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The basics:

• NJEDA approves NJ BASE to support international companies
• Hub will focus on AI, fintech, cybersecurity, tech sectors
• First cohort to include 15–20 businesses
• Located in Jersey City, operated by a third-party provider

During its June 11 meeting, the New Jersey Economic Development Authority board approved the creation of a new Jersey City-based hub to support international businesses.

The New Jersey Business Acceleration and Softlanding Ecosystem will serve as a landing pad for established international businesses that wish to expand and grow their business in the U.S. — right here in the Garden State.

Officials say NJ BASE provides the opportunity for these businesses to take advantage of New Jersey’s unique assets, such as its location, access to key markets, infrastructure, talent pool and more.

Relationship building

“Since I took office, we have worked hard to build international relationships through various trade missions abroad and bring jobs to New Jersey,” said Gov. Phil Murphy. “Having a landing pad in New Jersey for companies to set up shop will be a desired feature as foreign entrepreneurs look to scale their business in the North American market.”

“NJ BASE will continue to expand the state’s reach across foreign economies and support entrepreneurs looking to bring their products and services to the United States,” said NJEDA Chief Executive Officer Tim Sullivan. “We look forward to launching NJ BASE in the coming months, which will further strengthen key sectors and create good-paying jobs.”

The first NJ BASE cohort will house nearly 15-20 companies. Other key details include:

• Will serve as the state’s first facility to attract foreign companies in key industries
• Will focus on sectors critical to New Jersey, such as cybersecurity, artificial intelligence, fintech — as well as other innovative technologies and services
• Will offer a supportive coworking space for businesses to grow and expand here
• A third-party entity will operate the Downtown Jersey City location
• NJEDA will release a Request for Proposal (RFP) for an operator in the coming weeks
• Will serve as a major point of attraction during future economic mission trips

Feeding demand

“The launch of NJ BASE is a game-changer for international companies considering expansion into the U.S. market,” said Wesley Mathews, president and CEO of Choose New Jersey. “We’ve seen firsthand through our international centers and overseas economic missions that there is strong demand for soft landing spaces in the United States – and New Jersey is uniquely positioned to deliver.”

“The opening of NJ BASE later this year will attract international industry leaders in strategic sectors, bolstering the state’s long-term economic competitiveness, creating good-paying jobs, and strengthening our international relationships,” said Andrew Gross, NJEDA director of international innovation.

Mathews added, “NJ BASE will provide foreign businesses with the on-the-ground support they need to grow, thrive, and create jobs in one of the most connected, diverse, and innovation-driven states in the country.”

“This is an exciting milestone in New Jersey’s mission to diversify our economy and expand our leadership role in technology innovation and diplomatic relations,” said Murphy.