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The New Jersey Economic Development Authority (NJEDA) announced Monday its next steps to support, promote and grow the burgeoning artificial intelligence industry here in the Garden State.

Just last month, Gov. Phil Murphy announced the establishment of an AI hub here in New Jersey as part of a collaboration between Princeton University and the NJEDA. Officials said the initiative will leverage state funding and private sector partnerships to advance New Jersey’s leadership in artificial intelligence, while catalyzing innovation in technology, housing dedicated accelerator space, driving job growth and economic development across the region as well as promoting rapid and responsible development in the emerging field.

NJEDA Chief Executive Officer Tim Sullivan said Jan. 8 that the initial development of the Princeton AI hub will be supported with $250,000 in planning funds from the NJEDA’s Strategic Innovation Center initiative.

“The AI hub announced by Gov. Murphy and [Princeton] President [Christopher] Eisgruber will build on New Jersey’s legacy in innovation and continue to drive the state’s leadership in the rapidly growing AI industry,” said Sullivan. “The opportunity presented by AI aligns with Gov. Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool, and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.”

In addition to that next step for the Princeton hub, the NJEDA noted other recent developments in the AI space, as well as a suite of resources offered.

Some AI toplines include:

• Recently approving Summit-based AlphaRoc, which provides AI-driven, predictive insights into investment opportunities, for support under the NJEDA’s Angel Match Program;
• Approval for support to four startup entities that intend to integrate AI technology into their products through the New Jersey Innovation Fellows Program (NJIF); and
• The state’s free online platform, Research with NJ, which provides more than 50,000 research outputs on topics ranging from AI to quantum computing to machine learning and more.

“Advancing creative solutions like the Angel Match Program that are directly responsive to the needs of entrepreneurs will help to ensure the next generation of companies, including those focused on AI, have the resources they need for the best possible chances of success,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.

Commission on Science, Innovation, and Technology Executive Director Judith Sheft said that the NJEDA and CSIT offer a host of resources designed for innovative companies in all stages of growth.

“From grants and loans to technical support, and even mentorship and networking opportunities to connect entrepreneurs with qualified investors, we are eager and poised to support companies that are already here, and to welcome those who choose New Jersey as their home,” said Sheft.