Mercer Times

In a recent announcement, Tim Sullivan, CEO of the New Jersey Economic Development Authority (NJEDA), expressed excitement about the collaboration between NJEDA and Princeton University to establish a hub for Artificial Intelligence (AI) in New Jersey. Sullivan stated, “The AI hub announced in December by Governor Murphy and President Eisgruber will build on New Jersey’s legacy in innovation and continue to drive the state’s leadership in the rapidly-growing AI industry.”

The NJEDA's support for AI companies in the state is evident through various initiatives. Kathleen Coviello, NJEDA Chief Economic Transformation Officer, highlighted the Angel Match Program, designed to provide critical capital investment dollars to startups like Summit-based AlphaRoc, which offers AI-driven investment insights. Coviello emphasized, "Advancing creative solutions like the Angel Match Program... will help to ensure the next generation of companies, including those focused on AI, have the resources they need for the best possible chances of success.”

Furthermore, the NJEDA's New Jersey Innovation Fellows Program (NJIF) aims to support startup entities integrating AI technology into their products. The program provides income replacement grants to diverse entrepreneurs, allowing them to pursue startup ventures with initial funding security. NJIF also pairs fellows with experts to navigate challenges and opportunities in AI.

The commitment to AI development in New Jersey is also reflected in the state's Research with NJ platform, showcasing over 50,000 research outputs in various disciplines, including AI. The platform offers valuable resources for commercial enterprises, with details on research from universities like Princeton University and Rutgers University.

Judith Sheft, Executive Director of the New Jersey Commission on Science, Innovation and Technology (CSIT), emphasized the range of resources available for innovative companies in the state. Sheft stated, “From grants and loans to technical support...we are eager and poised to support companies that are already here, and to welcome those who choose New Jersey as their home.”

These initiatives and collaborations demonstrate NJEDA's dedication to fostering the growth of AI companies in New Jersey. With over 10,000 technology companies in the state, NJEDA's programs aim to provide essential support for their development and success.