NJII Launches Venture Studio to Accelerate Innovation and Entrepreneurship in New Jersey

NEWARK, N.J., May 14, 2025 /PRNewswire/ -- The New Jersey Innovation Institute (NJII), a non-profit organization of NJIT, proudly announces the official launch of the NJII Venture Studio, a groundbreaking initiative designed to commercialize high-tech research, nurture early-stage startups, and strengthen New Jersey's innovation economy. The ribbon-cutting ceremony, held in partnership with the New Jersey Economic Development Authority (NJEDA) and New Jersey Institute of Technology (NJIT), featured remarks from Governor Phil Murphy, Newark Mayor Ras Baraka, NJIT President Teik C. Lim, and NJII President Dr. Michael Johnson.

The NJII Venture Studio is the latest addition to New Jersey's growing network of Strategic Innovation Centers (SICs). Over the next five years, the NJII Venture Studio aims to launch 10 companies, each with the potential to receive up to $1 million in funding. Startups will benefit from hands-on venture support, including expert mentorship, operational guidance, office space, and access to NJIT's vast research infrastructure.

"The NJII Venture Studio represents our unwavering commitment to fueling innovation through meaningful collaboration between academia, industry, and government," said Dr. Michael Johnson. "It's a platform where transformative ideas can become real-world solutions."

At the heart of this initiative is the desire to accelerate the commercialization of research developed by NJIT, NJII, and their corporate and academic partners. This effort directly supports NJIT's 2030 Strategic Plan, which prioritizes research, innovation, and entrepreneurship.

"The NJII Venture Studio," explains Michael van Ter Sluis, Vice President of Entrepreneurship at NJII, "is the purest manifestation of the NJII's primary mission – to accelerate technology translation from of host institution, NJIT."

The NJII Venture Studio offers a unique model that integrates corporate collaboration at the earliest stage of development, a differentiator emphasized by NJIT Board of Trustees Chair and NJII Board Member Robert Cohen, President of Digital, Robotics & Enabling Technologies at Stryker. By merging NJIT's R1 research capabilities, NJII's operational excellence, and NJEDA's public-private infrastructure, the NJII Venture Studio is positioned to become a national exemplar of innovation-led economic growth.

"Our goal is to provide startups with more than funding — we're providing a foundation. We're giving them a team, a roadmap, and a direct line to industry insight from day one," said Mary Jane (MJ) Durkin, Director of the NJII Venture Studio.

Located in Newark, a thriving urban hub with access to the largest port on the East Coast and a strong academic and tech ecosystem, the NJII Venture Studio joins HAX as the city's second SIC. Newark Mayor Ras Baraka praised the collaborative spirit driving this initiative and highlighted the long-term economic ripple effect it will have across the region.

"This is a prime example of what we need to be doing to make our state successful," said Mayor Baraka. "The relationship between the academic community, the private sector and the public sector is the right combination. Because I believe if you build in Newark, it affects the entire region."

With its launch, the NJII Venture Studio marks a new chapter in New Jersey's innovation story — one where research-driven startups are cultivated with purpose and launched with impact.

To learn more or inquire about the NJII Venture Studio, visit https://www.njii.com/venture-studio/.
To explore New Jersey's Strategic Innovation Centers, visit https://www.njeda.gov/strategic-innovation-ce.

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SOURCE New Jersey Innovation Institute