Silana is a company trying to find ways to automate the sewing process. This advancement not only allows clothing to be produced quickly and cost-effectively, but also in a more sustainable manner. It's a company like his HAX in Newark. I want to attract:
- It is based on hard technology.
- It has an environmentally friendly effect.
- It was established in a far away location (in this case Austria). and …
- There is no guarantee of success.
That's the profile of Duncan Turner, former founder turned global managing director of HAX (general partner of parent company SOSV).
Speaking at the official grand opening of a 35,000 square foot lab space on Cedar Street in Newark on Monday, Turner said the goal of HAX, the world's largest venture capital-backed hard technology program, is to provide opportunities to generate discoveries. He said that it is something to do. It could change the world. This is something HAX has been working on around the world for over a decade.
““HAX's vision from the beginning has been to help founders achieve the impossible and the inevitable,” he told a profile of technology, entrepreneurship, higher education, and government leaders. Ta. “The strength is finding an ecosystem of influence to make it happen.”
SOSV already does that at its HAX offices in San Francisco, Tokyo, and Shenzhen, China.
“These are all areas where we have unique capabilities that really accelerate hardware and the next technologies that will define the future,” Turner said.
Newark is on the upswing quickly.
HAX has been working with potential entrepreneurs for more than a year while building permanent space that includes mechanical, electronic, and chemistry labs.
“We have everything you need to accelerate startup development,” Turner said.
That includes money.
The headquarters, funded by SOSV and the New Jersey Economic Development Authority, already has 24 teams working to change the world, Turner said.
“Everything from real access to health care to redefining manufacturing,” he said. “These teams have already raised $50 million on top of the $50 million we invested. And we're just getting started and there's a lot more to come.”
And it's all happening in Newark.
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Gov. Phil Murphy has preached the state's innovative economic recovery since his days as a candidate. And he's done a lot of work and helped create a lot of programs that are starting to make New Jersey more attractive to startups.
HAX is another level of success story.
Game changer. It's a big win for Newark and the state. Murphy reiterated the recognition that Newark has a culture of innovation and manufacturing.
“This is a really big deal,” he said.
Many of the companies being formed are involved in many of the sectors highlighted by the governor, including clean energy, sustainability, manufacturing, and technology, and are undertaking onshoring efforts to strengthen supply chain vulnerabilities. ing. When the United States relies on foreign manufacturing.
and commitment to tackling climate change.
That's why the state, through the EDA, is committing $25 million of its own money to fund the construction of the headquarters and the support needed by founders who come here from across the country and around the world. That's what I did.
EDA CEO Tim Sullivan said HAX companies often bring other attributes to the table. Many of them represent a focus of the Murphy administration: access and opportunity for diverse founders in communities that have long been overlooked.
“We strive to be the most diverse and inclusive entrepreneurship ecosystem in America,” Sullivan said. “That is easier said than done.
“How do you do it? You invest in programs like the Black and Latino Seed Fund, which the governor funded in two consecutive budgets. This is done through initiatives such as the Innovation Fellows program, which sponsors and funds human founders.
“And we do that by making a big bet at HAX in Newark, one of America’s great cities that attracts people from all over the world and represents diversity in many ways.”
Newark Mayor Ras Baraka certainly agreed.
He pointed to the city's long history as a manufacturing hub and the increasing importance of port connections due to supply chain issues. HAX can help with that, he said.
“We can actually do manufacturing here in New Jersey, but more importantly, we do it in Newark,” he said.
The benefits go beyond the bottom line.
“I think what we offer is much more material and tangible than money,” he said. “I think HAX choosing this field will create all kinds of opportunities for us in the hard and soft technology space.”
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All this brings us back to Sirana. Sirana is an Austrian company that Murphy noted may have been the first to move from Vienna to Newark.
Turner wasn't surprised.
As a former founder, he told the audience that he knows all the challenges a startup can face – challenges that HAX can solve. He knows HAX works well globally.
Turner says it all starts with desire.
“We just want the best people,” he said. “It can come from anywhere in the world.”
Turner acknowledged that there are often brief conversations about the differences between Newark and New York City, but at the end of the day, founders are looking for a place where they can succeed.
That's the kind of place Newark is, Turner tells them.
“From electrification to restarting factories, we are investing in new technologies that will completely reshape America's industrial landscape, both physically and figuratively,” he said. “In general, we find that these types of companies are looking for places that have an industrial future and an industrial past.”
HAX understands that as well as anyone.
Newark's rich history is the reason HAX chose Newark during its global search for a new headquarters in summer 2022, Turner said.
“It was about finding the birthplace of the ecosystem for America's reindustrialization,” he said. “It’s a place where you can find world-class talent, close to some of the world’s biggest industries, and we have expandable land with industrial heritage and infrastructure that can support the many companies we’re investing in. We help businesses take the next step.
“Newark really has it all. It has an industrial heritage, it has a truly great university, it's literally a stone's throw from us, and it's not just about (intellectual property), it's about for generations to come.” We have faculties that foster people who will shape the world.”
Turner said its proximity to New York City and Boston, two major areas for venture capital investment in hard technology companies, further enhances its appeal.
“This is a really unique place to build something like this,” he said.
