Plug and Play e New Jersey Economic Development Authority (NJEDA) have launched an acceleration hub, dubbed the Fintech Accelerator, at the Stevens Institute of Technology (NJ FAST) in Hoboken. Plug and play is a Silicon Valley-based innovation company and platform known for connecting startups, enterprises, venture capital firms, and government agencies. NJ FAST is the first East Coast location for Plug and Play, which has partnerships around the world.

The Strategic Innovation Center (SIC) will serve as a hub for financial technology (fintech) and insurance technology (insuretech) startups. Stevens Institute of Technology will serve as a founding academic partner and Prudential Financial will serve as a founding corporate partner of NJ FAST.

“By serving as the fourth Strategic Innovation Center, NJ FAST positions New Jersey to remain at the forefront of innovation, research and development, particularly in the cutting-edge fintech and insurance sectors,” said Governor Phil Murphy. “NJ FAST will enable new entrepreneurs to bring their world-class ideas to New Jersey, augmenting our state’s already impressive talent pool, all while capitalizing on the resources and expertise of our partners at Stevens Institute of Technology. This center sends a clear message: When it comes to technology and innovation, the Garden State is the place to be.”

Governor Phil Murphy and Plug and Play launch the Fintech Accelerator at the Stevens Institute of Technology (NJ FAST) in Hoboken, NJ.

NJEDA and Plug and Play will oversee NJ FAST’s accelerator program with the opportunity to make equity investments in select participating companies. The program will host two groups per year, consisting of at least 10 companies per group. Companies will be recruited globally to participate in the program, but at least 20% of the group will be from New Jersey and there will be a strong focus on diversity, equity and inclusion. Equity investments of up to $1 million will be made in at least 15% of participating companies. Pending approval from its board of directors, the NJEDA intends to invest up to $17.5 million in the fintech accelerator.

NJ FAST is Plug and Play’s first-ever partnership on the East Coast. The company plans to commit at least 10% of the total capital commitment of up to $2.5 million in funding for the Innovation Center and will work to secure funding and industry support from various corporate entities.

“We couldn’t be more excited to land in New Jersey and work with NJEDA, Stevens Institute and Prudential to strengthen our presence on the East Coast and implement our open innovation approach in the financial services and insurance industry to identify and accelerate projects most promising startups in the industry,” said Michael Olmstead, Chief Revenue Officer at Plug and Play.

The Stevens Institute and Prudential will provide training and other educational, licensing, research opportunities for startups participating in NJ FAST and more. Stevens will also host events annually on its campus and provide a permanent team of student interns who will work to support participating companies.

“NJFAST is an excellent example of a public-private-higher education collaboration that has the potential to bring significant economic value to our state and to serve as a national and global leader,” said Stevens Institute of Technology President Nariman Farvardin. “Stevens is pleased to leverage his deep and significant experience in financial systems, technologies and entrepreneurship, as well as our knowledge of emerging fields such as artificial intelligence, machine learning and quantum computing, to the benefit of all partners and the State”.

Netflix and 1888 Studios Eligible to Access the New Jersey Film and Digital Media Tax Credit

Projects filmed at a new production studio campus on the former Fort Monmouth site are now eligible for expanded film tax credits. The NJEDA Board of Directors has designated Netflix Inc. as a Studio Partner, which allows the media company to access broader benefits under the state program Film and Digital Media Tax Credit Program. Under the agreement, Netflix commits to occupying a film production facility in New Jersey for at least 10 years and is potentially entitled to a 40% base tax credit for qualified production expenses on future film projects in the state.

“The expansion of the Film and Digital Media Tax Credit program, combined with strong state support, makes a compelling case for the return of major production companies to New Jersey, the birthplace of cinema,” said the Governor Murphy. “With Netflix at the forefront, the creation of new world-class studios has solidified New Jersey’s position as a national leader in film and television production. These large investments will create thousands of good-paying jobs, support small businesses and retailers, and stimulate the regional economy.”

Rendering of the Netflix manufacturing facility at the former Fort Monmouth site in Monmouth County, NJ. (Image: Netflix)

In January 2023, Netflix entered into a purchase, sale and redevelopment agreement with the Fort Monmouth Economic Revitalization Authority (FMERA) to purchase 292 acres and develop over one million square feet of studio production and support space. The production studio campus will include 12 sound stages, backlot areas, an office building and other production support facilities. Over 280,000 square feet of production space included in the project has been designated as Studio Partner Facility space by Netflix. Netflix plans to open the entire facility in 2028.

“Today brings us one step closer to making New Jersey an international hub for studio production, and Netflix is ​​thrilled to be a part of it.”

— Ted Sarandos, Co-CEO, Netflix

“I want to thank Governor Murphy and his administration for their continued commitment to bringing this project to fruition,” said Netflix co-CEO Ted Sarandos. “Today brings us one step closer to making New Jersey an international hub for studio production, and Netflix is ​​thrilled to be a part of it.”

“Netflix’s decision to build a top-tier production studio in New Jersey symbolizes the momentum of the state’s film industry, attracting more studios thanks to the breadth of local talent, diverse filming locations and generous incentives offered by the Garden State “, he has declared New Jersey Film and Television Commission Executive Director Jon Crowley. “Today’s designation will allow Netflix to access greater benefits under the successful Film and Digital Media Tax Credit program, and our continued partnership over the next decade will strengthen New Jersey’s position as a media production hub ”.

The Film and Digital Media Tax Credit Program was expanded in 2021, increasing the annual allocation to $400 million and granting the NJEDA authority to designate eligible film production companies as Studio Partners, which must commit to large employment studio complexes in New Jersey that have the potential to have large economic impacts. Studio Partners have access to a separate $150 million incentive pool under the program.

Further north in Bayonne, 1888 Studios, developed by Togus Urban Renewal, LLC, has been designated as a movie rental partner facility by NJEDA. This designation commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the property under the Film and Digital Media Tax Credit program.

The 1.5 million-square-foot 1888 Studios development will be the largest and first campus-style film and television studio in the Northeast and one of the largest in the nation. It will occupy 58 acres of land and 20 acres in Newark Bay, just a few miles from New York City. Designed by architecture firm Gensler, the development will include 23 mega-powered smart stages ranging from 18,000 to 60,000 square feet with 40- to 50-foot ceiling heights, more than 350,000 square feet of production support space, outdoor space, amenities, office spaces , mills, lighting and intake facilities, garage and storage. The complex will also include a waterfront park and a publicly accessible promenade. 1888 Studios is expected to open in 2026.

“We are honored that Governor Murphy has invited us to be part of realizing his ambitious vision to catapult New Jersey – the birthplace of cinema and home to the first motion picture studio, Thomas Edison’s The Black Maria – onto the world stage, reclaiming its title as the premier destination for entertainment production,” said Arpad “Arki” Busson, president of Togus Urban Renewal, the developer of 1888 Studios. “Without that vision and his administration’s relentless commitment to this sector, none of this would be possible.”

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“Receiving this one-of-a-kind designation for 1888 Studios is largely due to the unwavering support of Bayonne Mayor Jimmy Davis,” Busson continued. “For years he has worked tirelessly to revitalize the city, culminating in the development of this state-of-the-art facility. Thanks to Tim Sullivan and the NJEDA, New Jersey offers a leading tax credit program and infrastructure that will ensure the state’s competitiveness for years to come.”

To be designated as a movie theater leasing partner, developers and operators must commit to occupying and operating studio developments in New Jersey for at least five years. Prospective tenants of a partner film rental facility may receive increased filming tax credits in New Jersey. The tax credit awarded increases if the tenant of the designated facility qualifies as a “leased film production company.” To qualify, the production company must occupy space at the film’s rental partner’s designated facility, film at least 50% of the project’s total shooting days in New Jersey, and film at least 50% of the project’s shooting days in New Jersey in the designated facility.

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