our other partners.”
GSVP, a venture capital firm formed in partnership with Rowan University, is focused on New Jersey’s innovation economy by investing in early-stage technology and health-care startups. The firm aims to accelerate commercialization at Rowan University, New Jersey’s other research universities, Rowan’s health-care partners, and other innovation centers statewide. GSVP will invest $7 million for seed and later-stage investments into participating companies.
The NJEDA has announced investments into 12 centers in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech.
