Exciting $25 Million Investment to Launch New Innovation Hub in New Jersey with Nokia Bell Labs

New Strategic Innovation Center in New Jersey

The N.J. Economic Development Authority has announced a groundbreaking investment of $25 million in collaboration with Nokia Bell Labs to establish a new strategic innovation center. This center will consist of the NJ Nokia Bell Labs Innovation Center and the Bell Labs Venture Studio, aimed at fostering startup growth and innovation in critical fields such as communication, artificial intelligence, cloud computing, and wireless networks.

Details of the NJ Nokia Bell Labs Innovation Center

• Location: The center will be situated at HELIX 2, part of the Health & Life Science Exchange complex in New Brunswick, with an expected opening by 2028.
• Facilities: This 13,500 square-foot space will provide co-working offices and labs equipped with specialized tools to support ongoing research.
• Support for Startups: It will offer business training, operational services, and management guidance to help startups transform their research into market-ready products.
• Funding: The EDA plans to invest $10 million on a 1:1 basis with Nokia, which will also collaborate with local engineering schools for additional resources.

Insights on the Bell Labs Venture Studio

• Initial Location: The studio will launch at Nokia Bell Labs’ Murray Hill campus and transition to the innovation center later.
• Job Creation: Over five years, it aims to create hundreds of high-skilled jobs, providing entrepreneurs with essential support and access to a wide network of partners.
• Investment Plans: The EDA is set to invest $15 million in the venture studio, matching Nokia's investment.

Impact on New Jersey's Innovation Ecosystem

Gov. Phil Murphy expressed excitement about the initiative, emphasizing its role in positioning New Jersey as a leader in technology and innovation. The partnership aims to bolster the state’s innovation ecosystem and create new opportunities for startups and businesses.

Nokia's Commitment: Nokia’s leadership reiterated their long-standing dedication to innovation in New Jersey, highlighting the collaboration with academic institutions and the goal of driving technological advancements.

Speaker Craig Coughlin also praised the initiative, seeing it as a significant milestone for New Jersey’s economy and a testament to the state’s readiness to invest in future job opportunities.

Overview of SICs

Strategic Innovation Centers (SICs) provide essential support for research, development, and entrepreneurship through mentorship, networking, and education, helping diverse innovators drive long-term economic growth.