Rutgers’ Center for Urban Entrepreneurship & Economic Development (CUEED), has announced a partnership with a minority-run early stage venture capital firm, H360 Capital, and NJIT’s Enterprise Development Center (EDC), to attract technology companies to Newark, New Jersey.
Charlotte, North Carolina-based H360 Capital is focused on companies developing ‘market disrupting’ technologies and, through its “Big Ideas Initiative: B2i” will invest up to US$50,000 in 20 technology start-ups in the Newark area. CUEED and NJIT will provide resources and support to entrepreneurs participating in its Big Ideas program.
“We are convinced that this is the right step and will provide the greatest value for technology entrepreneurs we fund,” said Hezekiah Griggs III, managing partner of H360 Capital, which will be moving its headquarters to Newark. “This announcement establishes that we will have a very large footprint in Newark, and we intend to evangelize the vision that all parties share: transforming Newark into an important hub for technology firms over the next 10 years.”
“We are working with H360 Capital to help bring many of its current and future portfolio companies to Newark,” said Dr. dt ogilvie, founding director of CUEED. “One of the stated goals of the partnership is to attract 20 early stage technology firms to this area by 2012.”
Newark is home to five universities – Rutgers-Newark, New Jersey Institute of Technology (NJIT), University of Medicine and Dentistry of New Jersey (UMDNJ), Seton Hall Law School, and Essex Community College – so there will be a strong technology base from which to build on.