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Economic development

New Jersey Launches Strategic Innovation Center to Boost Medical Technology

Strategic Insights

— 2 min read

The New Jersey Economic Development Authority (NJEDA) and Rowan University are partnering to create a Strategic Innovation Center (SIC) in Camden and Mullica Hill, aiming to accelerate the research, development, and commercialization of medical technologies and devices. The center, operated by Plug and Play, will have locations in Camden and at Rowan University's West Campus in Mullica Hill, serving as a world-class accelerator for early-stage companies and promoting overall scientific collaboration in the region.

Key Takeaways:

  • The Strategic Innovation Center (SIC) in Camden and Mullica Hill will support the research, development, and commercialization of novel medical technologies and devices.
  • The center will have 8,500 square feet of space and comprehensive laboratory, diagnostic, and testing spaces for research and development of new technologies.
  • The SIC will be operated by Plug and Play, which will oversee two cohorts of at least 25 companies a year.
  • 20% of participating companies must be from New Jersey, and the remaining participants will include companies from out of state that may relocate to New Jersey with support from programs that support early-stage startups, such as NJ Accelerate.
  • 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 and those that choose to locate and grow their operations in the State.
  • GSVP, a New Jersey-based venture capital firm, will deploy up to $7 million in seed and later-stage investments into select companies participating in the initiative.
  • Cooper University Health Care will serve as the anchor commercial affiliate and provide engagement and support to companies operating at the SIC.
  • The SIC will partner with Rowan University's medical schools, including the Cooper Medical School and the Shreiber School of Veterinary Medicine.
  • The initiative is part of Governor Phil Murphy's commitment to creating an environment where entrepreneurs can pursue innovative ideas with the capital and resources needed to succeed.

Statistics:

  • The SIC will have a total of 8,500 square feet of space across two locations in Camden.
  • The NJEDA will invest $9.55 million into the SIC.
  • GSVP will deploy up to $7 million in seed and later-stage investments into select companies participating in the initiative.
  • The SIC will oversee two cohorts of at least 25 companies a year.
  • 20% of participating companies must be from New Jersey.
  • The SIC will create a culture of collaboration among South Jersey's healthcare, academic, and technology sectors.

Sources:

  • State of New Jersey - New Jersey Economic Development Authority
  • Rowan University
  • Cooper University Health Care
  • Garden State Venture Partners (GSVP)
  • Plug and Play

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