The New Jersey Economic Development Authority (NJEDA), plans to boost the New Jersey economy through job creation, diversifying the workforce, increasing the annual median wage, and investing in urban communities.
“We need to recapture our leadership position. We’ve fallen off in venture capital investment to New Jersey companies, and we think it’s really important to recapture our leadership position there,” said Tim Sullivan, CEO of the New Jersey Economic Development Authority.
The goal is to bring $625 million in venture capital to the state by 2025. This initiative is expected to:
- Create 300,000 new jobs.
- Increase the annual median wage by $1,500.
- Place more than 40,000 women and minorities in STEM positions.
- Employ 42,000 women and minorities and increase their annual wage by $15,000 to $23,000.
- Invest in inclusive communities that reduce urban poverty rate to today’s statewide average.
“We’re trying to accelerate the process of bringing together the existing corporations who have needs in innovation, with people who have exciting ideas and prospects and see what we can do to make that grow faster,” said Donald Sebastian, president and CEO of the New Jersey Innovation Institute.
This initiative has a big focus on revitalizing areas throughout southern New Jersey. Camden, NJ has undergone a transformation that hopes to attract businesses back into the area by creating new office spaces.