Newark to become home to technology start-ups

  • 2021-10-03
SOVS, a venture capital firm based in Princeton, is planning to create the United States headquarters for a new entity, HAX, LLC., in Newark.

The approval of this project by the New Jersey Economic Development Authority (NJEDA) Board will mean the investment of $25 million in HAX. SOSV said that these funds will be invested in 100 emerging companies to provide 180 days of collaboration and support. It is expected that HAX will being 2,500 jobs to the city, many of these jobs often requiring business card printing services due to the nature of being a start-up. SOSV will also provide mentoring at local colleges and universities, engage in workforce development, and create local advisory boards.

It is hoped that this will become a community for those in the early stages of building hard technology businesses. Hard technology refers to companies that work on technological problems to solve engineering or scientific challenges. Up to 60,000 square feet of space will be leased to provide space for 200 staff and founders and prototyping and fabrication workshops.

Founder and Managing Partner of SOSV, Sean O’Sullivan, said that Newark was attractive for this project due to its high-quality Internet infrastructure, access to a talent pipeline, and proximity to major hubs of transportation. It is expected that the first companies in project could be up and running in Newark by spring of next year.