New Jersey: The Garden State’s Support for Innovators Is SIC
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The Garden State’s Support for Innovators Is SIC
Strategic Innovation Centers (SIC) for R&D, innovation, networking, business support and other services are boosting lesser-known industries than New Jersey’s signature life sciences industry, among others. The latest SIC, launched in June, is the Aerospace Innovation Center (AIC) in Atlantic City, an initiative of the New Jersey Economic Development Authority and the Atlantic County Improvement Authority.
Based in the National Aerospace Research & Technology Park in Egg Harbor, the AIC will provide research space for aerospace innovation, access to resources at the FAA William J. Hughes Center for Advanced Aerospace and other tools and equipment for collaborating with experts in the field. The AIC will collaborate with Stockton University, Rowan University and Rutgers School of Engineering in New Jersey as well as such aeronautical institutions as Embry-Riddle Aeronautical University and the National Institute of Aerospace.
Another recently announced SIC is the Fintech Accelerator at Stevens Institute of Technology in Hoboken. Known as NJ FAST, the accelerator is a partnership of NJEDA and Silicon Valley-based Plug and Play, an innovation platform for startups, corporations, venture capital firms and others. Prudential Financial, based in nearby Newark, is NJ FAST’s founding corporate partner. Besides Prudential, New Jersey is home to operations of Barclays, Fiserv and JP Morgan, among other financial services heavyweights. NJ FAST will help launch financial and insurance technology startups so they can one day join their ranks.
“We wanted world-class talent close to some of the largest industries in the world where we would have an industrial heritage and infrastructure ready to support our companies’ expansions. Newark really has it all.”
— Duncan Turner, General Partner, SOSV, and Managing Director, HAX
In early May, HAX LLC opened its U.S. base in Newark. Run by SOSV, a Princeton-based venture capital firm, HAX is a startup program for emerging technology companies, offering entrepreneurs mentorship, capital and other resources. Governor Phil Murphy was on hand at the opening to stress the importance of growing New Jersey’s innovation economy.
“HAX’s investment in Newark and New Jersey is a testament to the diverse talent pool the Garden State has to offer,” said the governor. “From HAX to the Princeton AI Hub, to the Helix and Edge Works, New Jersey’s innovation story is evolving and our investment in the field will lead to long-term, sustainable economic growth.”
“When we set out to find a new headquarters for HAX in the U.S., we were looking for an ecosystem that could be the birthplace of the re-industrialization of the U.S.,” said Duncan Turner, HAX’s managing director and a general partner at SOSV. “We wanted world-class talent close to some of the largest industries in the world where we would have an industrial heritage and infrastructure ready to support our companies’ expansions. Newark really has it all. We have truly exceptional universities with academic departments that are developing IP and talent that will shape the world for generations to come. And we are a train ride away from two of the best sources of venture capital in the world.
HAX, too, is an SIC.
Report: ‘Greater Value’ in New Jersey for Life Sciences Companies
New Jersey’s status as a leading life sciences hub cannot be denied. The 2024 New Jersey Life Sciences Report was released in June by Choose New Jersey, real estate services provider JLL, BioNJ (the state’s largest life sciences association) and the New Jersey Economic Development Authority. It demonstrates the breadth of the state’s life sciences ecosystem, from talent, manufacturing and lab facilities to research universities and industry partnerships.
“New Jersey continues to lead the way in life sciences innovation with more than 50% of all new FDA approvals in 2023 coming from companies within the Garden State, thanks to its robust and collaborative life sciences ecosystem,” said Debbie Hart, president and CEO of BioNJ, in a release announcing the report. “Life sciences companies achieve greater value for their investment in New Jersey, partly due to its strong research institutions, supportive government policies, deep talent pool and affordable lab space.”
The report quantifies New Jersey’s strength in key life sciences sectors, such as biopharmaceutical manufacturing — eight of the top 10 global pharma companies operate in the state. More than 39,000 work in the sector, earning on average more than $165,000 annually. Biopharma R&D? About 36,000 work in that field. About 390 medical device sites employ more than 11,000 at such companies as Becton Dickinson (BD), Medtronic and Stryker.
Much more can be found in the report, from lab space availability and costs to existing and in-development life science innovation centers and higher education assets.
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