Venture Studio In Newark Will Boost ‘Innovation Economy,’ NJIT Says

NEWARK, NJ — A new venture studio in Newark is expected to give a boost to New Jersey’s “innovation economy,” its supporters say.

Earlier this month, the New Jersey Institute of Technology (NJIT) and the New Jersey Economic Development Authority (NJEDA) held a ribbon cutting for the NJII Venture Studio.

According to NJIT, the studio will provide startup companies with training, office space and guidance on operations and management. It will also accelerate and commercialize high-tech and information technology.

The goal is to launch 10 companies over the next five years, with each venture receiving up to $1 million in funding.

The studio is operated and managed by the New Jersey Innovation Institute (NJII), a nonprofit subsidiary that NJIT founded in 2014.

NJIT president Teik Lim said the Newark-based university produces more than $170 million in research activity every year, making it one of only three research universities in New Jersey to attain an R1 status.

“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,” Lim added.

The NJII Venture Studio is the latest Strategic Innovation Center (SIC) established under Gov. Phil Murphy’s administration.

Murphy offered a thumbs-up for the state’s newest SIC.

“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,” Murphy said.

The ribbon cutting also saw praise from Newark Mayor Ras Baraka, who noted that the new studio is the second SIC to be located in the city, alongside HAX.

Baraka also said the city is home to the largest port on the East Coast – a one-two punch that is a “prime example of what we need to be doing to make our state successful.”

“The relationship between the academic community, the private sector and the public sector is the right combination,” Baraka said. “Because I believe if you build in Newark, it affects the entire region.”

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