Technology

A THRIVING TECHNOLOGY CLUSTER

The next wave of tech disruption is in New Jersey. From startups 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 thriving tech ecosystem includes industry giants like Audible, Panasonic, Verizon and Samsung. We’re also committed to nurturing young tech companies and supporting rapid growth. Here you’ll find top talent, proximity to New York City and Philadelphia, university partnerships, access to VC funding, and one of the best fiber optic networks in the country – all with a cheaper price tag than New York City or Silicon Valley. So go ahead…test, play, experiment. New Jersey will be behind you every step of the way. Our legacy of innovation continues with you. 

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Fast, Central, Accessible

Northern New Jersey is one of the most connected regions in the U.S. 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. Newark Liberty International Airport (EWR) and nearby regional airports offer service to 340+ nonstop domestic and 260+ nonstop international destinations. 

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 access and 68% of New Jersey residents have access to fiber optic service. Northern New Jersey has 2.14 million sq. ft. of data center space—one of the world’s largest concentrations.

Newark’s 26 miles of underground municipal fiber delivers 10-gigabits-per-second speeds at prices far below those of other cities. The 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.

# 0
State for Broadband Access in the U.S.

Source: BroadbandNow.com, 2021

0 %
of residents have access to fiber optic service

Source: BroadbandNow.com, 2021

0 M
sq. ft. of Data Center Space

Source: Data Center Frontier, 2017

Support to Scale

New Jersey offers startups a supportive ecosystem to launch and grow. The New York/New Jersey region ranked #2 in total VC investment in the U.S. in 2018. Our State’s many incubators and accelerators offer guidance and resources to support development. A thriving home for entrepreneurs, Jersey City is home to the world’s highest percentage of woman-founded startups.  

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 startups to scale successfully. Cohort members capitalize on mentorship opportunities, expert help in sales, marketing and finance, and exclusive access to investors.

The New Jersey EDA offers several valuable programs and funding to help you succeed. Startups 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.

specialized 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 Executive Chairman, Audible Inc.

New Jersey is home to the highest concentration of scientists and engineers per square mile than anywhere else in the U.S. The New York/New Jersey region ranks #2 in employment for software and application developers and #3 for 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, foster research and public-private partnerships. 

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. New Jersey 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. 

# 0
Regional Fintech Hub with Leading Investors

Source: McKinsey, Global Fintech Hub Index, 2018

# 0
Region for Software and Application Developers

Source: McKinsey, EMSI, 2019

# 0
Region for Cybersecurity Analysts

Source: McKinsey, EMSI, 2019

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. Newark was recently named among the top 10 best U.S. cities for computer programmers based on cost of living and job opportunities. 

Technology SubSectors

FINTECH

TELECOM

Big Data

Cybersecurity

AI

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 York/New Jersey region is the #2 fintech hub in the U.S. New Jersey is home to the headquarters of four of the top 100 fintech companies in the world – IPC, Cognizant, Indecomm and NICE Actimize. Cross River Bank, named among Forbes Top 50 Most Innovative Fintech Companies 2019, expanded its Fort Lee location in 2019 creating an additional 255 jobs.  

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. 

New Jersey Institute of Technology (NJIT) is the first university in the State and one of only a few in the nation that offers a B.S. in Financial Technology (FinTech) designed to prepare students for this emerging job market.

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

telecom

Decades before Silicon Valley, America’s greatest minds assembled at Bell Labs in Holmdel to develop Nobel Prize-winning inventions that changed 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. Current tenants include iCIMS, WorkWave and and Vydia.

Nokia Bell Labs, the industrial R&D division of Nokia located in Murray Hill, continues to conduct innovative and game-changing research around 5G and augmented reality (AR). 

The two largest telecommunications companies in the U.S. – Verizon and AT&T – both have major facilities in New Jersey. The One Verizon Way corporate campus in Basking Ridge spans 136 acres accommodating 6,000 employees. 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, researchers 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, 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. 

Rutgers, the State University of New Jersey is home to the New Jersey Big Data Alliance (NJBDA), bringing together expertise in data analytics and providing access to advanced computational technology to increase research competitiveness. New Jersey Institute (NJIT) offers a master’s degree in data science and graduate certificates in big data/data mining.

Cybersecurity

As the worldwide threat of cyberattacks, data breaches and phishing malware looms, New Jersey’s dynamic cybersecurity landscape 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. The New Jersey Innovation Institute (NJII) is also working closely with Hacker U for continued education, a major cybersecurity training resource established in Israel. New Jersey City University (NJCU) introduced a B.S. in Cybersecurity and Montclair State University offers an M.S. Cybersecurity program with a research component.

Artificial Intelligence (AI)

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. 

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 that are 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 healthier and safer.

SPORTS bETTING

New Jersey is the premier sports betting market in the U.S. and is consistently competitive with Nevada. According to the New Jersey Department of Gaming Enforcement, New Jersey wagered $6 billion in 2020, surpassing the record $5.4 billion that Nevada set in 2019. New Jersey Governor Phil Murphy legalized sports betting in June 2018, and the first legal bets were placed three days later. The first online sportsbooks went live in August 2018.  Two of the largest national companies, DraftKings and FanDuel, have made major investments in New Jersey.

DraftKings Sportsbook opened a Hoboken office in 2019 hiring 50 employees. In July 2021, FanDuel announced an additional 100+ jobs in New Jersey by the end of the year. Amy Howe, President of FanDuel Group, cited “proximity to New York and Philadelphia and a tech-savvy, highly-educated talent pool” as key factors for the company’s expansion.

Major sportsbooks are currently operating at Meadowlands Racetrack, Monmouth Park Racetrack and Atlantic City casinos. New Jersey also leads in customer adoption of mobile and online sports betting. Over 90 percent of wagers in the state are placed online or via mobile platforms.

The State has positioned itself as a leading location to scale tech-centric product innovations within this sector. In 2021, the New Jersey Economic Development Authority (NJEDA) signed a memorandum of understanding (MOU) with New Jersey City University (NJCU) in Jersey City. This partnership will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center.

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

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Resources TO SUPPORT GROWTH

New Jersey offers a number of valuable programs for qualified technology companies, including incentives specifically created to support startups and early-stage ventures.

Technology Business Tax Certificate Transfer Program (NOL)


This incentive gives companies the ability to sell their net operating tax losses and R&D tax credits.

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Angel Investor Tax Credit Program


Provides refundable tax credits against New Jersey corporation business or gross income tax.

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Founders & Funders


Emerging companies can gain access to angel and venture capital investors.

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NJ CoVest Fund


Provides growth capital to early-stage technology and life sciences companies.

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Edison Innovation Fund


Emerging life sciences and technology companies are provided growth capital to directly fund uses such as hiring key staff, product marketing & sales.

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NJ Ignite


Provides free rent support for entrepreneurs seeking to operate in collaborative workspaces, while providing workspaces with a competitive advantage and greater value proposition to offer prospective tenants.

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Workforce Training Grants


Competitively awarded training grants help companies develop industry-specific solutions to workforce challenges.

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New Jersey Labor and Workforce Development Report – Technology


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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.

Bill Noonan
Business Development Director