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Economic development

New Jersey Launches Strategic Innovation Center for Medical Technology

Strategic Insights

— 1 min read

A new multi-location Strategic Innovation Center (SIC) was announced in Camden and Mullica Hill, New Jersey, aimed at supporting the research, development, and commercialization of novel medical technologies and devices. The center, operated by Plug and Play, will provide early-stage companies with comprehensive laboratory, diagnostic, and testing spaces for research and development in a collaborative environment. This initiative is part of the New Jersey Economic Development Authority's (NJEDA) efforts to bolster the state's innovation economy and maintain its leadership in medical technology.

Key Takeaways:

  • The NJEDA will invest $9.55 million into the SIC, including $5.5 million into a seed and early-stage fund for companies in the accelerator program.
  • Participating companies must be at least 20% from New Jersey, with the remaining participants from out-of-state companies that may relocate to New Jersey.
  • Rowan University will play a key role in the SIC, partnering with the Cooper Medical School of Rowan University and leveraging the university's world-class facilities and faculty expertise.
  • Cooper University Health Care will serve as the anchor commercial affiliate and provide engagement and support to companies operating at the SIC.
  • Garden State Venture Partners (GSVP) will invest $7 million for seed and later-stage investments into participating companies.
  • The SIC will have locations in Camden and at Rowan University's West Campus in Mullica Hill, supporting the development and commercialization of novel medical technologies and devices.

Statistics:

  • The NJEDA has invested $9.55 million into the SIC.
  • $5.5 million will be allocated to a seed and early-stage fund for companies in the accelerator program.
  • The SIC will support at least 25 companies per year through two cohorts.
  • Participating companies must be at least 20% from New Jersey.

Sources:

*>New Jersey Economic Development Authority, "ICYMI: NJEDA and Rowan University Announce New Strategic Innovation Center Focused on Medical Technology", July 21.

*>Rowan University, [Presidential Quote by Ali A. Houshmand](https://www.rowan.edu/about/presidentquotedetails.php?ID=121)

*>Cooper University Health Care, Press Release, July 21.

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