New Jersey Institute of Technology (NJIT) and the New Jersey Economic Development Authority (NJEDA) marked a milestone in the state’s innovation economy with a ribbon-cutting ceremony for the NJII Venture Studio.
The event featured remarks from New Jersey Gov. Phil Murphy, Newark Mayor Ras Baraka, NJIT President Teik C. Lim and Michael Johnson, president of NJIT’s New Jersey Innovation Institute, along with other distinguished guests.
NJII Venture Studio aims to launch 10 companies over the next five years, with each venture receiving up to $1 million in funding. The studio will accelerate and commercialize high-tech and information technology developed by NJIT, NJII and NJIT’s corporate partners, alongside other academic contributors to the advancement of the industry. The Venture Studio will provide startups with training, office space and guidance on operations and management.
“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. Murphy. “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.”
Full story: Murphy, NJIT and NJEDA Unveil NJII Venture Studio | ROI-NJ
