HIGHER EDUCATION
NJEDA Signs New MOUs with NJCU and Stockton University
Sports wagering , fintech , workforce development and Esports innovation ….
Compiled by Miles Z . Epstein Editor , COMMERCE
The New Jersey Economic Development Authority ( NJEDA ) signed separate memorandum of understandings ( MOU ) with New Jersey City University ( NJCU ) in Jersey City and Stockton University .
New Jersey City University .
The MOU with NJCU will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center . The MOU will provide $ 200,000 in funding and staff resources to support technological and product innovation , as well as workforce development in sports wagering and fintech at the Center . This support will bolster the Center ’ s goals of providing an incubator for the sports wagering and fintech industries and acting as a connector between industry , academia and relevant state agencies to grow and support innovation in sports wagering technology and fintech .
This partnership with NJCU aligns with Governor Phil Murphy ’ s vision for a stronger , fairer New Jersey economy by supporting and growing one of the state ’ s emerging , innovative
industries , with a focus on ensuring diversity and equity . It also leverages one of the state ’ s most valuable assets — its network of highly-respected universities — and includes the necessary infrastructure to serve as a physical hub for R & D and innovation .
“ The Innovation Center at NJCU ’ s Exchange Place Campus in Jersey City will help to advance Governor Murphy ’ s commitment to fortifying New Jersey ’ s position as the national leader in innovation ,” explains NJEDA Chief Executive Officer Tim Sullivan . “ The MOU will help solidify New Jersey as both a top consumer market in this growing industry , and an engine of leading industry innovations and workforce development programs .”
Sports wagering in New Jersey has experienced incredible growth in the two-plus years since its legalization , with nearly $ 1 billion wagered in-state per month , routinely surpassing Nevada in monthly volume . Technology and innovation have helped facilitate the growth and resilience of New Jersey ’ s sports wagering industry , with over 90 percent of wagers in the state placed online or via mobile platforms , positioning the Garden State as the optimal jurisdiction for scaling tech-centric product innovations within this industry .
Promoting and strengthening diversity , equity , and inclusion as essential components of industry culture are also focus points for the Center , which aims to promote opportunities for underrepresented groups as sports wagering and fintech expand . Likewise , the Center will work to engage with diversity- and inclusion-oriented organizations to attract women and minorities to diversify the pipeline of future leaders within the industry .
This initiative will also serve to connect private industry , academia and relevant state agencies to catalyze and connect sports wagering technology and fintech startups and innovation with more mature companies in these sectors . With the NJEDA ’ s backing , NJCU believes the Center will cement New Jersey ’ s position as a leader in sports wagering and financial technology , create new academic and workforce development opportunities , and support local economic development .
“ This is a wonderful opportunity to build upon our expertise in sports management , financial technology and data analytics to put our students and our state at the forefront of this exciting new field .” says NJCU President Sue Henderson .
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New Jersey Governor Phil Murphy NJ Lieutenant Governor Sheila Y . Oliver
NJEDA CEO Tim Sullivan
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