Major Artificial Intelligence Hub Will Bolster State's
Innovation Economy
Microsoft, CoreWeave, New Jersey Economic Development
Authority, and Princeton University
Expected to Invest Over $72 Million
to Support the Long-Term Success of the Hub
TRENTON,
N.J., Jan. 31, 2025 /PRNewswire/ -- Governor
Phil Murphy and Princeton University President Christopher L. Eisgruber today announced that
Microsoft and CoreWeave will join the State and
Princeton as founding partners in
the NJ AI Hub. The NJ AI Hub will serve as a state-of-the-art,
collaborative ecosystem that integrates world-class research,
innovation, education, and workforce development. As part of this
investment in the NJ AI Hub, Microsoft will leverage its TechSpark
program to provide expertise and resources for AI skilling and
workforce development to create opportunities for innovation in
New Jersey and the region.
The NJ AI Hub will help position New
Jersey as a leading East Coast center for AI innovation. It
will be located along Route 1 — New
Jersey's innovation corridor — at 619 Alexander Road in
West Windsor, in space provided by
Princeton University.
"As the AI industry rapidly evolves, it's imperative that we
capitalize on this moment in New
Jersey. I'm incredibly proud of this partnership with the
top leaders in the industry and higher education, which further
establishes our state as a hub for cutting-edge AI innovation and
talent," said Governor Murphy. "AI's economic and innovation
potential is vast, giving us the chance to take our state to new
heights. This partnership will not only solidify New Jersey's position as a global technology
leader, it will also attract high-paying, sustainable jobs for our
residents, allowing for a stronger and more prosperous future for
our state."
"The addition of Microsoft and CoreWeave as founding partners of
the NJ AI Hub demonstrates how government, higher education and the
corporate sector are coming together to advance AI innovation and
the regional innovation ecosystem — two of Princeton's highest priorities," President
Eisgruber said. "I'm eager to see many of the state's other
excellent colleges and universities join this effort as its
development continues."
"New Jersey has long been at
the forefront of American innovation and AI is the next chapter of
this journey," said Brad Smith, Vice
Chair and President of Microsoft. "By leveraging the strengths of
the private sector, Princeton, and
the state of New Jersey, our goal
is to build a thriving regional AI economy that not only drives
economic growth, but sets a new standard for research, development,
and workforce development."
"This collaboration represents the best of what private-public
partnerships can achieve, bringing together the brightest minds
from government, academia, the business community, and our team of
experts to foster groundbreaking AI innovation in New Jersey," said Brian Venturo, Co-Founder and Chief Strategy
Officer at CoreWeave. "Together, we're advancing the future of
technology while driving meaningful economic growth and
strengthening New Jersey's role as
a leader in the global AI landscape. New
Jersey is our home, and we're excited to continue our
partnership with the state by making it a leader in AI
advancement."
"AI is rapidly evolving and New
Jersey is capitalizing on this moment to cement our place as
a national leader in the industry. By bringing together world-class
leaders like Princeton, Microsoft,
and CoreWeave, Governor Murphy is building upon the Garden State's
longstanding legacy in innovation and helping advance cutting-edge
AI technologies," said New Jersey Economic Development Authority
Chief Executive Officer Tim
Sullivan. "The opportunity presented by AI aligns with
Governor Murphy's vision for cultivating high-growth sectors, with
the goal of creating family-sustaining career opportunities.
Showcasing New Jersey's bustling innovation community, talent pool,
and robust resources will help AI companies recognize the state's
value proposition for growing innovative companies of the
future."
Microsoft, CoreWeave, the NJEDA, and Princeton University are founding equity partners
in the newly created NJ AI Hub. Together, they expect to invest
over $72 million to support the
long-term success of the Hub, including up to $25 million of non-binding commitment from the
NJEDA.
A portion of NJEDA's and CoreWeave's committed funding will
include a planned NJ AI Venture Fund that will support innovation
commercialization through equity investments.
Microsoft, CoreWeave, the NJEDA, and Princeton University will focus on the following
three pillars of programming at the NJ AI Hub:
- Research and development:
The NJ AI Hub will help companies across a range of industry
sectors integrate and apply AI in their businesses and use it to
advance their research and development efforts. The Hub will focus
on applications of AI in several industry sectors that have strong
footprints in New Jersey such as
the life sciences, clean energy and climate resilience,
telecommunications and cybersecurity, and infrastructure and
logistics. The NJ AI Hub will also actively engage New Jersey's research universities on applied
research in AI and will host events to connect companies developing
and using AI tools with cutting-edge research and potential
collaborators.
- Commercializing and accelerating innovation:
An AI
accelerator will be operated at the NJ AI Hub, which will help
facilitate the growth of the early-stage AI ecosystem in
New Jersey. The accelerator will
host cohorts of startup ventures and will provide them with
essential support services such as workspace, compute power, legal
assistance, and business development advice. In addition, these
startups will have coordinated access to the NJ AI Hub's corporate
partners for mentorship and networking opportunities.
- Strengthening AI education and workforce
development:
The Hub will work closely with New Jersey's higher education community to
promote high-quality talent development at all levels and will
leverage the resources of Microsoft's TechSpark program. By
developing shared curricula, projects, and teaching tools for AI
courses, training community college faculty in teaching AI, and
creating upskilling opportunities to help workers across
disciplines apply AI in their work, the Hub will coordinate efforts
to build the State's pool of AI talent. Ongoing collaboration with
employers will ensure that education and training programs are
providing trainees with industry-recognized credentials and
in-demand skills for the workforce. The NJ AI Hub will also be able
to connect employers with opportunities to host AI apprenticeships,
develop customized upskilling training for their workers, recruit
talent from New Jersey schools for
jobs and internships, and partner with project-based AI courses at
the college and graduate level.
Through this new AI Hub, Microsoft will be bringing its
TechSpark program to New
Jersey. Founded in 2017, Microsoft TechSpark fosters
inclusive economic opportunity across the US, including job
creation and innovation, by working in communities and investing in
local organizations. TechSpark operates across all 50 states and to
date has helped secure more than $700
million in community funding for local innovation, trained
65,000 people in critical technology skills, and created 4,500
jobs.
Plans for an AI Hub were announced by Governor Murphy and
President Eisgruber in 2023. Pending NJEDA Board approval, the NJ
AI Hub will be supported through the NJEDA's Strategic Innovation
Center (SIC) initiative. The NJEDA has executed a non-binding
term sheet to support the NJ AI Hub's operating budget for up to
five years. In total, the NJEDA is anticipated to invest up to
$25 million to support the NJ AI Hub
and the NJ AI Venture AI Fund.
For further updates, please visit the NJ AI Hub website at
njaihub.org.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) creates platforms and tools
powered by AI to deliver innovative solutions that meet the
evolving needs of our customers. The technology company is
committed to making AI available broadly and doing so responsibly,
with a mission to empower every person and every organization on
the planet to achieve more.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/governor-murphy-and-princeton-university-president-eisgruber-announce-microsoft-and-coreweave-as-founding-partners-in-nj-ai-hub-302365692.html
SOURCE Microsoft Corp.
