New Jersey AI Fund

New Jersey AI Fund is sponsored by New Jersey Economic Development Authority (NJEDA) and CoreWeave. The New Jersey AI Fund is an investment fund created by the NJEDA, CoreWeave, and other accredited investors to support young companies developing artificial intelligence tools.

NJEDA Board Approves Two Programs to Advance New Jersey’s Leadership in Artificial Intelligence - NJEDA March 18, 2025 at 1:18 pm NJEDA Board Approves Two Programs to Advance New Jersey’s Leadership in Artificial Intelligence Next NJ Program and AI Innovation Challenge Administration Grant Program will increase AI investment and catalyze groundbreaking research TRENTON, N. J.

(March 18, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Next New Jersey Program – AI and the AI Innovation Challenge Administration Grant Program.

Both programs build on Governor Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s growing AI sector and promoting collaboration between New Jersey’s citizens and government in AI innovation.

“AI presents a tremendous economic opportunity for New Jersey, poised to create good-paying jobs, catalyze new discoveries, grow our start-up community, and foster long-term economic growth,” said Governor Murphy . “New Jersey’s continued investment in the sectors of the future will pay dividends for generations to come, setting the Garden State on a path of economic strength and prosperity.

” “Under Governor Murphy’s leadership, the NJEDA has focused on supporting cutting-edge industries like AI, creating family-sustaining jobs for residents and bolstering the state’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan.

“AI offers a multitude of economic opportunities for the state’s entrepreneurs, businesses, and residents, and these new initiatives will ensure that companies and industry stakeholders have the opportunity and resources needed to invest in AI and contribute to its ongoing growth and evolution.

” The Next New Jersey Program – AI will drive economic growth, collaboration, and the development of AI infrastructure across the state by providing tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities.

The $500 million program leverages AI to stimulate innovation, boost productivity, and attract high-tech investments, positioning New Jersey as a key player in the rapidly evolving AI economy. A business must commit to creating at least 100 new full-time jobs and meet a minimum capital investment of $100 million to be eligible for tax credits.

Additionally, the program requires that the business enter into a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator, or similar entity. For more information, including additional eligibility requirements, click here . The AI Innovation Challenge Administration Grant Program will provide $3.

8 million in grant funding to an eligible Administrator through a competitive application process. The Administrator will develop and manage a statewide AI Challenge and disburse sub-grant awards to challenge winners.

The NJEDA-approved Administrator’s creation of the AI Challenge will promote participation from a diverse array of stakeholders across New Jersey to identify challenges throughout the State, and leverage AI to develop innovative software solutions that advance social and public good. The AI Challenge will include an initial competitive event and virtual showcase where participants will create and present AI-based software prototypes.

Winners from the initial competitive event will continue developing their prototypes towards a Minimum Viable Product and present their solutions at a demo day event. After the demo day event, winners will continue working with the Administrator on pilot testing or commercialization of the AI-based software solution. Winners will also receive mentorship and advisory support from the Administrator’s network of subject matter experts.

Applications for the AI Innovation Challenge Administration Grant Program will open during a defined application period following a Notice of Funding Availability being published on the NJEDA’s website .

Entities interested in applying for the Grant Program are recommended to start the New Jersey business registration and tax clearance certificate process early to ensure timely submission and processing of applications in compliance with the NJEDA’s eligibility requirements. The two programs approved today are part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector.

In 2023, the Murphy Administration and Princeton University announced a partnership to develop an AI Hub , which will advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. In February, Governor Murphy and Princeton University announced Microsoft and CoreWeave as founding partners of the AI Hub, helping position New Jersey as a leading East Coast center for AI innovation.

The NJEDA also approved the creation of a dedicated AI cohort within the New Jersey Innovation Fellows Program (NJIF) in 2024, which will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch an AI-driven business. The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth.

The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy.

Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness. To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www. njeda.

gov and follow @NewJerseyEDA on Facebook , Twitter , Instagram , and LinkedIn . NJEDA to Auction up to $25M in Tax Credits to Fight Hunger and Strengthen Food Security TRENTON, N. J.

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(July 28, 2026) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved modifications to the Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Grant Program to expand available funding and advance more solar generation, battery storage, and thermal energy network (TEN) projects.

NJEDA Approves CAFE Program Awards for Projects in Westfield and Millburn TRENTON, N. J. (July 24, 2026) – The New Jersey Economic Development Authority (NJEDA) Board approved two awards under the Cultural Arts Facilities Expansion (CAFE) Program, paving the way for projects at the Center for Creativity at the Rialto in Westfield and the Paper Mill Playhouse in Millburn.

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