New Jersey has long been a gateway to economic opportunity for individuals and companies from all over the world. On Friday, it got a little easier for them to come here and set up operations.
In an office in Jersey City with stunning views of both sides of the river, the N.J. Economic Development Authority and SOSA, a well-known global innovation company, cut the ribbon on NJ BASE, or the New Jersey Business Acceleration and Soft-Landing Ecosystem.
NJ BASE will serve as a landing pad for international companies looking to establish and scale operations in the U.S., supporting expansion, attracting investment and creating high-quality jobs in industries vital to New Jersey’s economic future.
The 7,200-square-foot office is well suited to that aim.
Located at 3 Second St., the office comes with 12 private offices for companies (each intended to serve two people), ample open space for additional workers or events, a handful of huddle spaces and meeting rooms and a cafeteria.
NJ BASE, which intends to work in cohorts of 12 to 20 companies, will provide one year of free office space to companies looking to expand in the U.S. — including a six-month Business Immersion Program, aimed at helping these companies gain a better understanding of the state’s business ecosystem.
Andrew Gross, the Director of International Innovation and Partnerships at the EDA, told a group of a few hundred gathered for the opening that NJ BASE joins a long list of EDA programs aimed at helping companies grow and find success in New Jersey.
“It is investment into our future and our ability to remain competitive, both nationally and globally,” he said. “This solidifies New Jersey’s position as a major hub of business attraction and sends a signal to the entire world that New Jersey has achieved a new level of global recognition.”
Here’s how it will work:
- Companies from around the globe can apply (applications close June 15) for the initial cohort;
- NJ BASE officials said they will select at least 12 — and up to 20 — companies to work out of the office;
- The companies will be selected by SOSA, an experienced player in this space with more than a dozen locations worldwide;
- NJ BASE will focus on attracting international companies in industries that are critical to New Jersey’s economy, such as cybersecurity, artificial intelligence, fintech and other types of innovative technologies and services;
- The companies will be chosen based on their growth potential in the U.S. market.
Choose New Jersey CEO Amy Herbold said the beauty of the space — and its location — makes it an ideal home for NJ BASE.
“This is one of the most globally connected regions in the country,” she said. “Its proximity to New York City, major transportation infrastructure, financial markets and a diverse talent pool make it ideal as a landing point for international companies looking to establish and grow their presence.”
SOSA CEO Uzi Scheffer said participating companies will benefit from access to tailored mentorship, strategic introductions and high-impact engagements designed to equip companies with the resources and relationships needed to fuel long-term growth.
“We’ve helped hundreds of companies grow in new markets, and we’ve really seen firsthand what works and what doesn’t work,” he said. “What works is creating real and concrete opportunities for companies, a cooperate with a specific use case, a challenge, a need in the market, a technology that’s needed in a hospital or another institution, an active investor looking for targets in a specific domain, a university with an open research collaboration call and so on.
“That is what makes a sophisticated international company say yes and come and invest resources and grow in a new market. And that is exactly the model that we are bringing to NJ BASE.”
NJ BASE already has fulfilled one of its goals: attracting global attention.
Representatives from more than three dozen countries were at the event.
Ferderico Tozzi, the executive director of the Italy-America Chamber of Commerce, told BINJE that he liked what he saw.
“This region always has been important to Italy,” he said. “This initiative will be really valuable because all of the advantage of New Jersey, from incentives to locations, will be in one space.
“The opportunity to an office for a prolonged time in the initial phase of searching for a location and establish your company will be very helpful.”
That’s just what EDA CEO Evan Weiss wanted to hear.
“NJ BASE will provide international entrepreneurs with the resources, partnerships, and support they need to scale their companies, foster collaboration, and contribute to a stronger and more dynamic innovation economy across the state,” he said.
