Press Releases

Mayor Baraka, Acting Govenor Guadagno, Senator Booker, and Other Dignitaries Launch $50 Million Technology Venture Fund

Newark, NJ –- July 21, 2015 — Mayor Ras J. Baraka, Acting Governor Kim Guadagno, U.S. Senator Cory A. Booker, former Governor Thomas Kean, former Nebraska Governor and U.S. Senator Bob Kerrey, Audible.Com Founder and CEO Donald Katz, Prudential Financial Vice Chairman Mark Grier, and other leaders announced the formation of Newark Venture Partners, a $50 million technology venture fund that will bring a state-of-the-art, ultra-high bandwidth 25,000 square-foot accelerator to Newark, along with “Firebolt Newark Wi-Fi,” the world’s fastest, large-scale, contiguous public outdoor Wi-Fi to the City, at a press conference at Audible.Com in 1 Washington Park in downtown Newark yesterday.

Newark Venture Partners leaders will manage an early-stage investment fund that will provide capital as well as sophisticated company-building services and a collaborative state-of-the-art 25,000-square-foot accelerator workspace with ultra-high bandwidth access to the Internet for innovative tech start-ups.  The accelerator’s 1 Washington Park location, adjacent to Newark’s Broad Street train station and just 18 minutes by train from Manhattan, also houses the headquarters of Audible and its Newark-based employees as well as the Rutgers University Business School, which is providing rent-free access to the facility, now being readied for construction.

Also unveiled yesterday was downtown Newark’s new Firebolt Wi-Fi, the fastest network of its kind in the country.  Built by the Military Park Partnership, and funded by Audible, Prudential Financial, Rutgers Newark, and NJIT, the Firebolt Wi-Fi system covers a two-linear-mile stretch of downtown Newark.  The network which has already been used by more than 50,000 people prior to announcement is capable of delivering hundreds of megabits per second download speeds to client devices. The successful network was made possible by cutting-edge custom hardware from Ackrion Inc, a Springfield Massachusetts based startup.  In addition, the same cutting-edge solution is also available at several community recreation centers and housing authority locations in the city’s neighborhoods.  

Sign Up for E-News

“The fund and the Wi-Fi network are major steps toward establishing Newark as a technology hub for the region," said Mayor Ras J. Baraka.  "We are making the right tech investments in our workforce and our neighborhoods.  This is about creating more opportunities to grow the economy, for Newark 3.0 to thrive.”

“From Thomas Edison’s work to the invention of the transistor, New Jersey has a proud history of technological innovation,” said Sen. Booker. “Now, Newark is poised to take the next big step forward. Giving start-ups here access to ultra-high bandwidth Internet will attract more entrepreneurship to our community and bring the opportunities of an increasingly interconnected global economy even closer to people. That means the creation of jobs and a stronger city and state.”

Audible’s executives and advanced technologists will play a key role in providing mentoring to resident portfolio companies. “Audible moved to Newark in late 2007 to help accelerate the comeback of a great American city,” said Mr. Katz, also the founder of Newark Venture Partners. “As the fastest-growing private employer in Newark, we have added hundreds of employees who are thriving in a city at a historic tipping point.  Along with the Newark Venture Partners leadership team, we look forward to mentoring fellow entrepreneurs and their employees.”

The first fund of its kind in the New York metropolitan area, Newark Venture Partners is part of a national “social impact investing” trend characterized by a “double bottom line” investment thesis that will include regularly published metrics on the fund’s contribution to social and economic improvement such as job growth, taxable revenue growth, increased residential in-migration, foot traffic, and the growth of vibrant street level amenities.

“We say often that Newark has the greatest infrastructure in the region, and today’s announcements underscore that," said City of Newark Chief Information Office Seth Wainer.  "Look soon for more ways we will be leveraging that infrastructure for Smart City initiatives, gigabit services, and a more efficient government.” 

“We are excited to partner with Audible and other impact investors in creating Newark Venture Partners," said Mr. Grier. "Our hope is that these companies will grow to call Newark home, just as Prudential has since the company was founded here 140 years ago. Our additional support of Firebolt, the ultra-fast, public Wi-Fi network, promises to be a boon for the community of Newark by expanding Internet access, stimulating innovation and giving businesses a competitive edge. We are particularly pleased that our support extends the Wi-Fi beyond the downtown core to recreation centers around the city to further benefit Newark residents.”

“Access to broadband services and an understanding of computers and the Internet is key to the future of equality of opportunity,” said Reverend Dr. David Jefferson of the Metropolitan Baptist Church.  “Social Impact Venture Investing is clearly a way to do well and do substantial good too.  Newark’s 21st-century technology infrastructure must be attended by 21st-century skills for all of our citizens.  This fund and these efforts will surely be lasting milestones for the comeback of Newark.”

Newark’s transportation advantages, its proximity to New York City, its many cultural amenities including The Prudential Center and the New Jersey Performing Arts Center – and the presence of more than 40,000 college students – will also contribute to the creation of a vibrant growth economy environment.

“Rutgers Business School is excited to partner with Newark Venture Partners investors to realize this forward-thinking plan for attracting new companies to Newark,” said Rutgers University Newark Chancellor Nancy Cantor. “The establishment of a dynamic technology facility and hub for innovation also creates an incredible new avenue of opportunity for Rutgers students and the rest of the academic community in Newark.”

 

ABOUT NEWARK VENTURE PARTNERS
Newark Venture Partners is New Jersey’s first elite 21st-century venture organization, providing capital, company-building services and residence to innovative tech start-ups in Newark. Newark Venture Partners exists in principal part to establish Newark’s comeback as a technology and innovation hub, and to affirm Newark and New Jersey as a flourishing home to early-stage growth companies that will catalyze economic development and create access to new jobs for all citizens.

 

ABOUT FIREBOLT NEWARK WI-FI
Firebolt Newark Wi-Fi is Newark’s new free, lightning-fast public Wi-Fi network, connecting Newark’s downtown and other neighborhoods. Firebolt Newark Wi-Fi is the fastest, large-scale contiguous open public Wi-Fi network of its kind in the world.

TAP Into Another Town's News:

You May Also Like

Sign Up for E-News

Morristown

Roxbury's Trotter Named NJ Baseball Coach of the Year

March 28, 2017

ROXBURY, NJ - Roxbury High School baseball coach Greg Trotter on Sunday was named New Jersey Baseball Coach of the Year by the National Federation of Coaches.

The award, presented at the 2017 Coaches Hall of Fame, recognizes Trotter as a coach with a distinguished background, experience, service and promotion of baseball, according to Roxbury Schools spokeswoman Ann Rhodes.

Trotter, a ...

Investigation into Warren Krauszers Armed Robbery Continues, Police Seek Public's Help Identifying Suspect

March 28, 2017

WARREN, NJ - Detectives have released still images obtained from surveillance camera footage from the armed robbery at Krauszers on Sunday night and are asking for the public’s help in identifying the suspect.  

Detectives urge the public not to approach the suspect as he may be armed with a firearm.

Somerset County Prosecutor Michael H. Robertson, ...

Morris County Historical Society to Participate in "World War I Happened Here" Free Multi-Site Event on April 9th

March 26, 2017

MORRISTOWN, NJ - When the United States entered WWI on April 6, 1917, residents of Morris County came together as one community to support Allied efforts and defeat the Central Powers in Europe. Discover the depth of Morris County’s commitment, contributions, and sacrifices by its men and women at World War I Happened Here, Sunday, April 9 from 1 p.m. to 5 p.m., an admission-free and joint ...

Spring CraftMorristown Brings Handmade Creations from 150 Top Makers

MORRISTOWN, NJ - Spring CraftMorristown marks its 27th year at the Morristown Armory this weekend; Friday March 17 - Sunday March 19. This three-day, curated event brings winter-weary design lovers the opportunity to get “first dibs” on the year’s newest handmade creations from 150 top American makers.
 
Fine artists and craftspeople will be traveling from over 25 ...

Photos: Morris County’s 38th Annual St. Patrick’s Day Parade

MORRISTOWN, NJ – Thousands of residents and patrons braved the subfreezing temperatures on Saturday afternoon to turn out for Morris County’s 38th Annual St. Patrick’s Day Parade as they were treated to a variety of entertainment throughout the day.

“We march for our Irish heritage and I learned the importance of this parade in my first year as Mayor when we ...

Morristown Artist Paints "Conversations" onto Her Canvasses

March 28, 2017

MORRISTOWN, NJ  – The abstract paintings of local contemporary artist, Marcia Reich, will be on display and available for sale in a solo show at the Hyatt Regency Hotel Morristown’s Eclectic Grill Restaurant from April 1- June 30, 2017. The press and public are invited to a wine and cheese reception on April 22 to view the collection and meet the artist.

Entitled ...

Celebrate Irish History at Fosterfields Living Historic Farm in Morristown; Saturday April 22

MORRISTOWN, NJ - During the 19th century, Irish flocked to the United States and embarked on a new life. The American landscape became a melting pot of diverse cultures that immigrated to this country. Many Irish settled in the Morristown area and worked at Fosterfields Living Historical Farm.

On Saturday, April 22, from 11 a.m. to 4 p.m. visit Fosterfields Living ...

Morristown's Unity Charter School Holds Second Annual Induction Ceremony

MORRISTOWN, NJ - On Monday night Unity Charter School held their second annual honor society inductions.  Students were inducted into the National Junior Honor Society (NJHS) and the National Junior Art Honor Society (NJAHS).  The National Junior Honor Society is the nation's premier organization established to recognize outstanding middle school students. It is an organization that ...

Who Loves a Garage Sale? All County Garage Sale Comes to Morristown Saturday April 29

March 28, 2017

MORRISTOWN, NJ - Looking for treasures, bargains, antiques and colelctibles? Then don't miss the return of The All-County Garage Sale at Mennen Arena on Saturday April 29 from 9am - 3pm.

“Last year, thousands traveled from near and far to hunt personal treasures,” Mark Sutherland, Manager of Historic Sites at the Morris County Park Commission stated. “Happy customers ...

The Junior League of Morristown Hosts its Third Annual "Run It" Community Wellness Event

Fun-filled day of physical activities for children, youths, and their families to help encourage young people to exercise and make healthy life choices

MORRISTOWN, NJ - The Junior League of Morristown is proud to host its third annual “Run It!” event for children of all ages on April 2, 2017 to be held at The Y Zone in Cedar Knolls. This day of fun-filled active play ...

Free Maker Faire-style Event Open to All Morristown Area Residents

Denville, NJ-- The maker movement in the United States isn’t just a hobby; it’s having a significant impact on school curriculum development and growing local economies. To celebrate making and maker culture, residents throughout New Jersey will come together on Friday, March 24 and Saturday, March 25, 2017 in libraries, schools, museums, colleges, makerspaces, businesses ...

Morris Habitat ReStore Celebrates its 10th Anniversary

March 27, 2017

RANDOLPH, NJ - The Morris Habitat ReStore, located in Randolph NJ, is celebrating its 10th anniversary with special events, sales and fundraising opportunities. It took over 3 years to go from an idea to the grand opening of the ReStore on May 12, 2007.  To learn more about the ReStore’s interesting history go to www.morrisrestore.org/about-us/.

Right now, to emphasize its mission ...

Lincoln is looking for his Furever Home!

Lincoln “Abe” Friendly with Dogs, Friendly with Everyone!  

 

Lincoln is about 14-16 weeks old, about 26 pounds, and he is a handsome with a beautiful chocolate coat and white on his 4 paws and chest.  Lincoln also has an adorable wrinkly forehead!    Lincoln is a playful, friendly puppy who was rescued from a high kill shelter in NC and now living in a ...

German Language Schools Celebrate Karnseval, The “Fifth Season”

MORRISTOWN, NJ - Just like the Irish who celebrate the revered St. Patrick as the winter brings Spring, the northern European nations of Germany, Austria and Switzerland shake off the cold, dreary weather with a parade and a party during their their “fifth season.”  This mid-winter celebration is Mardi Gras -- northern European style.  Regionally called Fasching, ...

In Your Community

Atlantic Health System Joins American Cancer Society in Fight Against Colorectal Cancer

Atlantic Health System (AHS), a leading health care delivery network, announced today the organization’s commitment to increase colorectal cancer screening in New Jersey by joining "80 percent by 2018" - a national effort of the American Cancer Society in the fight against the disease. 

Colorectal cancer is the third most commonly diagnosed cancer in both men and women.

Who Will You Fall in Love with This Saturday?

MORRISTOWN, NJ - On Saturday March 18, Terry's Pet Depot is hosting a dog adoption from 12noon - 3pm.

The Pelzman family adopted Lucy an adorable pug while  the Cortese family fell in love with Benny. Lily found her forever family in the Lomelo's.

 Who will you fall in love with?

 

Vanguard Medical Group Receives Award Winning Office Design

Cranford, N.J., February 17, 2017. - Deanna's Interior Designs, who designs interiors for commercial, professional offices, model homes and residential properties, takes home a Meritorious Award for Contractor of the Year (Coty), for their work on Vanguard Medical Group’s Cranford Location.

The National Association of the Remodeling Industry awards Deanna’s Interior Design with ...

Without Mercy by Jefferson Bass

Without Mercy: A Body Farm Novel by Jefferson Bass (Harper Collins, 2016)

In James Patterson's Master Class, an online course which I recommend highly to aspiring authors, Patterson talks about the validity of writing with a partner. Patterson notes several well respected creative teams like Lennon and McCartney, Simon and Garfunkle, and explains that combining the creative juices of two ...

Murder on the Orient Express

‘Murder on the Orient Express’ streams along in sizzling suspense

By Liz Keill

PRINCETON, NJ – Agatha Christie’s murder mystery, “Murder on the Orient Express,” has received a terrific stage adaptation by Ken Ludwig. He’s taken a few liberties with the numerous characters, but has tightened the story line so that it all works seamlessly.

Ludwig ...

New Jersey Working Families Statement on American Health Care Act

March 24, 2017

In response to the news that the fourth of the five Republican members of New Jersey’s Congressional delegation has announced his intention to vote against the American Health Care Act, Analilia Mejia, director of New Jersey Working Families Alliance, released the following statement:

“GOP members of New Jersey’s Congressional delegation have felt the force and fury of their ...

Timely Tax Tips: How Are Your Social Security Benefits Calculated?

March 21, 2017

BASKING RIDGE, NJ- One of the most important decisions you’ll make about your retirement is when and how to take your Social Security benefits, but it’s crucial that you understand potential tax implications prior to doing so.

For many retirees that will have additional sources of income in retirement, Social Security benefits can push you into a higher tax bracket. However, ...

Upcoming Events

Wed, March 29, 2:30 PM

Peg Williams Gallery at Short Stories Bookshop & Community Hub, Madison

Group Art Show: Optimism in Action

Arts & Entertainment Business & Finance Education Giving Back Health & Wellness

Wed, March 29, 5:30 PM

Great Swamp Watershed Association Headquarters, Morristown

Taste of Nature Party

Education Food & Drink

Thu, March 30, 12:00 PM

Temple B'nai Abraham, Livingston

NCJW/Essex presents In Her Combat Boots - Stories ...

Education Government Health & Wellness

Verizon Invested $547 Million in New Jersey in 2014

March 28, 2017

Verizon has announced it has invested more than $547 million in its fiber-optic and wireline networks in New Jersey last year as one of the largest private capital investors in the state.

Last year, Verizon continued deployment of its 100 percent fiber-optic network, with its FiOS TV and FiOS Internet services, the telecommunications giant said.

At year's end, FiOS ...

3rd Annual Verona Green fair

March 26, 2017

Sustainable Verona and the Township of Verona are happy to announce that the 3rd Annual Verona Green Fair will be Saturday, May 20th from 11am-4pm in the Verona Civic Center. The rain date will be Sunday, May 21st.

This event is free and will feature many different types of vendors, exhibitions and demonstrations, children’s games and learning experiences, a shredding event, medicine ...