Generative Growth in the Age of AI

Forget about artificial intelligence (AI) taking your job — in New Jersey, it’s creating them. The State is poised to become a national leader in AI, with its world-class universities, pioneering businesses, and government leaders making the investments necessary to promote the field and enable progress.

As AI revolutionizes how we live and work, companies in this burgeoning sector are looking for a location that fosters innovation and empowers growth. New Jersey has everything they need. The State boasts world-class research institutions, unmatched talent, a thriving AI ecosystem, advanced infrastructure, and forward-thinking government policies, making it a prime location for businesses to achieve growth, drive research, and make their mark in the field of AI.

Generational Commitment Backed by Public Policy and Investment

Likening the State’s efforts to President Kennedy’s pledge to put a man on the moon, Governor Murphy announced a plan to keep New Jersey at the forefront of the AI boom and named Beth Noveck, one of the public sector’s most visible artificial intelligence experts, as the State’s first-ever Chief AI Strategist.

The New Jersey Economic Development Authority (NJEDA) is helping to achieve the Governor’s vision by offering various programs and incentives to support research and development. These initiatives provide crucial funding for startups and established companies, propelling advancements in the State.

The NJEDA’s Angel Match Program provides critical capital investment dollars to New Jersey startup companies. The organization just awarded grants through its New Jersey Innovation Fellows program to four startup entities with plans to integrate AI technology into their products, including a healthcare solutions platform, a data-driven small business consulting practice, a mobile fitness application, and a digital marketplace for disabled individuals to better access service providers.

Hub for Cutting-Edge Research and Development

Princeton University and the NJEDA recently announced the creation of an AI innovation hub that will bring together researchers, industry leaders, startup companies, and other collaborators to advance research and development. The hub will house dedicated accelerator space and advance the use of ethical AI to positively impact businesses and their employees. It will also support the development of a strong tech workforce through collaborations with other New Jersey universities, community colleges, and vocational schools.

The university has several AI initiatives already underway, including large language models and applications for health, community outreach, policy, and engineering. Princeton faculty and researchers have launched several AI-related startups, like EnCharge AI, Timescale, AlgoLux, BlinkLab, Whetlab, and In8.

Unmatched Education & Talent

In addition to Princeton, New Jersey is home to several other prestigious academic institutions, including Rutgers University, the New Jersey Institute of Technology, Rowan University, and Stevens Institute of Technology. These universities have robust AI research initiatives and degree programs that, combined with the State’s established tech industry, produce a deep talent pool with expertise in computer science, data science, and related fields, so businesses have access to the human capital needed for success in AI.

New Jersey also boasts the country’s top K through 12 public education system, the largest concentration of scientists and engineers in the United States, and the third-highest concentration of STEM degrees awarded. Not to mention, 44% of the State’s residents hold a bachelor’s degree or higher, compared with the national average of 34%.

A Collaborative Ecosystem for AI to Thrive

Fueled by in-state research, strengthened by industry partnerships, and aided by public investment, New Jersey is a national leader in shaping the future of AI.

Google AI has been working in a co-located partnership with Princeton University for five years. The NJEDA recently provided support from its Angel Match Program to Summit-based AlphaRoc, which offers AI-driven, predictive insights into investment opportunities. Hackensack Meridian Health is expanding its partnership with Google Cloud to use its generative artificial intelligence tools to reduce administrative workload, support clinical decision-making, and help personalize the patient experience.

A growing number of new startups signal even greater potential ahead. Cognizant, the Teaneck-based technology company, recently launched Cognizant Neuro AI, one of the first enterprise-wide platforms that helps its clients “accelerate the adoption of generative AI technology and harness its business value in a flexible, secure, scalable, and responsible way.” Cranium.ai, the cutting-edge Short Hills-based software company that helps organizations protect their artificial intelligence technologies from cyber-attacks, recently announced a $25 million investment in new venture capital funding to fuel innovation, research and development, and business expansion.

Why New Jersey

Economic Momentum

• #1 most improved state for business, CNBC
• 7 credit upgrades over the past 1½ years
• GDP grew by almost 4% in 2022, NJEDA
• #1 state in the Northeast for private-sector job growth in 2022, NJEDA
• A growing regional innovation ecosystem of startup companies, established firms, and accelerators (e.g., Google Brain Princeton, Helix, HAX)

World-Class Talent

• #1 public education system,  U.S. News & World Report
• #1 university (Princeton), U.S. News & World Report
•  #1 concentration of scientists and engineers in the United States, National Science Board
• #3 Concentration of STEM degrees awarded, JobsEQ
• 44% of the state’s residents hold a bachelor’s degree or higher, compared with the national average of 34%, JobsEQ

Global Connectivity and Infrastructure

• #1 busiest regional airport system in the United States, Choose New Jersey Research
• 2,400+ nonstop domestic flights, Port Authority of New York and New Jersey
• 900+ nonstop international flights, Port Authority of New York and New Jersey
• Easy access to New York City
• #1 busiest port on the East Coast, Port Authority of New York and New Jersey
• 1/3 of the U.S. population within a day’s drive, NJDOL
• Highest railroad density in the United States served by the only high-speed rail connection in North America, Choose New Jersey Research