Gov. Phil Murphy has spent much of his administration attempting to bring international companies to the state. Last week, the board of the N.J. Economic Development Authority took steps to make it easier for companies once they arrive.
The board approved the creation of the New Jersey Business Acceleration and Softlanding Ecosystem (called NJ BASE) in Jersey City, a landing pad for established international businesses looking to scale their operations in the state.
NJ BASE will serve as the state’s first ever facility to attract foreign companies in key industries, by offering a supportive co-working space to expand and grow their business in the U.S. No opening date for the facility was announced.
“This is an exciting milestone in New Jersey’s mission to diversify our economy and expand our leadership role in technology innovation and diplomatic relations,” Murphy said. “Since I took office, we have worked hard to build international relationships through various trade missions abroad and bring jobs to New Jersey. Having a landing pad in New Jersey for companies to set up shop will be a desired feature as foreign entrepreneurs look to scale their business in the North American market.”
NJ BASE will focus on attracting international companies in industries that are critical to New Jersey’s economy, such as cyber security, artificial intelligence, fintech, and other types of innovative technologies and services.
The center will allow a business to establish itself in New Jersey, with access to the larger U.S. market, so businesses can then expand, attract investment, and create high quality, long-term jobs.
NJ BASE, which will house approximately 15-20 companies as a first cohort, will be located in Downtown Jersey City. NJ BASE will be operated by a third-party entity and the NJEDA will release a Request for Proposal for an operator in the coming weeks.
EDA CEO Tim Sullivan said the impact of NJ BASE will be huge.
“NJ BASE will continue to expand the state’s reach across foreign economies and support entrepreneurs looking to bring their products and services to the United States,” he said. “We look forward to launching NJ BASE in the coming months, which will further strengthen key sectors and create good-paying jobs.”
