Home-based depression treatment without drugs. Underwater cleaning robot. UV disinfectant. A much smaller portable dialysis machine.
These are some of the technologies developed at HAX, Newark's hub for startups looking to expand their presence in New Jersey. HAX is an accelerator aimed at quickly turning technology startups with product ideas into profitable companies, and is run by SOSV, a Princeton-based global venture capital firm. Masu.
State and local officials and SOSV leaders cut the ribbon on the center Tuesday morning.
“The Accelerator Experience is an intensive, rapid, immersive educational process aimed at accelerating the life cycle of young, innovative companies, compressing years’ worth of learning-by-doing into just a few months. ,” Ian Hathaway said at Harvard University in 2016. Business review article.
HAX, a 35,000-square-foot facility near the New Jersey Performing Arts Center in Newark's central business district, provides startups with an initial investment of $250,000, 180 days of “hands-on collaboration,” and other early-stage Provides networking with founders.
“The next big thing in New Jersey has become more likely,” Gov. Phil Murphy said in an interview with NorthJersey.com on Tuesday.
SOSV has committed to bringing 100 companies into the HAX program over the next five years and investing a total of $25 million in these startups, with an additional $25 million planned by the Murphy administration's New Jersey Economic Development Authority. I am.
The companies are expected to ultimately create at least 2,500 new high-wage jobs in the region and attract millions of dollars in new capital.
“We're going to create jobs for Newark's young people, families, and feed the people of Newark and New Jersey,” New Jersey Economic Development Authority Director Tim Sullivan said at the ribbon cutting.
HAX manager director Duncan Turner said that while searching for a new U.S. headquarters in 2021, the company was “looking for an ecosystem that could be the birthplace of America's reindustrialization.”
“Newark really has it all,” he said.
While participating in the HAX program, startups have access to workplace tools such as mechanical, chemical, and electrical engineering laboratories, 3D printing, manual metal fabrication, and laser cutting.
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Partnerships with Rutgers University, Princeton University, and NJIT
The accelerator partners with several New Jersey universities, including Princeton University, Rutgers University, and New Jersey Institute of Technology. Turner said this will allow for a steady stream of talent and workforce to flow into his HAX accelerator.
Since 2022, 32 startups have been working with HAX in the company's temporary space and are expected to graduate from the program at the end of the year.
Those are companies like OLI Technologies, which aims to develop much smaller portable dialysis machines, said Tom Weindle, one of the co-founders.
Weindle said OLI, which started out of a garage in central Essex County, received a $75,000 grant from the state EDA and a $25,000 voucher from SOSV.
“You have access to a full staff and all the support you need, including support for custom circuit boards,” he said.
Daniel Muñoz covers business, consumer affairs, labor and economics for NorthJersey.com and The Record.
Email: munozd@northjersey.com; twitter:@Daniel Munoz100
