The New Jersey Economic Development Authority released findings Dec. 22 from an economic impact assessment of the Strategic Innovation Center (SIC) initiative that said new businesses that are formed and developed at the state’s 12 SICs are expected to generate $17.2 billion in economic output, support 28,000 jobs, and contribute $427 million in total annual tax revenue.
The Strategic Innovation Center brings together startup founders, investors, academic institutions, and private sector leaders to foster research and development in high-growth sectors such as artificial intelligence (AI), the life sciences, and advanced manufacturing.
Results found that the state’s 12 SICs will catalyze new and sustained economic activity in key industries, creating economic opportunities, supporting and retaining innovative early-stage companies, and driving long-term economic growth.
The report quantifies the 10-year economic impact of each SIC and showcases how the NJEDA’s investments in development, operations, and startup financing will lead to widespread economic growth. The NJEDA’s $190 million SIC commitment is projected to create $8.9 billion in direct economic impact of graduated startup operations and research activities by year 10.
“The state’s growing roster of Strategic Innovation Centers will create new and long-term opportunities for startup founders, researchers, and industry stakeholders, increasing tax revenues and creating jobs across the Garden State,” said Gov. Phil Murphy
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. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.
“The NJEDA’s Strategic Innovation Center initiative is creating collaborative environments where startups can thrive, creating billions in economic output and generating thousands of jobs in the decades to come,” said NJEDA Acting Chief Executive Officer Mary Maples.
The independent report was conducted by Econsult Solutions Inc. It assessed employment, labor income, output, and tax revenue impacts using the IMPLAN modeling software, projecting financial and economic development outcomes for each SIC.
The report organizes New Jersey’s SICs into three clusters: information and high technology, life sciences, and advanced manufacturing. The 12 SICs are:
Information and High Technology
- NJII Venture Studio (Newark) will accelerate and commercialize high-tech and information technology in collaboration with the New Jersey Innovation Institute, a subsidiary of the New Jersey Institute of Technology.
- New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) (Hoboken and Newark) is an accelerator focused on advancing innovation in digital payments, cybersecurity, data analytics, and financial services modernization.
- NJ AI Hub (Princeton) is a center for artificial intelligence research, workforce development, and entrepreneurship, in partnership with Princeton University, Microsoft, and CoreWeave.
Life Sciences
- Edge Works at SciTech Scity (Jersey City) is a planned mixed-use innovation complex linking digital health, medtech, and climate technology entrepreneurship with Liberty Science Center’s education and research mission.
- The Health and Life Sciences Exchange (HELIX) and the NJ Innovation Hub (New Brunswick) will be a world-class center for translational research and innovation to be completed in Spring 2026 bringing together Rutgers University, RWJBarnabas Health, Hackensack Meridian Health, and private industry partners.
- NJ Coriell Labs Innovation Center (Camden) will be a hub for advanced biotechnology and genomics-based startups co-located within Coriell’s new science campus in Camden and engaging with academic partners Rowan University and Rutgers University.
- New Jersey Accelerator for Innovation in Medtech (NJ AIM) (Camden and Mullica Hill) will be an accelerator for early-stage medical technology ventures operated by Plug and Play in partnership with Rowan University.
- Nurture NJ Innovation Center (Trenton) is the nation’s first accelerator dedicated to maternal and infant health innovation, building on the leadership of the Nurture NJ initiative.
Advanced Manufacturing
- NJ Nokia Bell Labs Innovation Center (New Brunswick) will be located at the second phase of HELIX to provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. The Bell Labs Venture Studio (Murray Hill) is a venture creation platform that pairs Bell Labs’ deep scientific expertise with start-up acceleration, targeting advanced manufacturing applications in photonics, materials science, and communications infrastructure to be relocated to NJ Nokia Bell Labs Innovation Center.
- Atlantic County NJ Aerospace SIC (Egg Harbor Township) will be located in the National Aerospace Research & Technology Park and provide state-of-the-art aerospace research spaces, high-speed connectivity data systems, laboratories, and co-working and studio spaces.
- HAX (Newark) is an advanced hardware accelerator operated by SOSV that supports early-stage companies developing robotics, climate technologies, and physical products that merge design, engineering, and scalable production.
- NJ HAX Plasma Forge (Princeton) will be a specialized technology development platform focused on plasma-based energy and manufacturing innovations, exploring applications in clean energy systems, materials processing, and sustainable industrial production.
