The New Jersey Economic Development Authority (NJEDA) and Hub71, Abu Dhabi’s global tech ecosystem, have entered into a memorandum of understanding (MOU) to promote and strengthen their respective startup ecosystems. The collaboration, stemming from Gov. Phil Murphy’s economic mission to the United Arab Emirates (UAE) earlier this year, aims to create a global soft-landing platform for innovative companies.
Under the MOU, the NJEDA and Hub71 will provide support to eligible startups in both regions, including assistance with local setup, navigating regulatory processes, and accessing capital. The goal is to boost the creation of inventive startup companies and high-quality jobs in both New Jersey and Abu Dhabi.
Murphy highlighted the strategic importance of the collaboration, stating, “This MOU will harness the power of international collaboration to strengthen the innovation economy of both Abu Dhabi and New Jersey, which will create good-paying jobs and bolster the Garden State’s economic competitiveness.”
Expanding global reach and local support
The agreement is a significant step in Hub71’s cross-border expansion strategy. Hub71 is noted for its deep experience in supporting international startups, having onboarded over 290 startups since 2021, which have collectively recorded $2.4 billion in funding.
The collaboration also complements New Jersey’s new initiative, the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE). NJ BASE will serve as the state’s first facility dedicated to attracting foreign companies, offering a supportive co-working space for businesses looking to expand and grow in the United States.
H.E. Ahmed Jasim Al Zaabi, chairman of Hub71, stressed the shared vision, saying, “By connecting ecosystems across borders, we are empowering ambitious founders to scale impactful ventures, reaffirming the importance of international collaboration in driving economic diversification, job creation, and inclusive, sustainable development.”
Access to capital and talent
Both organizations offer robust programs designed to ensure startup success:
- Hub71 provides its flagship Access program, offering startups up to AED 500,000 in in-kind and cash incentives, with top performers eligible for up to AED 1 million in follow-on support.
- NJEDA offers a range of initiatives, including the Net-Operating Loss Program and the Angel Investor Tax Credit Program, designed to unlock essential access to capital for innovative startups within New Jersey.
NJEDA CEO Tim Sullivan expressed enthusiasm, noting, “The NJEDA has built a robust toolkit to support innovative startups in the state, and we’re excited to work with Hub71 to promote the exciting initiatives that Abu Dhabi and the Garden State have to offer.”
The MOU signals a joint commitment to creating seamless pathways for startups to achieve global scale, fostering a deeper exchange of knowledge, talent, and innovation between the two major economic hubs.
