NJ Fast is the fourth strategic innovation center of the State and will support research and development, innovation and entrepreneurship in the Fintech and Ensurech sectors
Hoboken, NJ (May 7, 2024) – Governor Phil Murphy announced today that the Economic Development Authority of New Jersey (Njeda) and Plug and playA company based in Silicon Valley and a known innovation platform for the connection of startups, companies, venture capital companies and government agencies, launched an accelerator hub known as the name of Stevens Institute of Technology Fintech ACCEUN (NJ Fast). Fast is the first location on the east coast of Plug and Play, which has partnerships around the world.
THE Strategic innovation center (Sic) will serve as a hub for financial technology startups (Fintech) and insurance technology (SetureTech). The Stevens Institute of Technology will be the founding academic partner and Prudential financial Will be the founding company partner for NJ Fast.
“Serving as a fourth strategic innovation center, NJ Fast positions New Jersey to stay at the forefront of innovation, research and development, especially in the advanced and advanced insurance sectors” , ” said Governor Phil Murphy. “NJ Fast will allow new entrepreneurs to bring their world class ideas to New Jersey, further increasing the intrinsically impressive talent basin of our state, while capitalizing on the resources and expertise of our partners from the Stevens Institute of Technology. Our partnership with Plug and Play sends a clear message that, with regard to technology and innovation, the Garden State is the ideal place. »»
The NJEDA and Plug and Play signed a non -binding letter of intent to form a limited partnership known as NJ Fast. The two entities will supervise NJ Fast’s accelerator program with the opportunity to make equity investments in certain participating companies. The program will host two cohorts per year, which will be composed of at least 10 companies per cohort. Companies will be recruited worldwide to participate in the program, but at least 20% of the cohort will come from New Jersey and the accent will be placed on diversity, equity and inclusion. Investments in equities of up to $ 1 million will be made in at least 15% of participating companies.
Pending approval by its board of directors, the NJEDA intends to invest up to $ 17.5 million in the Fintech accelerator.
“Since its entry into office, Governor Murphy has prioritized the growth of the New Jersey innovation economy, ensuring that companies in the future have access to first -rate resources and support as the entrepreneurs develop and evolve their business “,” said Njeda’s general manager Tim Sullivan. “Propelled by the Njeda Strategic Innovation Center Strategic Center program, NJFAST aims to make New Jersey a national fintech leader and EnsureTch by supporting innovation, which will help empower startups and stimulate new technologies that at their Tour will create jobs and will support long -term, long -term, sustainable economic growth throughout the state. »»
Plug and Play was founded in the 1990s and saw the early success of investments in companies like Paypal and Dropbox. The company is present on more than 60 sites on five continents and NJ Fast is the very first company partnership on the East Coast. The Plug and Play network consists of 50,000 startups, more than 500 leading companies and hundreds of venture capital companies, universities and government agencies. From 2020 to 2022, Plug and Play was the most active start -up accelerator in the world, according to CB Insights. Plug and Play invests in more than 250 companies per year.
The company plans to commit at least 10% of total capital engagement up to a maximum of $ 2.5 million in funding for the innovation center and will work to obtain funding and support from the industry various corporate entities.
“We could not be more delighted to land in New Jersey and work with Njeda, Stevens Institute and Prudential to build our presence of the East Coast and execute our Open Innovation approach in the financial and insurance sector sector To identify and accelerate the most promising startups in space, ” said plug and chief of the Michael Olmstead income.
The Stevens Institute and Prudential will offer training and other license, licenses and research possibilities for start-ups participating in NJ quickly, etc. Stevens will also organize events each year on its campus and will provide a permanent team of student trainees who will work to support participating companies.
The Stevens Institute already has a major presence in the Fintech industry. Its research center focused on fintech, the Center for Research to Farcing Financial Technologies, collaborates with university and industrial partners on innovative solutions such as decentralized finance, AI compatible finance, quantum finance and solutions to impacts related to climate on investment. The research center also works to secure financial data by creating and testing more equitable trading platforms and supporting improved market simulation and stress test tools.
“NJFAST is an excellent example of a higher public-private collaboration which has the potential to bring significant economic value to our state and to serve as a national and global leader”, SHelp the president of Stevens Institute of Technology, Nariman Farvardin. “Stevens is happy to take advantage of his deep and significant expertise in financial systems, technologies and entrepreneurship and our knowledge on emerging fields such as AI, automatic learning and quantum computer science, for the benefit of all partners and state. “
With renowned financial institutions, such as Prudential, Barclay’s, Fiserv and JP Morgan, already having a presence in New Jersey, NJ Fast is based on the longtime history of the State as a leader in industry financial. By focusing on fintech, NJ Fast will support the growth of new types of businesses and career opportunities, expanding the influence of New Jersey in the national finance and fintech industries.
“NJ Fast will create new fascinating commercial enterprises for entrepreneurs from the county of Hudson, New Jersey and the region. Such investments are essential for the creation of jobs and the expansion of the New Jersey innovation economy “,” said Kathleen Coviello in chief of the economic transformation of Njeda. “NJ Fast will serve as a central center for innovative fintech entrepreneurs, which will allow new advanced developments to progress.”
SICS are facilities that support research and development, innovation and entrepreneurship by mentoring, networking opportunities, practical training, business support services and education opportunities. SIC can be accelerators, incubators or research centers. Having a physical location where entrepreneurs can collaborate will help support new various innovators and help stimulate long -term economic growth.
Last week, Governor Murphy attended the ribbon cut At the flagship headquarters of the United States of Hax in Newark. Hax, also one SIC, will support 100 new businesses over the next five years, generating at least 2,500 new jobs.