Amber Hickman |
Microsoft and partner CoreWeave will join the state of New Jersey in the US and Princeton University as founding partners of the NJ AI Hub.
The hub will serve as a collaborative ecosystem combining research, education and workforce development to improve the state’s innovation economy.
Microsoft, CoreWeave, the New Jersey Economic Development Authority (NJEDA) and Princeton University plan to invest over $72 million to support the long-term success of the hub. A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund that will support innovation commercialisation through equity investments.
As part of its investment, Microsoft will leverage its TechSpark programme to provide expertise and resources for AI skilling to create new opportunities in the region.
“As the AI industry rapidly evolves, it’s imperative that we capitalise on this moment in New Jersey,” said New Jersey Governor Phil Murphy. “I’m incredibly proud of this partnership with the top leaders in the industry and higher education, which further establishes our state as a hub for cutting-edge AI innovation and talent. AI’s economic and innovation potential is vast, giving us the chance to take our state to new heights. This partnership will not only solidify New Jersey’s position as a global technology leader, it will also attract high-paying, sustainable jobs for our residents, allowing for a stronger and more prosperous future for our state.”
In addition, the NJ AI Hub will help organisations integrate and apply AI across a range of industries including life sciences, energy, telecommunication and climate resilience.
Brad Smith, vice chair and president of Microsoft added: “By leveraging the strengths of the private sector, Princeton and the state of New Jersey, our goal is to build a thriving regional AI economy that not only drives economic growth but sets a new standard for research, development and workforce development.”