Listen to this articleThe basics:
- NJEDA awards $75K to support SHCCNJ Innovation Business Hub at NJCU
- Center offers technical education, mentoring, networking for entrepreneurs
- SHCCNJ to host workshops, connect businesses with state resources
- Initiative aims to boost Hispanic-owned businesses and local economic growth
At a July 30 event on the Jersey City waterfront, three organizations marked a key partnership to support entrepreneurship in the great Garden State.
The New Jersey Economic Development Authority announced financial support for the development and operation of the Statewide Hispanic Chamber of Commerce of New Jersey Innovation Business Hub. The New Jersey City University School of Business houses the center.
Last year, SHCCNJ and NJCU signed a Memorandum of Understanding to expand the Hispanic Business Hub onto the NJCU campus. The MOU also established new educational and professional opportunities for students. The partners cut the ribbon on the space in February. The hub focuses on enhancing collaboration on workforce development and entrepreneurship initiatives.
“We are here to celebrate the Innovation Hub and this wonderful partnership. And that spirit of innovation, of ideas of progress and growth,” said SHCCNJ Communications Director Giovanna Aguilar. “And the spirit of students that we all have – that begins when we’re young. That through our leadership and through our Latino community, a spirit of American dream and entrepreneurship is really alive.”
Aguilar moderated the event.
Key things to know:
- NJEDA will provide $75,000 in funding
- Allows SHCCNJ to convert a classroom to serve as office space for the Hub. The space will offer a physical location for local business owners to gather as well as attend workshops, seminars and other networking events. It will also provide educational resources and tools
- The Hub will offer comprehensive technical education programs. These services will provide small businesses with access to an educational platform to take courses, review materials and access key resources
- SHCCNJ will provide personalized mentoring and coaching for business owners, including facilitating one-on-one sessions with industry experts
- The space will also host foreign guests, diaspora businesses and entrepreneurial exchanges
- Also provides the opportunity for the SHCCNJ to connect business owners with the NJEDA’s Small Business Bonding Readiness Assistance Program. That initiative provides a series of classes, workshops and strategic counseling sessions. Materials cover a variety of topics relevant to small businesses across sectors
Prospering in place
Officials say that the partnership – and the space – aim to foster innovation and spur economic growth.
“What makes this partnership so meaningful is our shared belief that in New Jersey, you don’t have to uproot yourself to tap into your potential – you can prosper in place,” said NJCU President Andres Acebo. The leader recently dropped the interim tag and was appointed as the institution’s 13th president earlier this month. “We’re anchored right here in Hudson County, where nearly half of our population is foreign-born and where the promise of America speaks in an accent.
“This initiative allows us to institutionalize the organic connections that have existed for years, providing our students with direct internship and externship opportunities.”
This initiative allows us to institutionalize the organic connections that have existed for years, providing our students with direct internship and externship opportunities.
— Andres Acebo, president, NJCU
SHCCNJ Chairman Luis De La Hoz said the investment from NJEDA represents more than just funding.
“It’s a commitment to our community’s future,” said De La Hoz. “The SHCCNJ Innovation Business Hub will serve as a launchpad for entrepreneurs to scale their businesses, access critical resources, and foster meaningful connections.”
SHCCNJ President and CEO Carlos Medina noted his Hudson County upbringing (not far away, in Union City). He says that experience says gave him the grit to find success in business.
“Luis, I’m glad you didn’t use a common proverb that we stole from Sen. Cory Booker. An African proverb that says – if you want to go fast, go alone,” said Medina. “If you want to go fast, go together.”
Medina said that Latino-owned businesses contribute more than $100 billion to the state economy.
“This Innovation Hub is about impact,” said Medina. “It’s about turning that economic power into lasting opportunity. At the Chamber, our culture of advocacy grows stronger every day as la familia levels up small business for big impact.”
Nurturing the next big thing
NJEDA Chief Executive Officer Tim Sullivan said this effort is about building an economy that is bigger and stronger — and creates more opportunity. He stressed that is not only the right thing to do, but the smart thing to do to create wealth, prosperity and jobs.
“It’s about entrepreneurship – that small business that goes from one or two people to a fleet of restaurants, or the next Johnson & Johnson or Merck,” said Sullivan. He noted that the Hub offers the chance for enterprises to thrive and grow as well as potentially create generational wealth to pass on to future New Jerseyans.
“That’s what the Center is all about – about building a business that might be someone’s side hustle today; might be something they’re working on nights and weekends – that could be the next big thing.
“It’s about a place where a dream can take root, be incubated, cared for and fed – and hopefully grow into something great that can be the next big Jersey success story. Particularly within the Hispanic business community, which is kind of the unsung hero in Jersey economy.”
Long-term thinking
Sullivan stressed, “The NJEDA is proud to collaborate with the SHCCNJ and NJCU on its Innovation Business Hub, which will create networking opportunities and expand access to resources for the next generation of business owners.”
In a press release, Gov. Phil Murphy said this partnership is an extension of the administration’s commitment to expanding the state’s innovation economy and creating an ecosystem where all businesses can thrive.
“The SHCCNJ Innovation Business Hub will provide resources to emerging businesses across our state, strengthening New Jersey’s long-term economic competitiveness.”
