When it comes to fostering entrepreneurial ventures, few states can rival the welcoming environment that New Jersey provides. From its highly educated workforce to its strategic location, the Garden State has established itself as a prime destination for startups and businesses of all sizes. Having personally launched two businesses within its borders, I can attest to New Jersey’s business-friendly atmosphere that extends to both small enterprises and ambitious entrepreneurial endeavors. New Jersey is amongst the best states for entrepreneurs.
Five Compelling Reasons for Entrepreneurs to Choose New Jersey
Highly Educated and Skilled Workforce
New Jersey boasts one of the nation’s most educated workforces, with over 44% of residents holding bachelor’s degrees or higher. This percentage surpasses the national average by a significant 10%, granting entrepreneurs access to a deep pool of talented and skilled professionals. The state’s commitment to education has created a workforce capable of driving innovation and growth across various industries.
Strategic Location
Situated in the economic powerhouse of the Northeast, New Jersey offers businesses a strategic advantage with its proximity to major markets like New York City, Philadelphia, and Washington, D.C. The state’s robust transportation infrastructure, including well-connected airports, highways, and ports, streamlines the process of bringing products and services to broader markets, enhancing business efficiency and reach.
Supportive Business Climate
New Jersey’s pro-business stance is evident through a range of incentives tailored to foster growth. Tax breaks, grants, and loans are among the offerings designed to incentivize business expansion and job creation. Additionally, a robust network of business support organizations, exemplified by the New Jersey Small Business Development Center (SBDC) Network, assists entrepreneurs by providing free counseling and training resources.
Diverse Economy
The state’s diverse economic landscape presents a wealth of opportunities for businesses across multiple sectors. Financial services and technology sectors thrive alongside a burgeoning manufacturing industry, offering entrepreneurs ample options for growth. This diversification allows businesses to tap into a dynamic market with varied consumer demands.
Exceptional Quality of Life
Beyond its business-friendly attributes, New Jersey offers a high quality of life, making it an appealing location for entrepreneurs and their teams. Strong educational institutions, safe communities, and a rich array of cultural and recreational activities create an environment that attracts and retains top talent. This enriching lifestyle adds a competitive edge to businesses seeking to secure and nurture skilled professionals.
Supporting Entrepreneurs: New Jersey’s Resources
Additionally, New Jersey provides an array of resources that bolster entrepreneurial endeavors. The New Jersey Economic Development Authority (NJEDA) administers programs like the Tax Credit Program, extending grants and loans to businesses creating jobs and expanding within the state. The Economic Opportunity Fund (EOF) is another initiative that provides grants to businesses in economically challenged areas, stimulating growth and revitalization. The New Jersey Small Business Development Center (SBDC) Network offers valuable resources such as free counseling and training for small businesses. Moreover, institutions like the New Jersey Technology Business Center (NJTBC) and the New Jersey Innovation Institute (NJII) provide early-stage businesses with essential support through space, mentorship, and resources. Notable entities like Edison Partners and New Jersey Angels play a significant role in the landscape, investing in early-stage businesses and providing vital funding to catalyze growth.
New Jersey’s entrepreneurial ecosystem has nurtured many successful businesses, underscoring the state’s capacity for fostering innovation. Some prominent examples of these thriving businesses include Johnson & Johnson, the world’s largest healthcare company, which was founded in New Brunswick, New Jersey. Similarly, Prudential Financial, a renowned financial services company, originated in Newark, New Jersey. The pioneering audiobook company, Audible, has its roots in Newark, New Jersey as well. Additionally, a trailblazing robot manufacturer, iRobot, was established in Bedford, New Jersey. These trailblazing enterprises stand as just a fraction of the many thriving businesses that have flourished within New Jersey’s welcoming business landscape.
New Jersey: A Prime Destination for Entrepreneurs
New Jersey stands as a beacon for entrepreneurs seeking an ideal environment to start or expand their ventures. With its well-educated workforce, strategic location, supportive business climate, diverse economy, and exceptional quality of life, the state offers a comprehensive package that is built for success. Moreover, its array of resources—from financial incentives to robust support networks—cements its status as a fertile ground for innovation and growth. As exemplified by notable success stories, New Jersey has a proven track record of nurturing businesses to flourish on both a regional and global scale, making it one of the best states for entrepreneurs in the US.
Tom is a lifelong New Jersey resident, Rutgers and FDU alumni and the publisher of The Digest.
