An Israeli company will work alongside the state of New Jersey to create a "new Silicon Valley" in the state, with a technology hub announced last week that aims to bring artificial intelligence and high-tech companies to the United States.
The new center, developed by the Israeli company SOSA, will be called NJ BASE, established near Manhattan, and will prioritize companies in AI, cyber, fintech, life sciences, and advanced manufacturing.
According to those in charge of the project, the main objective is to provide foreign companies interested in expanding their operations in America with a "soft landing " in the US.
In the first phase of the program, approximately 20 foreign companies will be integrated, with participating companies receiving fully funded workspaces and six months of business support.
The center will host exposure days, meetings with investors, and events that will connect the foreign companies with the public and business sectors in New Jersey.
Connect global entrepreneurs with New Jersey
Uzi Sheffer, CEO of SOSA, said that the venture aims to "connect global startups with the verified needs of the New Jersey corporate system."
"The main goal is to produce real business results for the participating companies," he added.
The New Jersey Economic Development Authority (NJ EDA) is the government organization responsible for the project, with senior government officials and diplomats from several countries participating.
Evan Weiss, CEO of NJ EDA, explained that the state is "working to strengthen its position as a global destination for technological innovation, through investments in entrepreneurship, collaborations, and professional workforce development."
The collaboration comes amid increasing competition among US states to attract foreign technology companies, in an attempt to establish new growth centers away from the familiar technology hubs.