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Officials gathered in Newark Tuesday to officially launch the state’s latest Strategic Innovation Center.

The NJII Venture Studio is a partnership between the New Jersey Institute of Technology and New Jersey Economic Development Authority. It marks the state’s 10th SIC. The sites aim to nurture R&D, innovation and entrepreneurship.

Key features at the NJII Venture Studio include:

• Working to accelerate and commercialize high-tech and information technology developed by NJIT, its New Jersey Innovation Institute and the university’s corporate partners alongside other academic contributors
• Will provide startups with training, office space, and guidance on operations and management
• Aims to launch 10 companies over the next five years with each venture receiving up to $1 million in funding
• Marks the second SIC in Newark, in addition to HAX

Making an impact

“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. Phil Murphy, on-hand for the ribbon cutting. “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.”

Honored to help launch our newest Strategic Innovation Center: the @NewJerseyII Venture Studio at @NJIT!

Together, we are offering a new path for founders and technologists to bring real-world innovations to market. pic.twitter.com/uTPkoO00UV

— Governor Phil Murphy (@GovMurphy) May 6, 2025

NJII President Michael Johnson said, “We look forward to fostering innovation through our NJII Venture Studio initiative.”

NJIT President Teik Lim noted NJIT’s science and technology prowess as one of the top research universities in the country. The school produces more than $170 million in research activity annually. And NJIT’s intellectual property and research offerings are a key element of the Venture Studio.

“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,” said Lim.

Newark Mayor Ras Baraka, a 2025 Democratic gubernatorial candidate, described the launch as a prime example of what we need to be doing to make the Garden State successful. “The relationship between the academic community, the private sector, and the public sector is the right combination,” he said. “Because I believe if you build in Newark – it affects the entire region.”