A Thriving Technology Cluster
Some of the greatest technological advances of the twentieth century – the transistor, fiber optics, digital cellular and LCD technology, barcoding, C++ programming and more – were born in New Jersey.
Long an epicenter for discovery and invention, today the State is home to new Information and Communications Technology (ICT) leaders, Financial Technology (FinTech) giants and thousands of entrepreneurial start-ups and growing technology companies. They know they can rely on New Jersey’s highly-educated workforce and legacy of innovation to develop the technologies of tomorrow.
With more than 25,700 establishments across all technology sectors – including information and communications technology (ICT), financial technology (FinTech) and Big Data – New Jersey’s technology cluster accounts for more than 362,730 jobs: That’s 10.9% of private sector employment statewide. The State’s share of employment also is higher than the national average in several key sub-sectors, including telecommunications and computer system design.
Highly Educated, Highly Skilled
New Jersey has a well-earned reputation for its highly-educated workforce, making it easy to recruit top talent. In fact, it’s home to the 2nd highest concentration of ICT workers in the U.S.
Thanks to the State’s world-class colleges and universities, technology companies can tap into an ever-growing pool of qualified, tech-savvy talent. Our Higher Education institutions offer top 10 programs in Computer Science and Computer Engineering, according to U.S. News & World Report’s annual college rankings. Other top-notch programs are specialized technology and business disciplines (think Financial Engineering, Cybersecurity, Game Development, Informatics and Entrepreneurship) which are preparing today’s students to meet the challenges of constantly evolving industry.
Perfectly Located, Highly Connected
New Jersey’s strategic location is in the heart of the U.S. Northeast Corridor. Close proximity to both New York City and Philadelphia have made it an attractive place for technology companies to do business.
The State’s competitive real estate market offers prime, yet less expensive, options than its New York City neighbor. New Jersey cities such as Newark and Jersey City, for example, have become increasingly popular with a growing number of early-stage technology companies. They are drawn to the area for the affordable real estate, state-of-the-art broadband capabilities/ infrastructure, and close adjacency to New York City.
Ranked #6 in the country for broadband communications, in addition to connectivity, New Jersey technology companies have access to broadband speeds among the fastest in the nation. Many of the State’s cities offer access to lightning-fast Wi-Fi and a vast web of fiber optic cable that can provide connectivity at 10 gigabits per second.
"I consider Audible's move to Newark one of the best decisions we've made as a company. Newark's transportation advantages, its convenience to New York City, its many cultural amenities and the presence of more than 40,000 college students should all accrue to the creation of a vibrant growth economy environment."
New Jersey Advantages
- Thanks in part to an extensive and highly advanced high-speed fiber optic network, New Jersey is ranked 6th State in the U.S. for Broadband Communications and 2nd for business R&D investment in the nation. The State’s incentive grants, workforce training grants and tax exemptions make it an attractive place to create or retain jobs or relocate a business.
- A well-educated workforce offers a deep talent pool for high-tech industries.
- Access to higher education in technology includes programs at Rutgers University’s School of Communication and Information (SC&I) and the New Jersey Institute of Technology (NJIT).
- Excellent resources for technology growth include TechLaunch LLC, the technology accelerator linking entrepreneurs with mentors, seed funding, investors and training, and the New Jersey Technology Council.
No wonder New Jersey ranks among the top 10 states of the Information and Innovation Foundation’s New Economy Index in several key categories, such as patents, IPOs, R&D investment, and foreign direct investment.
MOST INNOVATIVE STATE
STATE FOR IPOS
STATE FOR PATENTS
A Leader in Communications & Information Technology
For more than 80 years, researchers at New Jersey-based Bell Labs developed the breakthrough inventions that would usher in the modern age. Today, information and communications technology (ICT) companies are continuing this legacy of discovery, creating the technologies and building the infrastructure of tomorrow.
New Jersey’s top ICT company leaders are not only poised to take the lead in the State; they’ve jumped to the top of the pack. Our ICT companies comprise one of the most highly-concentrated, innovative, high-tech industry clusters in the country and it’s continuing to grow.
Major ICT companies are building new sites – not for storage or trucks – for ICT technology centers. In September 2017, UPS held a ribbon cutting ceremony for its new, 200,000 square foot ITC facility in Parsippany.
AT&T also recently opened its Global Connections Center in Bedminster, now the Company’s worldwide command center.
New Jersey has more than enough highly-educated ICT professionals to fill those centers, and then some. On any given day, visit online job websites, type in “Communication Jobs, New Jersey” and 100+ Communications jobs show up for positions all over the State from Jersey City to Bridgewater to Mount Laurel.
It is a testament to the steady growth of ICT businesses across our Garden State, such as: Verizon New Jersey, Inc., AT&T, BellWorks, DRS Technologies, Global Connections Center, Panasonic, QualComm, SRI International (Sarnoff), Telcordia Technologies Inc., Telx, and Honeywell that recognize the State’s stellar ICT talent.
Big Data is another sector that is pushing ICT growth in the State. To ensure that college students interested in ICT and other data-related positions can graduate with the skills they need, Rutgers University has added the Rutgers University Professional Science Master’s Degree in Business and Analytics to it curriculum offerings.
Information Week rated the new degree among its Top 20 Big Data Analytics Master’s Degrees. The program prepares students for careers in predictive modelling, business intelligence, analytics, and data mining.
Rutgers went even further. Through the Rutgers Office of Research and Economic Development and the Rutgers Discovery Informatics Institute created the New Jersey Big Data Alliance (NJBDA). The move was designed to catalyze collaboration among New Jersey government, academia and industry to enable all to deal with the huge deluge of digital data in a strategic, coordinated manner.
The Alliance brought together universities and colleges from across the State. Its goals include identification of common challenges and areas of synergy, developing joint programs and ultimately nucleating an effective alliance that will increase their research competitiveness and drive economic development in New Jersey.
Founding members include Kean University, Montclair State University, N.J. Institute of Technology, Rowan University, Stockton University, Rutgers University and Stevens Institute of Technology. The Alliance also works closely with the New Jersey Office of Information Technology – Enterprise Data Services, the New Jersey Economic Development Authority, and NJEdge.net, New Jersey’s Higher Education and Research Network.
Honeywell, a Fortune 100 company based in Morris Township, is a diversified technology and manufacturing company that has long called New Jersey home. Honeywell’s products include aerospace technologies, environmental controls, building and process solutions, high-purity performance chemicals and materials, and transportation systems, as well as technologies for refining petrochemicals.
A Robust FinTech Sector
What uses technology to deliver financial services such as debit rewards, big data, social investing, credit and next-generation online banking platforms? FinTech, the emerging Financial Technology industry. The sector is booming in northeastern New Jersey, due to the region’s close proximity to Wall Street, highly-educated workforce and state-of-the-art broadband network.
The State is home to the headquarters of 4 of the world’s top 100 FinTech companies: IPC, Cognizant, Scivantage, and, Collabera. Financial institutions like the New York Stock Exchange and the Federal Reserve Bank of New York now run a majority of their transactions through New Jersey data centers.
In addition to the proven reliability of the State’s infrastructure, the growth of our FinTech sector is being fueled by the availability of highly-specialized programs and funding.
A program example: Stevens Institute of Technology was the 1st university in the nation to develop a PhD program in Financial Engineering. Today, the University’s Financial Systems Center (FSC) and its Hanlon Financial Systems Lab – a simulated Wall Street trading room – is helping to prepare the next generation for the demands of the growing FinTech industry.
And, a funding example: New Jersey-based Edison Partners – one of the nation’s leaders in FinTech investing – works with one of the most expansive networks of entrepreneurs and executives in the FinTech industry.
Incentives to support growth
New Jersey offers a number of attractive financial opportunities for qualified technology companies, including incentives specifically created to support start-up and early- stage companies.
Grow New Jersey Assistance Program
Companies may qualify for fully-transferable tax credits by creating as few as 25 full-time jobs (10 for new technology startups).
Technology Business Tax Certiﬁcate Transfer Program (NOL)
This incentive gives biotech companies the ability to sell their net operating tax losses and R&D tax credits.
Incubators, Accelerators and Co-Working Spaces
New Jersey is home to a robust network of incubators, accelerators and co-working spaces. They support the growth and development of start-up and early-stage technology companies. Here are a few business centers:
- CCIT: The Commercialization Center for Innovative Technologies (North Brunswick Township)
- JuiceTank (Somerset)
- Newark Venture Partners Accelerator (Newark)
- TechLaunch (Kinnelon)
- The Picatinny Innovation Center (Dover)
- Waterfront Technology Center at Camden (Camden)
In addition, all 5 of our top universities also offer the use of their incubator and accelerator facilities to young technology and start-up companies, home growing the technology companies of tomorrow.
- NJIT Enterprise Development Center (Newark)
- Princeton University Tigerlab Co-working Space and Accelerator/Seed fund (Princeton)
- Rowan University’s Rohrer College of Business incubator at the South Jersey Technology Park (Glassboro)
- Rutgers University EcoComplex Business Incubator (Bordentown) and, The Rutgers Food Innovation Center incubator facility (Bridgeton)
- Stevens Institute of Technology / Scivantage® incubator program (Hoboken)
That’s not all. There are a number of other co-working spaces located throughout the State, with even more coming online in the near future to support the technology sector’s growth.
Top New Jersey Tech Companies
Many leading and growing tech companies have headquarters or operations in New Jersey. Here are just a few:
|DLC - Technology Solutions|
|Universal Display Corp.|