Murphy caps spirited first day of NJ Chamber business summit

The New Jersey Chamber of Commerce’s ReNEW Jersey Business Summit & Expo was organized to identify problems and propose solutions that will spark a post-COVID resurgence in New Jersey. Following four informative and impressive panel discussions April 13,  Gov. Phil Murphy took the stage to deliver the Keynote Address.

Murphy spoke for roughly 30 minutes, ticking off his administration’s goals, plans, and what he feels are its achievements, while also highlighting the importance of supporting Atlantic City.

“In the absence of the Chamber Train, I cannot think of a better place for us to all gather than Atlantic City,” Murphy said.

The two-day ReNEW event is viewed as a replacement for the Chamber’s annual Walk to Washington trip.

Among the topics Murphy covered in his address were the growth of the offshore wind energy industry, the investments made by the television and film industry in the Garden State, the soon-to-be-operational legal cannabis market, and the emerging innovation economy.

Ahead of the speech, the NJEDA announced the launch of a new Innovation Evergreen Fund to support and grow startups in New Jersey.

“In 2017, New Jersey attracted just $818 million in venture capital investment,” Murphy said. “Fast forward just four years and in 2021, New Jersey-based entrepreneurs secured $5.5 billion in venture capital. That’s a nearly seven-fold increase. And with our new Innovation Evergreen Fund about to get to work, I am sure we’re just at the tip of what’s possible.”

The speech followed hours of spirited discussion during which industry leaders laid out a wide array of issues and solutions they feel would help the New Jersey economy. That included criticisms of the Murphy Administration and the state Legislature. Reinvestment, engagement and keeping the conversation going between business and government leaders were some of the terms reiterated throughout the program.

Day two features a formal presentation of ideas to legislative leaders with a goal of putting action behind them.

While it remains to be seen what actions may emerge from the summit, Murphy appeared to share the sentiment of keeping communication lines open.

“I know we’re not always going to agree on everything, but I also know we’re going to have serious discussions where we talk with each other and not over each other,” Murphy said. “And, perhaps just as importantly, I look forward to continuing to visit businesses large and small as I travel across our state. Quite frankly, if you’re willing to open your doors to me, I am happy to stop by.”

Murphy rounded out the address with one more shoutout for Atlantic City: “You’ve already had a long and productive day, and well, it’s nearly time to get out and spend some money supporting the hospitality that is the backbone of Atlantic City!”