Justin Murray has been building the technology and startup ecosystem in New Jersey for the past 6 years. His experience has been on the operator side of early stage tech startups like Black Crow AI and on the community side through his previous involvement with TechUnited:NJ. At Plug and Play, Justin is the Ventures lead for the northeast – focused on fintech & insurtech investments through the NJ FAST initiative and through the local ecosystem. He will also be focused on bridging the gap between NJ/NYC and Silicon Valley.
New Jersey has been known as a hub for innovation and has paved the way for a forward-looking ecosystem that embodies the latest technological trends. This hub for innovation started during the Industrial Revolution, with Edison’s inventions at Menlo Park, the invention of America’s first steam locomotive, the incorporation of Johnson & Johnson, and many more. Edison’s groundbreaking work with the light bulb, phonograph, and motion picture camera laid the foundation for what would become a thriving culture of innovation.
However, NJ’s contributions to technology & innovation didn’t halt at Edison. Bell Labs, located in Murray Hill, became an influential force behind some of the most important advancements of the 20th century, especially the invention of the transistor and laser. This culture of invention and research is still deeply ingrained in the state’s DNA, setting the stage for the tech boom we see today.
Current Trends Across Fintech, AI, and Startup Ecosystems
Fast forward to today, and New Jersey is evolving, becoming a center for modern technological trends. Due to its location, the state plays a major role in the intersection of finance and technology. Fintech startups are finding a home in New Jersey, thanks to accelerator programs like NJ FAST, which I’ve had the pleasure of working on in my role at Plug and Play, the world’s leading innovation platform. These programs help provide a soft landing and support for companies building technology for the financial services space, including digital payments platforms, regulatory technology solutions, insurance technology (aka Insurtech), open banking, and more.
Today, the emergence of artificial intelligence (AI) and machine learning (ML) is the main driver behind the surge of new startups and technologies and we are seeing AI and ML expanding application not only in the fintech space, but also in sectors like healthcare, enterprise automation, mobility, and so on. Many may be made for the potential to disrupt large enterprises, while the opportunity to enable the Fortune 1000 (and beyond) is what most entrepreneurs are working to build. These startups are benefiting from the proximity to New York’s financial markets while enjoying the lower costs and supportive infrastructure that New Jersey provides. This has been noticed across the country as well, pushing innovation and growth in cities like Warsaw, IN and Topeka, KS, where Plug and Play has played an active role in supercharging interactions between the startup community, private, and public sector. While still the largest startup hubs in the country, innovative solutions are increasingly distributed beyond New York City and San Francisco Bay Area.
NJ benefits from having amongst the best talent in the world, including institutions like Princeton University, Rutgers, and Stevens Institute of Technology, that provide knowledge centers for tens of thousands of young talents every year. Many of the state’s AI and fintech innovations are being driven by research coming out of these institutions, and partnerships between universities and startups are fostering an environment where ideas can flourish & grow into profitable businesses.
NJ’s Future is Sustainability and Green Innovation
While fintech and AI are trending now, New Jersey’s future is also being shaped by its push toward a more sustainable future. New technologies are causing a need for more energy all while the world has an urgent need to address climate change, with NJ positioning itself as a leader in renewable energy. The state has already committed to becoming a central player in the offshore wind industry, with projects like The New Jersey Wind Port, an offshore wind project creating both clean energy and jobs for the state.
This shift goes further than energy. NJ’s ecosystem is seeing an increase in companies focused on environmental technology, sustainable manufacturing, and green infrastructure. From hardtech startups developing energy-efficient materials, to those working on smart grid technology, the state is aligning itself with the global trend toward sustainability.
This sustainable focus will improve the state’s economy while helping New Jersey become a model for other regions looking to become greener. Startups and founders who focus on eco-friendly solutions will find an increasing number of support and opportunities to thrive in the Garden State. A great example that is a part of NJ FAST’s first cohort is Physis Investment, who are bridging the gap between investment intelligence and sustainable insights.
Why NJ?
Through growing up seeing the improvements across NJ’s ecosystem, it’s been noticeable how this state is strategically positioned to ride the wave of future technological trends. In my work with NJ FAST, Plug and Play, and the tech community, I’ve come across countless founders and startups who are taking advantage of NJ’s strong infrastructure, diverse talent pool, and proximity to major financial markets to grow at an impressive rate.
Another tailwind in NJ is the state’s diversity – not just in population, but in the types of industries as well. From fintech and AI to pharma and green tech, New Jersey is a homebase to a variety of innovative sectors that complement each other. This diversity fosters the cross-pollination of ideas and resources that drives both creativity and entrepreneurship.
The support ecosystem in New Jersey was notable enough to catch the attention of Plug and Play, who manages innovation centers around the world. Government programs, university partnerships, and private sector involvement work together to ensure startups have access to funding, mentorship, and opportunities for growth. With accelerators like NJ FAST and innovation centers across the state, New Jersey is creating a nurturing environment for businesses at all stages of development.
Looking ahead, NJ is poised to capitalize on the opportunity to become a national leader in digital finance, AI-powered applications, and sustainable technologies. The state’s strategic initiatives are aligning with global trends, making it an attractive destination for both established companies and emerging startups. Watching this innovation unfold has been incredible, and to think, we are just getting started…