Plug and Play AI Accelerator launches at NJ AI Hub

The basics:

• Plug and Play AI Accelerator officially launchs at NJ AI Hub at Princeton University
• Program connects AI startups with investors, corporate partners, research institutions
• Accelerator aims to grow New Jersey’s AI innovation, startup ecosystem
• NJEDA CEO Evan Weiss emphasizes keeping startups, entrepreneurs in New Jersey

The Plug and Play AI Accelerator at the NJ AI Hub officially launched March 12. The debut marks a key step forward in New Jersey’s effort to build out its artificial intelligence ecosystem.

NJBIZ joined the kickoff event, which took place at Princeton University. The gathering brought together leaders from the Hub’s founding partners — the New Jersey Economic Development Authority, Princeton University, Microsoft and CoreWeave. It also convened startups, investors, corporations and researchers from across the state.

The launch featured 20 AI startups pitching for spots in the inaugural cohort. The competition underscores the accelerator’s role in identifying and supporting high-potential companies. The non-dilutive program is designed to connect founders with mentorship, corporate partners, investors, and research institutions to help scale their businesses and bring AI technologies to market.

The opening follows the accelerator’s initial announcement in December and represents the next phase in the NJ AI Hub’s development.

Officials said the initiative will strengthen collaboration across the state’s innovation ecosystem while advancing AI research, commercialization and workforce development. It aims to position New Jersey as a growing hub for AI innovation.

‘The biggest and the best’

Plug and Play founder and CEO Saeed Amidi spoke about his company’s impressive global footprint. He expressed his enthusiasm about this latest venture in Princeton.

“I’m super excited,” said Amidi. “I have opened 75 locations around the world. The one in Princeton I feel has the best roots and the pillars to be the biggest and the best AI Center of Excellence in the world. And that’s my dream.”

“We’re so excited to be here in New Jersey – in a major way,” said Michael Olmstead, chief revenue officer and partner at Plug and Play.

He gave a rundown of the company and some of its highlights.

“We are Plug and Play – and now we’re in New Jersey,” said Olmstead. “This will be our second official office – and we’re so excited about the outcomes. For those of you who don’t know, we currently have a program in Hoboken called NJ FAST, focused on financial services.”

Olmstead said NJ FAST has led to:

• 44 startups accelerated (40% of those being New Jersey-based)
• More than 300 corporate investor introductions
• Seven N.J. fund investments
• $200 million raised by the companies

Working across industries

He closed by stressing the importance of the NJ AI Hub.

“This is going to be the linchpin for all the New Jersey SICs [strategic innovation centers],” said Olmstead. “AI is omnipresent. It’s across every industry. So this program specifically is going to be able to work with all the other programs, bring value, and hopefully benefit everyone in this room. If we do what we think we can do, everyone in this room is going to benefit.”

New NJEDA Chief Executive Officer Evan Weiss also delivered remarks.

Noting he has been on the job for just a few weeks, Weiss highlighted how New Jersey is different than Silicon Valley and New York City.

“We have values here around equity, public service that I think so many of you in your own ways are working together on,” said Weiss. “The homework is that startups are great – accelerators are also great. My biggest fear in life is that you then leave – you then go to New York, you go back to the Valley, go internationally.”

Keeping entrepreneurs in NJ

Weiss asked what he and his team can do to make sure that these companies and entrepreneurs stay here in the Garden State.

“Do you need housing, do you need workforce, do you need follow-on capital? Just be open and honest with us,” Weiss stressed. “What would keep you in New Jersey?”

Weiss noted how much of that work is done at the NJ AI Hub.  He pointed to partners, such as Princeton, Microsoft and CoreWeave. He also highlighted folks from Stevens Institute of Technology, Rowan University, Montclair State University and other institutions present at the launch.

“That kind of partnership I do think is also very, very unique,” said Weiss, who added that he grew up in Princeton. “So being able to be on campus like this, be so welcomed here from so many different parts of the community is a big deal to me. It wasn’t always like that. So the intention behind the university, the corporate partners would welcome us here like this is very powerful.

“I think that spirit of being welcoming in this state is just really what I want to extend to you. We have several team members here.”

He added, “It’s very important just that you tell us in as much detail as you can, how can we help you? I’m incredibly impressed by the work of the EDA in getting us to this point. But it’s about what happens next.”

At the table

Liat Krawczyk is the inaugural director of the NJ AI Hub. She said it was wonderful to see such a wide cross-section of New Jersey on hand for the launch.

“We have founders, we have researchers, investors, corporate leaders, public sector partners, and students all coming together to shape New Jersey’s AI innovation ecosystems,” said Krawczyk. She thanked Plug and Play for bringing the accelerator to life, as well as the Hub’s founding partners for their efforts. “It is very rare to have these four partners at the table together thinking about how we build an AI future.

“You have the governance component; you have the research and education component; you have the technology partners and the infrastructure partner. And I think it’s a real precedent-setter for how we can start to build effective AI ecosystems across the nation.”

Making a difference

Princeton Vice President and Secretary Hillary Parker said, “It is such an honor to welcome all of you to Princeton as we officially launch the NJ AI Hub Accelerator. This initiative and the NJ AI Hub, more broadly, play an important role in advancing the university’s teaching, research and service mission.

“The Hub is a true difference maker for two of the university’s highest strategic priorities: catalyzing AI innovation and research – and cultivating a thriving regional ecosystem.

“We are deeply grateful for our extraordinary partnership with the New Jersey Economic Development Authority, with Microsoft and CoreWeave – for shaping the vision for the Hub and bringing it to life. It is amazing how much progress has been made since we were all together on stage less than a year ago, officially cutting the ribbon on the Hub. Today marks another significant milestone that will accelerate this progress.”

Hometown pride

Marie Pryor serves as TechSpark NJ community manager for Microsoft and director of workforce for the Hub. There, she oversees educational and workforce initiatives related to meeting this AI moment.

Pryor spoke about work Microsoft is doing throughout the Garden State.

“As a New Jersey native, I can’t say how proud I am to be doing this work on behalf of Microsoft in my home state,” said Pryor. “TechSpark is Microsoft’s place-based initiative where we bring economic development programs to regions around the United States. And it exists because we believe that talent is everywhere – but opportunity is not.

“So how do we bring the best of our resources to bear to increase opportunities in our 11 regions that we’re active in throughout the United States?”

She said you may be asking why New Jersey; why is it important to invest here?

“On Microsoft’s TechSpark, we’re very intentional about where we show up with our resources, our people, our time, our energy. And our investments are not at random,” she explained. “We go to places where there’s already real strengths, real momentum, and where the tech can accelerate the great work that’s already happening.”

Where the talent is

Pryor pointed to New Jersey’s strong industry partners – including how eight of the top 10 biopharma/biotech companies are headquartered here. The also noted the highly skilled workforce; the world-class research institutions; and more.

“At TechSpark, we believe that we have as much to learn from the places we engage as we have to bring. And really aligning that technological skilling with regional need. So, we’re really proud to invest in New Jersey. Because we see such strong potential, including for the startups that are here today to grow higher and scale here in our state.”

Artificial intelligence is reshaping every industry, and New Jersey has all the ingredients to lead this transformation.
– Justin Murray, Ventures, New Jersey, for Plug and Play

Jersey’s own

Corey Sanders is senior vice president of product at CoreWeave. He said the New Jersey-born-and-based company is honored to work with these partners.

“It’s just an honor to actually see this come to life,” said Sanders. “For those who don’t know, CoreWeave actually started as a startup in Jersey. They started in a garage in Roseland and built their first servers there. I’ve only been there for the last year – I wasn’t there working in the garage.

“It’s just so great to see that type of innovation and that type of culture here in New Jersey. And I’m really excited to see that continue – and that spirit of innovation and new ideas. And see them come to life here in front of us.”

The event marked just the latest milestone in the ever-evolving AI ecosystem here in the great Garden State.

“Artificial intelligence is reshaping every industry, and New Jersey has all the ingredients to lead this transformation,” said Justin Murray, ventures, New Jersey, for Plug and Play. “We have world-class universities, massive corporations, and a growing startup ecosystem.

“Through the new Plug and Play AI accelerator at the NJ AI Hub, we’re bringing these communities together to help founders build the next generation of AI companies and accelerate innovation across the region.”