New Jersey Institute of Technology (NJIT) and the New Jersey Economic Development Authority (NJEDA) marked a milestone in the state’s innovation economy with a ribbon-cutting ceremony for the NJII Venture Studio.
The event featured remarks from New Jersey Gov. Phil Murphy, Newark Mayor Ras Baraka, NJIT President Teik C. Lim and Michael Johnson, president of NJIT’s New Jersey Innovation Institute, along with other distinguished guests.
NJII Venture Studio aims to launch 10 companies over the next five years, with each venture receiving up to $1 million in funding. The studio will accelerate and commercialize high-tech and information technology developed by NJIT, NJII and NJIT’s corporate partners, alongside other academic contributors to the advancement of the industry. The Venture Studio will provide startups with training, office space and guidance on operations and management.
“The entrepreneurs who work in this studio will be able to lean on the innovative leadership NJIT has always been known for so they can advance their work and carry on New Jersey’s century-long tradition of innovation,” said Gov. Murphy. “It will play a key role in cementing, as all of these [Strategic Innovation Centers] will, our state’s reputation as a global hub for revolutionary discovery.”
There are now 10 Strategic Innovation Centers (SICs) established under Gov. Murphy’s administration. SICs are designed to nurture R&D, innovation and entrepreneurship through mentorship, networking and business support, driving the growth of new and diverse enterprises and fueling economic progress.
“These Strategic Innovation Centers are perfectly designed for our state and our unique needs of building ecosystems and innovation that bring together higher education, industry and spaces for innovators to live and to work within the state,” said Johnson. “We look forward to fostering innovation through our NJII Venture Studio initiative.”
NJIT’s intellectual property and research offerings are a key component to the Venture Studio and its goals, which align with NJIT’s 2030 strategic plan and its priority of research, innovation and entrepreneurship.
“NJIT is a scientific and technological powerhouse that produces more than $170 million in research activity every year, and we are one of only three research universities in New Jersey to attain an R1 status, among the very top tier of research universities in the nation,” said Lim. “We solve real-world problems … and the Venture Studio will be a critical addition to our efforts to turn R&D into products and services that can improve people’s lives.”
Involving a corporate and industry partner at the earliest stage in every startup is a particular goal, according to Robert Cohen of NJII’s Board of Directors. Cohen, who also chairs NJIT’s Board of Trustees and is a three-time alumnus, is the president of Digital, Robotics and Enabling Technologies at Stryker, a Fortune 200 medical technology company. Combining NJIT’s research and academic strengths, NJII’s operating structure and proven capabilities and NJEDA’s public-private partnership building is a “recipe for success.”
“This is an absolute differentiator. It’s truly a win, win, win for industry, academia and government partnering together — it’s all right here,” said Cohen.
The Venture Studio marks the second SIC in Newark, alongside HAX, noted Newark Mayor Ras Baraka. The Newark native began his career as a teacher in Newark Board of Education before working his way through various roles to eventually lead Central High School as the principal until he was elected mayor in 2014. For the past 10 years, Baraka has helped shape the thriving tech ecosystem that makes Newark an ideal home for the Venture Studio.
Mayor Baraka also noted the city is home to the largest port on the East Coast and the effects of innovation in Newark.
“This is a prime example of what we need to be doing to make our state successful. The relationship between the academic community, the private sector and the public sector is the right combination,” said Baraka. “Because I believe if you build in Newark, it affects the entire region.”
With the launch of the NJII Venture Studio, New Jersey continues to solidify its position as a national leader in innovation and technology commercialization. By uniting the strengths of academia, industry and government, the Venture Studio is poised to create transformative opportunities for entrepreneurs, strengthen the state’s economy and deliver real-world solutions that benefit communities across New Jersey and beyond.
