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NJ FAST, the fourth Strategic Innovation Center in New Jersey, has been launched to support research and development, innovation, and entrepreneurship in the Fintech and Insuretech Sectors. The accelerator hub, known as the Fintech Accelerator at Stevens Institute of Technology, is the first location on the East Coast for Plug and Play, a Silicon Valley-based firm. The program will host two cohorts a year, with at least 10 companies per cohort, and will focus on diversity, equity, and inclusion. The NJEDA has signed a non-binding letter of intent to form a limited partnership known as NJ FAST, with a potential investment of up to $17.5 million. Stevens Institute and Prudential will provide training and other educational opportunities for start-up companies participating in NJ FAST. The initiative aims to create new business ventures for entrepreneurs in New Jersey and the region.
