The City of Hoboken has been awarded a $100,000 grant from the New Jersey Economic Development Authority, which will result in a joint effort to build a co-working innovation center.
â€œIâ€™d like to thank Governor Murphy and the NJEDA for recognizing Hoboken for this important funding,â€ Mayor Ravi Bhalla said in a statement.
â€œWe are thrilled to partner with local groups including Propelify, Stevens Institute of Technology, and the Hoboken Library, and this grant will further solidify Hoboken as a leader in promoting innovation and technology in New Jersey.â€
As a part of the grant award, Hoboken, Stevens, the Hoboken Public Library and Propelify will launch a planning process for the creation of a co-working innovation center that will make the vital resources of space, mentorship, capital, and community available to innovative practitioners and entrepreneurs.
The proposed innovation center will help support the incubation of Smart City small businesses in northern New Jersey.
â€œThe industry-specific knowledge that Propelify brings to the City of Hobokenâ€™s Innovation Challenge partnership will be essential to developing a plan that ensures the most critical needs of Hobokenâ€™s entrepreneurial community are addressed,â€ added NJEDA Chief Executive Officer Tim Sullivan.
â€œThis collaboration between local government, industry, and academia will help to position Hoboken to continue to attract up-and-coming companies and talent.â€
The Innovation Challenge was created by the NJEDA to encourage municipalities and counties to advance plans to strengthen their local innovation ecosystems in collaboration with local higher educational institutions and other strategic partners.