NJIT's VentureLink Enters Agreements Supporting Innovation & Investment Between New Jersey & India

Written by: Julie Jacobs
Published: Tuesday, September 24, 2019
NJIT campus
PRESS RELEASE
Contact Information: Media Relations, mediarelations@njit.edu or 973-642-7042

In an effort to promote mutually beneficial investment, trade and technological exchange opportunities between New Jersey and India, New Jersey Institute of Technology’s (NJIT) community business incubator, VentureLink, has partnered with two forward-thinking, respected business entities in India: The National Association of Software and Services Companies (NASSCOM), the top not-for-profit association serving the information technology (IT) and business process management (BPM) industries in India, and T-Hub, India’s largest tech incubator for startups powering next-generation products and new business models.

Formal agreements were signed in India Sept. 16 and Sept. 18, respectively, and will remain in effect until September 2021. They call for all parties to enhance the global competitiveness of the two regions, as well as support collaborative research and development in areas of common interest. More specifically, VentureLink — with its 110,000 square feet of meeting rooms and private and open offices featuring laptop worktables and other business resources — will provide limited, complimentary “soft-landing” space, subject to availability, to NASSCOM members and T-Hub nominated or incubated startups (two people per startup), while they explore business opportunities in the region. Additionally, VentureLink will match up business partners and assist with selecting permanent operations sites.

In return, both NASSCOM and T-Hub will offer reciprocal services in India to VentureLink members, and organize webinars and discussions facilitating interaction between their memberships and VentureLink. They will also actively educate their members about New Jersey’s economy, business ecosystem and government policies, and the strategic advantages of setting up a business in the Garden State.

Choose New Jersey, an economic development organization, will act as an interface between VentureLink and NASSCOM and T-Hub. In addition, it will help with matters relating to setting up businesses in New Jersey, including business incorporation, tax planning, government incentives and more.

“Building partnerships is an important part of every entrepreneur’s journey. As we open the entirely rebuilt, refurbished and refreshed incubation center at NJIT, we couldn’t ask for better partners than NASSCOM, T-Hub and Choose New Jersey,” said Simon Nynens, vice president and chief commercial officer at NJIT, who signed the agreements on VentureLink’s behalf. “As the largest business incubator in New Jersey, VentureLink is proud to host international companies looking to move to our state.”

“This is yet another milestone partnership for NASSCOM that will act as a prominent catalyst for the global expansion of Indian IT companies. As a country, India can further strengthen its potential as an innovation hub through more investments in research and strategic collaborations,” Debjani Ghosh, president of NASSCOM, said in a press release from the association.

About VentureLink

VentureLink is the largest business incubator in the state of New Jersey, and a community hub for technology companies at NJIT for Northern New Jersey. It operates within the NJIT campus, providing in-residence startup and established technology companies with weekly programming, workspace and mentorship.

About NASSCOM

NASSCOM, a not-for-profit industry association, is the apex body for the $182 billion IT BPM industry in India, an industry that has made a phenomenal contribution to India's GDP, exports, employment, infrastructure and global visibility. Established in 1988 and ever since, NASSCOM’s relentless pursuit has been to constantly support the IT BPM industry.

About T-Hub

T-Hub enables and empowers an ecosystem hungry for innovation. Based out of Hyderabad, India, it leads India’s pioneering innovation ecosystem that powers next-generation products and new business models. It uses the Triple Helix model of innovation based on interaction and collaboration between industry, academia and government. Incorporated in 2015, it has provided over 1100+ national and international startups with access to better technology, talent, mentors, customers, corporates, investors and government agencies. T-Hub also provides thought leadership for Telangana and other state and central government organizations to build innovation ecosystems.

One of only 35 polytechnic universities in the United States, New Jersey Institute of Technology (NJIT) is a top-tier research university that catalyzes economic growth and prepares students to become leaders in the technology-dependent economy of the 21st century. NJIT is one of only 131 universities rated an “R1” research university by the Carnegie Classification®, which indicates the highest level of research activity. NJIT conducts more than $155 million in research activity each year and has a $2.8 billion annual economic impact on the State of New Jersey. Ranked No. 1 nationally by Forbes for the upward economic mobility of its lowest-income students, NJIT also is ranked in the top 2% of colleges and universities nationally for the mid-career earnings of graduates, according to PayScale.com. NJIT is ranked No. 39 nationally by The Princeton Review as a Best Value College and is rated third in New Jersey and among the top 100 colleges and universities nationwide by the QS World University Ranking® 2021.