The City of Newark will be home to a new initiative by the Newark Venture Partners to support efforts in building a strong technology industry in the state’s largest city.
“Newark Venture Accelerator will accept 10 to 50 startups a year. They will work out of a rent-free office space from Rutgers University Business School, receive investments of between $50,000 and $100,000 and mentoring from Audible and other corporate executives,” reports Yuliya Chernova of the Wall Street Journal.
“New Jersey has been at the ‘bottom of the table’ for entrepreneurship friendlessness,” according the Wall Street Journal article, “in part because it is a state dominated by large corporations and has strong enforcement of noncompete agreements…Startups are often launched by people who see a problem in an industry they’ve work with and if they are prevent from working within the same industry after quitting, they are less likely to launch startups.” Because of the state’s’ history of discouraging entrepreneurship, research groups suggest that policies around business development should be revised to address the process of starting a business.
The following article also includes additional detail on the realities of a startup company. An example includes the need for patience and support when it comes to developing a “digital eco-system” that thrives and supports the state’s economy.
Full Story: Newark Venture Fund Seeks $50M to Put NJ City on Startup Map
Published in the Wall Street Journal Blog Site