With its support for a research incubator space in New Brunswick, NJ, the New Jersey Economic Development Authority board is taking steps that it says will “help nurture the growth of the State’s innovation economy.”

The NJEDA board authorized an agreement with the New Brunswick Development Corporation to advance development of “The Hub,” an initiative to create incubator and research space for next-generation companies and academic research facilities and attract corporate entrepreneurial tenants in downtown New Brunswick, and a venture fund investment that will support growth-stage, software and technology-enabled companies in New Jersey.

“Today, New Jersey is taking another step forward in recapturing its reputation as a hub of innovation,” says Governor Phil Murphy. “The actions taken by the EDA will help grow new innovative companies, advance new ideas and generate new economic opportunities for our state.”