Stevens Hosts Official NJ FAST Launch Event

Governor Phil Murphy officially cut the ribbon to open the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) in Hoboken. NJ FAST is a partnership among Stevens, the New Jersey Economic Development Authority (NJEDA), Prudential and Plug and Play, a Silicon Valley-based firm and innovation platform that connects startups, corporations, venture capital firms and government agencies.

The collaboration is designed to help fintech startups grow and achieve success through mentorship, funding, resources and exposure.

“We are establishing New Jersey as the destination for the world's top minds in finance and technology to join together in pioneering, game-changing innovations,” Governor Murphy said. “NJ FAST will bring together entrepreneurs, investors, students, faculty and many more to explore the potential of their boldest ideas and, at the same time, chart new promising pathways toward commercialization. With this partnership, we will position New Jersey students and its startups to incubate groundbreaking financial tools and technologies, creating a new generation of economic opportunities for our workers and families.”

The event brought together various stakeholders, including government officials, academic leaders, entrepreneurs and industry representatives, for a day of celebration, learning and networking. As a key partner in NJ FAST, Stevens’ role in this initiative underscores its significant contributions to the fintech field.

Stevens brings to NJ FAST decades of expertise in financial systems technology, AI, and cybersecurity. The institute's strong presence in the fintech industry, including its leadership of the NSF-backed Center for Advancing Financial Technology (CRAFT), positions it at the forefront of innovation.

“This event is the culmination of more than 150 years of innovation and technological progress at Stevens,” said Stevens President Nariman Farvardin. “The future of finance will be greatly impacted by the influence of technology, artificial intelligence, cybersecurity and quantum computing — all things that Stevens has played a leading role in advancing. This partnership is extraordinary and unique, creating what is likely to be an incredibly successful accelerator for New Jersey fintech startups.”

Stevens and Prudential support include specialized training, educational programs and licensing opportunities. Faculty and students from Stevens will collaborate directly with partners and startup fintech companies, leveraging their expertise in emerging fields. Additionally, Stevens has committed to maintaining a dedicated team of student interns who will support the participating companies, enhancing both the startups' growth and the students' real-world experience.

“We have many students and faculty who are eager to contribute,” said Gregory Prastacos, the former dean of the Stevens School of Business who helped secure the partnership. “We’re also contributing infrastructure and data. We are committed to making NJ FAST a success. Thank you to Governor Murphy, who has been a visionary in launching this initiative, the NJEDA, Plug and Play and Prudential. We are looking forward to our continued collaboration.”

The program also included pitch sessions from 20 startups vying for a place in the first cohort beginning this fall. The NJ FAST program is designed to provide support services to eligible businesses, including technical assistance and mentorship, access to state-of-the-art facilities and equipment, and networking opportunities with potential investors and partners.

The companies chosen by a partner vote were:

These companies will begin a three-month curriculum with weekly mentorship sessions, business model refinement and pitch polishing. Upon completing the initial program, they will present their achievements at an event hosted by Plug and Play.

“Our idea is to create economic development and actually change our lives, and the best way to do it is through entrepreneurship and startups,” Plug and Play CEO Saeed Amidi said. “We are here and would love to connect with the community, investors and mentors. We would love to build this ecosystem together to help these startups build their dreams.”

As the NJ FAST program rolls out, it is expected to be crucial in assuring New Jersey's position as a hub for technology and innovation.

“It was a natural partnership for Stevens to take the leadership role.” Kathleen Coviello, the chief economic officer of the NJEDA, said. “We're extremely excited and passionate about the fact that we're Plug and Play’s first East Coast operation. We want them to spend more time here because we think there are even better companies, better valuations and better entrepreneurs.”