As part of its ongoing efforts to promote cross border trade through innovation, investments and technology partnerships, the National Association of Software and Services Companies (NASSCOM) announced last week that it has signed a Memorandum of Understanding (MoU) with VentureLink@NJIT and Choose New Jersey. This partnership aims to facilitate partnerships between New Jersey and India and will promote technology-based Foreign Direct Investment between the two regions as well as amplify global competitiveness between the companies operating in both geographies. This would also support collaborative research and development in areas of common interest between the organizations of these regions.
The MoU was signed by Shivendra Singh, NASSCOM, Jose Lozano, Choose NJ and Simon Nynens – NJIT on September 16 at New Delhi. Labelled as the NASSCOM Launchpad, the partnership will create a 90-day complimentary soft landing space to use as a home base in New Jersey for promoting business opportunities for NASSCOM member companies. This will include a supporting ecosystem for enhancing flow of insights and developments on technology, innovation, investments, regulations and information from their specific regions. The partnership will also facilitate business partner match making and assistance with introductions with prospective clients and collaborative opportunities for member companies of all parties.
NASSCOM members will frequently be made aware of strategic advantages, government policies and initiatives in New Jersey for collaborative opportunities as well as provide reciprocal services about the Indian IT industry scenario to VentureLink@NJIT members. Under the partnership, NASSCOM will also organize webinars and discussions to enable interactions between VentureLink@NJIT and NASSCOM members.
Speaking on the partnership, Debjani Ghosh, president, NASSCOM, said, “This is yet another milestone partnership for NASSCOM that will act as a prominent catalyst for the global expansion of Indian IT companies. As a country, India can further strengthen its potential as an innovation hub through more investments in research and strategic collaborations. It is our global initiatives and partnerships that will pave the road ahead and create an ecosystem that nurtures co-creation and innovative partnerships. We are confident that this association will create a win-win for both the sides.”
Governor Phil Murphy said, “There is no better place for businesses looking to grow than New Jersey, and this partnership will give NASSCOM member companies direct access to NJIT’s impressive Venturelink Incubator, along with three-months free rent. We are thrilled that as many as 10 companies are already waiting to take immediate occupancy and we can’t wait to welcome them as partners in New Jersey’s innovation economy.”
“We are pleased to announce our partnership with NASSCOM and VentureLink@NJIT,” said Jose Lozano, president & CEO of Choose New Jersey. “Governor Murphy’s number one priority is to foster an unrivaled economic ecosystem where innovative and game-changing companies can find a home and succeed in New Jersey. Innovation runs deep throughout our state’s DNA, and we are confident that with NASSCOM as our partner, we will make New Jersey’s innovation economy a reality.”
The partnership will also involve Choose New Jersey as the interface between NASSCOM and VentureLink@NJIT; they will facilitate interactions and engagements between the organizations and two parties wherever required. Such a collaboration will form an alliance that works towards the government initiatives to support the IT sector and technology workforce of the country.
“As we open the entirely rebuilt, refurbished, and refreshed incubation center at NJIT … largest business incubator in New Jersey at 110,000 square feet, VentureLink is proud to host international companies looking to move to our state,” Simon Nynens, VP, chief commercial officer, NJIT, said.