Tuesday, July 21, 2015

We've all heard our share of "Bringing Newark Back" type stories in the media

We've heard about Mark Zuckerberg meeting Cory Booker and Chris Christie on Oprah's show vowing to give $$$ to Newark schools, we've heard about new beginnings with every mayor, we've heard about enterprise zones; Let's face it, there have been at least a dozen such ideas spawning stories. Johnny read one yesterday that actually seemed like it had legs.

A venture fund of several big name players in tech and government are looking to turn Newark into a tech hotbed. Hey, tech hipsters love downtown cities they can do what they want with right? Newark is an open book in this regard. Here's the backstory on this intriguing idea:

Newark Venture Partners is aiming to raise $50 million to invest in a select group of start-up tech companies, all of which will be housed in a so-called "accelerator" that will help them develop ideas and grow with the help of various guiding hands. Officials and partners in the initiative said it is all part of a wide-ranging effort to transform Newark from a city struggling to recover from its industrial past to one embracing the tech-based economy of the future.

As many 1,000 fledgling companies are expected to make their pitch to join the accelerator each year, all hoping to join a select group of less than 50 that will land initial investments of between $50,000 and $100,000.

The venture project brings a lot of big hitters to the table, Audible (A division of Amazon), Prudential and several venture capitalists out of NYC. Newark mayor Ras Baraka is all about it meaning city buy-in to this project. There doesn't seem to be the usual turf squabbles breaking out over this idea. it also doesn't ask for one thin dime of public money. They have office space thanks to Audible and Rutgers.

Fund tech startups, move the tech people to Newark (Much like Jersey City has done to great success, pointing out the value of JC) and let it go. IF, and of course this is a big IF Newark can somehow become a tech-startup city located just outside NYC, well then all things are possible.

We'll give the famous Jersey City Desk last word to Donald Katz, Audible's CEO and Newark Venture Fund chairman. Mea culpa, Johnny has met Mr. Katz a couple times and his company is in Newark because he wants to do great things IN Newark:

"I have a feeling that literally, when you put the stake in the ground, that all kinds of things will happen."

2 comments:

Anonymous said...

Agreed JC should follow and kudos to Newark for doing it. Great leaders lead, politicians are often for sale but not in this case. Wake up Steve Fulop.

Johnny Action Space Punk said...

Cant say it any better than that anonymous!