Mercer Times

Governor Phil Murphy, Newark Mayor Ras Baraka, and the New Jersey Economic Development Authority (NJEDA) celebrated the opening of HAX, LLC's new U.S. headquarters in Newark. The facility, located at 707 Broad Street, serves as a hub for pre-seed hard tech startups, offering investment capital and mentorship.

Governor Murphy emphasized the state's commitment to fostering innovation. "One of the key priorities of my administration has been to expand our innovation economy by providing critical resources to entrepreneurs who want to bring their world-class ideas to New Jersey," he stated.

HAX is operated by SOSV, a venture capital firm based in Princeton. The program offers a $250,000 initial investment and 180 days of collaboration for participating companies. Since May 2022, 32 startups have utilized HAX's temporary space in Newark.

Mayor Baraka highlighted the importance of investment in cities like Newark. "HAX’s investment in Newark goes beyond being appropriate because it recognizes that innovation, creativity, collaboration and diligence are inscribed in our history and embedded in our DNA," he said.

In 2021, NJEDA was awarded an RFP from SOSV to establish HAX's headquarters after competing with several states. Both entities invested $25 million each into the project. SOSV aims to support 100 companies through HAX over five years.

The facility aligns with Governor Murphy's economic initiatives as a Strategic Innovation Center (SIC), promoting research and development through various support services. HAX is also part of NJ Accelerate, matching investments made by approved startup programs within New Jersey.

Tim Sullivan, NJEDA CEO, noted the impact on local entrepreneurship: “Newark is an ideal location for entrepreneurs looking to collaborate... When we invest in New Jersey’s innovation economy, we invest in entire communities."

SOSV plans to collaborate with local universities and engage with community initiatives such as Newark Youth Career Pathways.

Sean O'Sullivan from SOSV praised New Jersey's support: "The State of New Jersey showed tremendous foresight when it decided to support HAX."

Duncan Turner from SOSV described Newark as an ideal location due to its industrial heritage and proximity to major industries and venture capital sources.