Gov. Phil Murphy unveiled Oct. 24 NJII Venture Studio, the state’s seventh Strategic Innovation Center, which will be based in Newark.

SICs, which can be incubators or research centers that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities.

The Murphy administration says this latest SIC will focus on accelerating and commercializing intellectual property with a focus on high technology and information technology developed by New Jersey Institute of Technology (the anchor academic partner), New Jersey Innovation Institute and NJIT‘s corporate partners – as well as other key academic partners.

New Jersey Innovation Institute, a corporation of NJIT, launched in 2014 aims to be agile, entrepreneurial, and opportunistic – with a focus on accelerating technology, fostering innovation and workforce development in the Garden State.

“The NJII Venture Studio, our seventh Strategic Innovation Center, will provide aspiring entrepreneurs with access to cutting-edge technology and the chance to collaborate with industry experts,” Murphy said. “This exciting initiative reinforces New Jersey’s reputation as a hub for innovation and research and the tremendous expertise within our state’s research universities.”

Under the agreement, the New Jersey Economic Development Authority and NJII entered into a non-binding term sheet to establish the creation, funding, management of the Venture Studio – including an opportunity to make equity investments in participating companies. Pending board approval, the NJEDA plans to invest $5.8 million into the project on 1:1 basis with NJII – and total funding for the Venture Studio will total $11.6 million.

Some key features of this latest SIC include:

• Will be located in the Paul Profeta Center for Innovation and Entrepreneurship in Newark;
• Will provide emerging companies with necessary business training, operating services, physical space and management guidance to transform their research into commercially viable products and services;
• Will seek to launch two to three startups a year over a four-year period;
• NJIT will provide access to university resources and intellectual property to assist with the launch and development of participating companies.

What they’re saying

“Powered by the NJEDA’s Strategic Innovation Center program, the NJII Venture Studio will foster the development of new technologies, good-paying jobs, and long-term, sustainable economic growth throughout the state,” said NJEDA CEO Tim Sullivan.

“The NJII Venture Studio will offer fresh and exciting opportunities for students and entrepreneurs in Newark and beyond,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The Studio’s prime location and proximity to the state’s key players in the innovation sector will open doors for entrepreneurs to advance their research, testing, and development of diverse technologies.”

“We are excited to embark on this partnership with the NJEDA to further build the state’s innovation economy,” said Michael Johnson, president of NJII. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization, resulting in innovative companies and world-changing technologies.”

NJIT President Teik Lim said this venture aligns with the school’s 2030 strategic plan calling for it to expand on its role as a “nexus of innovation.”

“A physical and intellectual focal point for ideas, actions, and people that brings together researchers, learners, entrepreneurs, and partners from government, industry, and the community to pursue innovation,” said Lim.

“With this next Strategic Innovation Center, New Jersey continues to unlock unparalleled opportunities to grow cutting-edge industries and cultivate emerging talent right here in the Garden State,” said New Jersey Secretary of Higher Education Brian Bridges. “Combined with the expertise and resources of the state’s world-class institutions, like NJIT, we are well-positioned to lead innovation and meet the workforce demands of tomorrow’s economy.”

Senate Budget Chairman Paul Sarlo, D-36^th District, an NJIT graduate, applauded the announcement – describing it as a vital step in positioning the Garden State as a national leader in emerging technologies and entrepreneurship.

“As an alumnus of the New Jersey Institute of Technology, I know firsthand the innovative spirit possessed by the university’s students and faculty,” said Sarlo. “I am thrilled that this center will not only help jumpstart the careers of young entrepreneurs – but also give NJIT students the opportunity to gain hands-on experience in the process of starting a company.”

The governor stressed, “Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development.”