New Jersey is unrivaled by nearly any state in the nation in terms of its many advantages for businesses and families looking for opportunities for growth and a desirable quality of life. The state is the undisputed leader in education, boasting the top-ranked public school system in the nation and one of the most highly educated, skilled, and diverse workforces in the United States. It is also home to several nationally-ranked universities.
In addition, New Jersey provides unmatched access to one of the most concentrated and affluent consumer markets in the world. From the beautiful Jersey Shore to thriving cities, the Garden State offers the best quality of life. “Our vibrant arts, sports, entertainment, foodie scene and state parks place New Jersey in a league of its own. We also lead the nation in sports betting revenue; we’re on track to become the capital of the American offshore wind industry; lifesaving biotech and life science discoveries are emerging from our labs; and the film & television industry continues to choose our state for multi-million-dollar productions,” pinpointed the CEO of New Jersey Economic Development Authority (NJEDA), Mr. Tim Sullivan.
New Jersey is the ideal location for Israel’s innovative companies when they are ready to expand to the U.S. market as the state maintains the most diverse and inclusive innovation ecosystem in the country. According to PitchBook, New Jersey ranks ninth in the country based on venture capital dollars invested per state. Just last year New Jersey innovation-focused companies secured $5.5 billion in 219 venture capital deals while the state ranked second in the Northeast U.S. in terms of receiving direct investment from Israel. “The NJEDA offers a comprehensive suite of programs designed to foster equitable entrepreneurship and create the most diverse innovation ecosystem in the country,” explained Sullivan. “This includes programs that support angel investors, incubators, accelerators, and co-working spaces, and a widely known program that allows companies to sell their losses for tax credits. New Jersey is also creating the New Jersey INNOVATION Evergreen Fund (NJIEF), which will leverage public and private funds to invest in New Jersey-based companies,” he added.
The NJEDA will also launch the New Jersey Green Fund soon to stimulate private sector investment in clean energy and provide direct economic benefits to New Jersey residents such as good jobs and lower energy costs. Additionally, NJ ZIP offers vouchers to help businesses and institutions in the greater Newark, Camden, New Brunswick, and Shore areas offset the cost of purchasing new, medium-duty zero-emission vehicles.
“These robust enhancements to the NJEDA’s suite of resources, combined with the state’s many assets, make New Jersey the ideal landing spot for Israeli innovation startups looking to expand into the United States,” assured the CEO.
As NJEDA’s economic development partner Choose New Jersey points out on its website, a New Jersey-based company can reach 38 million consumers within a two-hour drive. Israeli manufacturers can benefit from the state’s prime location and tap into a high density of suppliers, distributors, and retailers along the supply chain. Dozens of Israeli firms from large to small already call New Jersey home and have built a strong bridge between the Start-Up Nation and the State of Innovation. Israeli companies looking to establish in New Jersey can also benefit from the state’s world-class research universities, proximity to major pharmaceutical giants, a talented and qualified STEM-focused workforce, and easy access to major, international airports. “We invite innovative companies from Israel to explore these opportunities, scale up and expand in the United States through the State of New Jersey,” Mr. Sullivan said.