The Start-up Ecosystem and Innovation Districts

Newark is quickly becoming a technological hub and the place to be for startups. Perhaps most excitingly, Newark Venture Partners recently was launched. This $50 million technology venture fund will capitalize startups and build a 25,000 square foot accelerator workspace at the Rutgers Business School. With a low cost of living, proximity to a talented pool of workforce and an abundance of Class A office space, Newark is quickly becoming the best place to both locate your technology business.

Connectivity

The City has the fastest free Wi-Fi network in the U.S., providing speeds up to 300 Mbps over two-mile stretch from Washington Park to Military Park and south past Broad and Market streets and plans to open 10 additional public Wi-Fi sites. In addition, Newark has the most “dark fiber” underground than any other city, with thousands of miles of high speed fiber for businesses to gain access to the fastest internet in the region.

The Knowledge Base

Newark has access to the thought leaders in industry, from the professors and students at Rutgers and NJIT to the executives at Audible. There is a commitment to improving Newark’s network of businesses and educators to produce the best end product for the City.

Audible.com

One Washington Park, Audible.com Building, Newark, NJ - Newark CEDC
Audible.com was approved for $39.3 million in tax credits through the Grow NJ program that allowed the company to renovate and lease a 77,000 s.f. facility in Newark that will house its engineering and development hub. Audible.com, a subsidiary of Amazon, is a provider of spoken audio information and entertainment on the Internet, including spoken word audio programs for Apple’s iTunes store. This assistance will result in the creation of 350 new jobs, the retention of 50 jobs at risk of leaving New Jersey, and leverage $56.7 million in private investment.