By BF Staff
From the October 2022 issue
Business facilities: Tell us about New Jersey and what the state offers for businesses to succeed.
Wesley Mathews: Located along the Atlantic Ocean and home to the famous Jersey Shore, we are at the heart of the nation’s most important economic corridor, with unparalleled infrastructure to support trade and one of the strongest workforces. diverse, educated and skilled people of the country.
New Jersey’s dense network of highways and railroads connects us to nearly 60 million consumers within a 250-mile radius. We are home to one of the busiest international airports with unparalleled nonstop international destinations and have the busiest seaport on the East Coast, the highest density of railroads in the United States, thousands of miles of highways and state-of-the-art facilities. .
We’re also the best place to live and raise a family, with the best public school system in the country, many of the best universities in the world, beaches and mountains aplenty, and small towns with arts, sports, entertainment and dynamic entertainment. culinary scenes.
We don’t just talk about values like opportunity, prosperity, and freedom, we lead with them, with some of the strongest laws in the nation to protect women’s reproductive health, LGBTQ+ rights, and paid family leave.
Foreign companies looking to expand their business in the United States will find everything their business needs, and everything their families need, to thrive here. New Jersey consistently ranks at the top for attracting foreign direct investment.
BF: What are some notable recent relocation or expansion projects in New Jersey?
MW: This summer, HAX, the hard-tech accelerator run by SOSV, one of the world’s most active venture capital firms, opened its US headquarters in Newark. The company, known worldwide for its ability to create real-life prototypes for hard tech startups, helps its incubator startups with an initial investment of $250,000 and an intensive process to get products to market quickly. Additional program benefits include six months of hands-on collaboration and access to a global founder community for early-stage and hard-tech founders.
HAX’s presence in New Jersey’s largest city is an active symbol of the state’s innovation economy. The company is committed to supporting the greater Newark community and has previously partnered with the New Jersey Institute of Technology (NJIT) to open lab space for startups. HAX has also committed to creating an internship program with NJIT (two startups have already hosted interns from this program). Companies graduating from the HAX program are expected to create at least 2,500 new well-paying jobs over the next decade and attract millions of new capital.
In 2021, global fintech company Fiserv expanded its presence in New Jersey by creating 3,000 jobs at its Berkeley Heights site, establishing the site as a “flagship strategic technology hub,” advancing the fintech industry and developing advanced technologies. Fiserv has been approved to receive Emerge Program Tax Credits by the New Jersey Economic Development Authority (NJEDA). Fiserv said New Jersey’s diverse and highly skilled talent pool is one of the main reasons it considered moving to the state. The company noted that New Jersey’s location in the heart of the Northeast Corridor and proximity to New York’s financial sector were other attractive factors.
The biopharmaceutical giant, s, intends to open an East Coast hub in Parsippany by the first quarter of 2023, expecting to create around 500 jobs in the new location. They also noted that New Jersey’s talent pool and location were major factors in choosing the location for the new hub.
BF: Please highlight a program that has an impact on business.
MW: Choose New Jersey works with the NJEDA to offer a wide range of varied programs and services designed to help businesses of all sizes. These programs provide access to capital in various forms, including tax-exempt and taxable bond financing, loans, loan guarantees and corporate tax incentives.
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