Following the recent joint announcement by Governor Phil Murphy and Princeton University President Christopher Eisgruber regarding the collaboration between the New Jersey Economic Development Authority (NJEDA) and Princeton University to establish an Artificial Intelligence (AI) hub, the AI industry in New Jersey is gaining momentum as we approach 2024.
Tim Sullivan, the CEO of the NJEDA, emphasized that the AI gateway unveiled by Governor Murphy and President Eisgruber in December will continue to bolster the state’s administration in the rapidly expanding AI sector. This initiative is aligned with Governor Murphy’s vision of fostering high-growth areas to create job opportunities that support families. AI companies stand to benefit from showcasing New Jersey’s value proposition, including its vibrant innovation community, skilled talent pool, and robust resources.
Sullivan further elaborated that the NJEDA’s Strategic Innovation Center initiative will allocate $250,000 in planning funding for the initial development of the Princeton AI hub. This collaborative effort with various New Jersey educational institutions aims to attract AI researchers, industry leaders, startups, and other stakeholders to drive research and development. The hub will feature a dedicated accelerator space, promote the use of ethical AI for societal good, and facilitate workforce development to drive technological advancements.
The partnership between Princeton University and the NJEDA signifies a strategic approach to attract and retain AI businesses within the state.
One such success story is Summit-based AlphaRoc, a company specializing in AI-driven investment insights, which recently received approval for assistance under the NJEDA’s Angel Match Program. According to Kathleen Coviello, Chief Economic Transformation Officer at NJEDA, the Angel Match Program plays a vital role in providing essential capital investment to New Jersey companies, enabling them to grow, stay, and contribute to job creation and economic activity. This initiative, tailored to meet the evolving needs of businesses, equips the next generation of AI-focused enterprises with the necessary tools for success.
Funded by the State Small Business Credit Initiative (SSBCI), a federal program administered by the U.S. Department of the Treasury, the Angel Match Program aims to foster an entrepreneurial ecosystem that spurs development and economic growth while offering employment opportunities to New Jersey residents.
Moreover, the New Jersey Innovation Fellows Program (NJIF) has recently approved support for four startup ventures looking to integrate AI technology into their products, such as a mobile fitness app, healthcare solutions platform, data-driven small business consultancy, and a digital marketplace for individuals with disabilities. The NJIF program provides “income replacement” grants to aspiring entrepreneurs, particularly those from diverse backgrounds, offering financial support during the critical ideation and formation phase of their businesses. By pairing fellows with subject matter experts, NJIF assists them in navigating the challenges and opportunities presented by AI.
In addition to supporting startups, New Jersey continues to witness significant research collaborations and outputs in the AI domain. ResearchwithNJ, an online platform, showcases over 50,000 research outputs spanning various fields, including AI, computational science, electronic communications, quantum computing, and machine learning. The platform also highlights 400 grants or projects, 140 research units, and 500 researchers engaged in cutting-edge research across six prominent universities in New Jersey. This wealth of research resources, available at researchwithnj.com, serves as a catalyst for businesses seeking innovative solutions.
The NJEDA and the New Jersey Commission on Science, Innovation, and Technology (CSIT) offer tailored resources to support startups at every stage of development. Judith Sheft, Senior Director of CSIT, underscores their commitment to assisting both existing and prospective businesses in New Jersey through grants, loans, technical support, coaching, and networking opportunities to connect entrepreneurs with potential investors.
The NJEDA’s steadfast dedication to nurturing new technologies, including AI, is evident in the flourishing AI ecosystem in New Jersey. With over 10,000 technology companies based in the state, the NJEDA’s initiatives aim to support their growth with access to vital funding opportunities.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the state’s primary agency for driving economic growth. By focusing on key strategies to build resilient communities, create quality jobs, and foster a more equitable economy, the NJEDA aims to position New Jersey as a model for sustainable socioeconomic development. Through collaborative partnerships, the NJEDA develops and implements initiatives to enhance the state’s economic vitality and competitiveness, ultimately improving the quality of life for residents and ensuring long-term prosperity for New Jersey.
