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Newark was one of the 20 finalists in 2018 for Amazon HQ2, which is a new headquarters. Newark's advantages included its proximity to New York City, low land costs, and higher education institutions. There were also major airport and fiber optic networks. Newark's extensive fiber optic network was established in 1990 by telecommunication companies. This network allowed data transfer between Manhattan, New York City, and other parts of the country to be made possible. The city also encouraged these companies to invest more than they actually needed. The vacant department store was transformed into a telecommunications center, 165 Halsey Street. It was one of the largest international carrier hotels. The dot-com bust left behind a surplus of dark fiber. Twenty years later, the city began using dark fiber to build high-performance networks within the city.
It created a hub for tech startups by increasing the concentration of skilled workers and increasing investments. Newark Venture Partners was an accelerator for startups and venture capital that launched in 2017. It invested $42,000,000 in its first round of funding in 97 portfolio businesses. It raised $85 million in its second round of funding in 2021. VentureLink@NJIT is the largest state-based startup incubator. It's located on the New Jersey Institute of Technology campus. It also has partnerships with international organizations like the National Association of Software and Services Companies of India. HAX Accelerator is an early-stage accelerator that focuses on hard tech startups. In 2021 it announced it would establish its US headquarters in Newark. It will also build a facility for industrial and chemical engineering.
