Choose New Jersey, NJIT incubator, Indian group sign MOU that could bring up to 10 firms to N.J.
Choose New Jersey, New Jersey Institute of Technology’s VentureLink business incubator and an Indian business group signed a Memorandum of Understanding on Monday to facilitate partnerships between the Garden State and India, the Governor’s Office announced.
The National Association of Software and Services Companies, or NASSCOM, is a major Indian tech industry chamber of commerce, and the MOU will support collaborative research and development between the two regions.
The MOU was signed by NASSCOM’s Shivendra Singh, Choose New Jersey’s Jose Lozano and VentureLink’s Simon Nynens.
Earlier, Nynens told ROI-NJ that he is excited about the possibilities of the MOU: “They have identified companies that have expressed a strong interest of quickly moving to New Jersey after we sign the MOU. Let’s put it that way.”
“There is no better place for businesses looking to grow than New Jersey, and this partnership will give NASSCOM member companies direct access to NJIT’s impressive VentureLink incubator, along with three months’ free rent,” Gov. Phil Murphy said in a prepared statement. “We are thrilled that as many as 10 companies are already waiting to take immediate occupancy, and we can’t wait to welcome them as partners in New Jersey’s innovation economy.”
The partnership, dubbed the “NASSCOM Launchpad,” will create a 90-day, complimentary soft landing space for NASSCOM member companies to use as a home base in New Jersey, according to the news release on the MOU. Choose New Jersey will serve as an interface between the Indian group and the incubator.
“We are pleased to announce our partnership with NASSCOM and VentureLink@NJIT,” Choose New Jersey CEO and President Jose Lozano said in a statement. “Gov. Murphy’s No. 1 priority is to foster an unrivaled economic ecosystem where innovative and game-changing companies can find a home and succeed in New Jersey.”