Technology

A Thriving Technology Cluster

The next wave of tech disruption is in New Jersey. From start-ups to large multinationals, New Jersey companies are future-facing. After all, innovation is a part of our DNA as New Jerseyans. From Thomas Edison’s incandescent light bulb to digital cellular networks built by Bell Labs engineers, we have a rich history of technological firsts. Today, our robust tech ecosystem is more than 10,000 strong, including industry giants like Audible, Panasonic, Verizon and Samsung. We’re committed to nurturing young tech companies and supporting rapid growth. Here you’ll find top talent, proximity to New York City and Philadelphia, university collaboration opportunities, access to VC funding, and the best fiber optic network in the world—all with a cheaper price tag than New York City or Silicon Valley. That’s why we’re ranked the #2 tech region in the U.S. So go ahead…test, play, experiment. New Jersey will be behind you every step of the way. Our legacy of innovation continues with you. 

Fast, Central, Accessible

Northern New Jersey is one of the most connected regions — located just 10 minutes from New York City via PATH commuter rail service or ferry, it takes less time to travel from Jersey City to Wall Street than it does from Midtown Manhattan. New Jersey offers rail access to Boston in 4 hours and to Washington, D.C. in 3 hours. Daily non-stop flights to 110 U.S. cities and 130 international destinations are available via Newark Liberty International Airport and nearby airports. Companies located in New Jersey enjoy same day business hours with European companies and much shorter flights to Europe than California.

The infrastructure here [in New Jersey] is perfect for a company such as ours, and so we’ve seen a lot of similar FinTech companies moving here because of that. It’s an exciting time for the area."

Brett Baris,
CEO, Credibility Capital (Relocated from NYC to Newark)

Wired for Business

New Jersey’s infrastructure is built for tech companies to succeed. We’re the #1 state for broadband connectivity and #2 for fastest download speeds. Northern New Jersey has 2.14 million sq. ft. of data center space—one of the world’s largest concentrations.

Newark has the fastest internet speed in the world. The city’s 26 miles of underground municipal fiber delivers 10-gigabits-per-second speeds at prices far below those of other cities. Newark’s outdoor Wi-Fi network is one of the largest and fastest in the country, delivering 400 megabits per second. The city has committed to further tech infrastructure investment as it transforms into one of America’s smartest cities.

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Most Broadband Connected State in the U.S.
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Fastest Download Speeds
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sq. ft. of Data Center Space

Support to Scale

Our State provides start-ups the support to launch and ecosystem to mature. The New Jersey region ranked #2 in total VC investment in the U.S. in 2018. Our region has seen more than $60+ billion in VC investment in the last 5 years alone. New Jersey is home to 70+ collaborative workspaces to incubate next-gen innovations.

Newark Venture Partners, an early-stage venture capital fund investing in B2B technology companies, is leading Newark’s tech revolution. NVP Labs is the firm’s bridge-to-seed accelerator arm that enables start-ups to scale successfully. The most recent cohort was screened from 2,000+ companies, and founders from UK, Netherlands, France, Caribbean, India, Nigeria, China and throughout the U.S. are now operating from the co-working space. Cohort members capitalize on mentorship opportunities, expert guidance in sales, marketing and finance, and exclusive access to investors.

The NJEDA is regenerating New Jersey’s start-up culture with several valuable programs and resources. Start-ups can apply for free rent support in select coworking facilities through the NJ Ignite program. For those looking for seed potential in young companies, the Angel Investor program offers refundable tax credits against New Jersey corporate, business or gross income tax for a percentage of investment in a qualifying emerging technology business.

NJEDA’s biannual Founders and Funders event enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models, and funding opportunities.

The Diverse Talent to Create + Innovate

Our world headquarters is in Newark by design. We decided to catalyze positive change in a city at a tipping point.”

Don Katz
Founder and CEO, Audible Inc.

Access to graduate students and even undergrads can provide a lot of inspiration…That is a great benefit for Google in working more closely with universities like Princeton that have really excellent minds.“

Amy McDonald Sandjideh
Program Manager, Google

New Jersey has the specialized workforce to get you started and help you expand with the highest concentration of scientists and engineers per square mile than anywhere else in the U.S. (tied with Massachusetts). Hire from a high-quality talent pool that accounts for ~10% of all U.S. tech workers – the 2nd largest share in the U.S.  There are over 450,000 tech workers currently employed in our region, and we are expected to surpass Massachusetts with 2.7x more workers added to our economy by 2024. The New Jersey region ranks #2 in employment for software and application developers and #3 in cybersecurity analysts.

With the 4th highest share of STEM graduates in the country, far exceeding Pennsylvania, Massachusetts, California and New York, our higher education institutions continuously feed the talent pipeline. Stevens Institute of Technology, #1 ranked Princeton University, NJIT and Rutgers University foster advanced research and encourage experimentation in the tech space. From pre-school to graduate school, we invest in our students to help us build the foundation for innovation. New Jersey ranks #2 for educating students at every level and is home to High Technology High School in Lincroft—the #1 STEM high school in the country.

Our talent is homegrown, but we also welcome risk-taking entrepreneurs from all over the world. We know that from diverse experiences come diverse ideas that spur innovation. New Jersey ranks #4 for linguistic diversity and has the third highest concentration of foreign-born residents in the U.S. Jersey City is ranked the #1 Most Culturally Diverse U.S. City and Newark is the #1 Largest U.S. City for Integrating Immigrants.

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Fintech Hub in U.S. with Leading Investors
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Region for Software and Application Developers
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Region for Cybersecurity Analysts

Work, Live + Play, More Affordably

New Jersey offers more room for your company to grow, from flex coworking spaces to modern office buildings along the Hudson River waterfront. Class A office space in Jersey City or Hoboken is roughly half the cost of space in Manhattan—$45 per sq. ft. versus $79 per sq. ft. On average, our commercial office space is 60% cheaper than New York. New Jersey has a significantly lower cost of living than New York City and Silicon Valley, with readily available and more affordable housing options for employees and all the benefits of urban life. In fact, if your income in Manhattan is ~100,000 after taxes, moving to Newark would get you ~200,000 of purchasing power.

Our talented workforce and robust infrastructure attract businesses, but our quality of life makes them stay. From bustling cities to breezy coastal towns, New Jersey is full of walkable neighborhoods with easy access to public transportation. Our vibrant arts and culture, sports and entertainment, foodie scene and outdoor recreation make New Jersey one of the best places to live in America. What’s more, New York City and Philadelphia’s top shows, restaurants and museums are only a short train ride away.

Technology Sub-Sectors

Artificial Intelligence

Big Data

Communications

Cybersecurity

Fintech

Fintech

Whether you’re developing personal finance apps, disrupting the insurance marketplace or harnessing AI for institutional trading, our State is worth your investment. The New Jersey region is the #2 fintech hub in the U.S., with 25% of Forbes Fintech 50 located here. New Jersey is home to the headquarters of four of the top 100 fintech companies in the world – IPC, Cognizant, Indecomm and NICE Actimize. BNY Mellon located one of its Global Innovation Centers in Jersey City. Goldman Sachs, JP Morgan Chase and RBC Capital Markets all relocated employees to our State. Cross River Bank, named among Forbes Top 50 Most Innovative Fintech Companies 2019, recently announced an expansion of its Fort Lee location that includes plans to hire 250 new employees.

Stevens Institute of Technology in Hoboken offers a highly-specialized Quantitative Finance program where students receive Bloomberg Certification in their freshman year. The first university in the nation to develop a PhD program in Financial Engineering, Stevens also offers undergraduate and graduate students practical “hands-on” experience at its Hanlon Financial Systems Lab. The Lab is a state-of-the-art research and teaching facility that integrates the latest hardware and software technologies to access real-time and historical data to support advanced financial research.

At New Jersey Institute of Technology (NJIT) in Newark, students and faculty are collaborating with the financial industry and innovative start-up companies to test new disruptive technologies at its Financial Services Innovation Lab.

TOP NEW JERSEY FINTECH COMPANIES

wdt_ID Company
1 Cognizant
2 IPC
3 Indecomm
4 Tata Consultancy Services
5 Broadridge Financial

Source: IDC FinTech Rankings, 2018

Communications

Decades before Silicon Valley, America’s greatest minds assembled at Bell Labs in Holmdel to develop Nobel Prize-winning inventions that designed the world we live in today. The legacy of discovery continues at Bell Works, the reimagined site of Bell Labs. A fully-contained “metroburb,” Bell Works offers companies in the tech space an open, collaborative environment to think big, get creative and exchange ideas. ICT tenants leading the next wave of telecom innovation include iCIMS, WorkWave, Acadia Communications, EtherFAX and Vydia.

The two largest telecommunications companies in the U.S. – Verizon and AT&T – both have major facilities in New Jersey. Verizon employs 3,900 people at its 1.4 million-square-foot operations center in Basking Ridge.

Global giant AT&T monitors the activity and performance of its infrastructure from its Global Network Operations Center in Bedminster. And at AT&T Labs Research Institute in Middletown, renowned researchers recognized for their scientific and technical achievements are discovering real-world networking, data mining, cloud computing and video processing solutions to propel tomorrow’s technological advances. 

Big Data

New Jersey’s data center market continues to grow with the need to store, manage and disseminate data. Northern New Jersey is home to 2.14 million square feet of data center space, representing 234 megawatts of commissioned power, making it one of the leading geographic markets for data center space in the country. Financial institutions like the New York Stock Exchange and the Federal Reserve Bank of New York already run most of their transactions through New Jersey data centers. CenturyLink, Digital Realty, Telx, Equinix and CoreSite are among the many companies that have invested in our data center market.

Rutgers, the State University of New Jersey, also is home of the New Jersey Big Data Alliance (NJBDA), a consortium of the State’s higher education institutions to bring together the diverse advanced cyberinfrastructure resources and talent housed at the State’s universities. The assets and resources of a dozen universities across the State are part of the Alliance including the Caliburn computing system at Rutgers, the Center for Big Data at NJIT and the Virtual Reality Center at Rowan University.

Cybersecurity

As the worldwide threat of cyberattacks, data breaches and phishing malware looms, New Jersey’s dynamic cybersecurity landscape – home to 33% of the “Global Cybersecurity 100” companies – is rising to meet the challenge. Statewide leadership on cybersecurity is far ahead of our competitors, as we were the first state to establish an informative sharing and analysis organization – the New Jersey Cybersecurity and Communications Integration Cell.

New Jersey Institute of Technology (NJIT) Cybersecurity Research Center forges collaborations with government, industry and academia to address pressing cybersecurity R&D needs. Technology-based education start-up Woz U, the brainchild of Apple co-founder Steve “Woz” Wozniak, recently announced a partnership with NJIT to offer Woz U’s refined cybersecurity and software developer programs to companies so they can upskill their workforces and remain up-to-date with the latest computer programs, practices and procedures.

Artificial Intelligence

New Jersey is emerging as a national leader in the AI and robotics space. Motivated by access to world-renowned talent and the prestige of Princeton University faculty research, Google opened an AI lab in 2019 in downtown Princeton led by computer science professors Elad Hazan and Yoram Singer. The work in the new lab will center around machine learning, building off of their research on “optimization methods” that improve the efficiency, speed and computational burden of algorithms. Singer believes the collaboration is “a great opportunity for machine learning theorists at Princeton to benefit from exposure to real-world computing problems, and for Google to benefit from long-term, unconstrained academic research that [it] may incorporate into future products.”

Stevens Institute for Artificial Intelligence (SIAI), launched in 2018, is an interdisciplinary, tech-driven collaboration of experts working toward solving pressing global problems. SIAI is composed of more than 50 faculty members from engineering, business and the arts researching a variety of applications in AI and machine learning. Through collaborations with industry, government, foundations and academic partners, including the National Science Foundation, National Institutes of Health and the U.S. Department of Defense, SIAI is amplifying the impact of its research and analysis to make the world a healthier and safer place.

Top Technology Companies in New Jersey

wdt_ID TOP COMPANIES
1 ADP
2 Audible
3 Avaya
4 AvePoint
5 Champions Oncology
6 Checkpoint Systems
7 Cognizant
8 Collabera
9 Commvault Systems
10 Creston Electronics

Resources

New Jersey LWD – Technology


Fintech Industry Brochure


WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.

Site Visits

We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.

Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.

Catherine Scangarella
Chief Strategy Officer, Sector Lead: Life Sciences & Tech
Mariel Meskunas
Business Development Officer, Sector Lead: Tech