The Newark, New Jersey technology entrepreneurial ecosystem is on the rise. Newark Venture Partners, an early-stage venture fund, hosted their Demo Day at the Audible Innovation Cathedral on Jan. 15, 2020. In a room full of investors, community leaders and Newark residents, seven companies presented their progress from being part of the NVP acceleration lab. The fund’s hope is that the companies receive the support necessary to continue their entrepreneurial journey in Newark, aiding the comeback of the city.
Tel Aviv, Washington, D.C, Boston and Canada are just some of the locations companies have relocated from to continue their venture development in Newark within the NVP Program. NVP will take companies that are pre-seed and Series A (meaning they have not received venture capital funding yet) and develop them so that their company is appealing to venture-capitalist investors while exposing them to the greatness of Newark. In a city that has access to land, air and sea travel, founders are seeing the specialty of this industrial city. Development includes strategy, sales, marketing, fundraising and mentorship from the 500+ advisors that are on file. The demo day is the showcase at the end of the program.
Twenty-eight out of 73 portfolio companies have maintained an operational presence in Newark. NVP makes it a priority to select a Newark-based startup for their lab as well. They are deeply committed to reforming the city by expanding the entrepreneurial ecosystem in the tech space. The founder and Executive Chairman of Audible as well as the Founder of Newark Venture Partners, Don Katz, calls the initiative, “Newark’s Comeback.” He sees the potential for a revolution to take place in the city and is en route to seeing the manifestation.
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