The New Jersey Economic Development Authority (NJEDA) Board approved the creation of a Jersey City-based landing pad for established international businesses looking to scale their operations in the state. The New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) will serve as the state’s first ever facility to attract foreign companies in key industries, by offering a supportive co-working space to expand and grow their business in the United States.
“This is an exciting milestone in New Jersey’s mission to diversify our economy and expand our leadership role in technology innovation and diplomatic relations,” said Governor Phil Murphy. “Since I took office, we have worked hard to build international relationships through various trade missions abroad and bring jobs to New Jersey. Having a landing pad in New Jersey for companies to set up shop will be a desired feature as foreign entrepreneurs look to scale their business in the North American market.”
New Jersey has long been a global destination for business, investment, trade, and market expansion. The state is uniquely positioned in close proximity to some of the largest markets in the country, including New York, Philadelphia, Boston, and D.C. New Jersey is deeply interconnected with the rest of the country and the world via the Northeast Corridor, Newark International Airport, and Port Newark, making it a prime location for international firms looking to do business in the U.S.
“Under Governor Murphy’s leadership, New Jersey has developed strong economic relationships with countries around the world, helping increase our presence on the global stage and bolster the state’s economy,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ BASE will continue to expand the state’s reach across foreign economies and support entrepreneurs looking to bring their products and services to the United States. We look forward to launching NJ BASE in the coming months, which will further strengthen key sectors and create good-paying jobs.”
NJ BASE will focus on attracting international companies in industries that are critical to New Jersey’s economy, such as cyber security, artificial intelligence, fintech, and other types of innovative technologies and services. The center will allow a business to establish itself in New Jersey, with access to the larger U.S. market, so businesses can then expand, attract investment, and create high quality, long-term jobs.
NJ BASE, which will house approximately 15-20 companies as a first cohort, will be located in Downtown Jersey City. NJ BASE will be operated by a third-party entity and the NJEDA will release a Request For Proposal (RFP) for an operator in the coming weeks.
New Jersey’s footprint in foreign markets has expanded throughout the Murphy Administration and the landing pad will serve as a major point of attraction during future economic mission trips. During Governor Murphy’s tenure, New Jersey leadership has embarked on numerous economic missions, including to India, Canada, Ireland, Israel, Germany, East Asia, and several Gulf Arab states.
“The launch of NJ BASE is a game-changer for international companies considering expansion into the U.S. market,” said Wesley Mathews, President & CEO of Choose New Jersey. “We’ve seen firsthand through our international centers and overseas economic missions that there is strong demand for soft landing spaces in the United States — and New Jersey is uniquely positioned to deliver. NJ BASE will provide foreign businesses with the on-the-ground support they need to grow, thrive, and create jobs in one of the most connected, diverse, and innovation-driven states in the country.”
“With access to top-tier talent, proximity to world-class cities, and robust state support for innovation, international companies are increasingly looking to establish a presence in New Jersey to expand,” said NJEDA Director of International Innovation Andrew H Gross. “The opening of NJ BASE later this year will attract international industry leaders in strategic sectors, bolstering the state’s long-term economic competitiveness, creating good-paying jobs, and strengthening our international relationships.”
Last month, the NJEDA released the second annual New Jersey Global Economic Index, a report that highlights, ranks, and analyzes the sources of foreign direct investment (FDI) into New Jersey, amounting to several billion dollars and thousands of jobs during the Murphy Administration. The annual report guides and helps develop international business relationships with the state, while bolstering Governor Murphy’s global economic development goals.
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