There are many measures of success in the universe of tech startups. Receiving funding and giving a high multiple exit to investors are right at the top. But something different is happening in Newark, New Jersey, the home of venture capital firm Newark Venture Partners that invests in early stage tech startups.
Their Demo Day held on January 15th was not just about investment opportunities in their 2019 cohort, but also about NVP’s commitment to the City of Newark led by Mayor Ras Baraka that is on its way to being a dynamic tech hub. One measure of this is the global reach of NVP’s accelerator program that now draws entrepreneurs from across the U.S. and as far as London and Tel Aviv.
The NVP team of Dan Borok, Tom Wisniewski, Joanne Lin, and Allison Williams presented their 7th cohort to an audience of investors, entrepreneurs and members of the broader Newark tech ecosystem. They also used the day to highlight the accomplishments of their seven cohorts to date that includes 29 of their 72 portfolio companies achieving a Seed or Series A round that in aggregate raised $273 million in follow-on funding.
But they also spoke about how NVP is building a special relationship with the City of Newark and its community. They were pleased to share that three of the seven presenters came from the local community. Also, twenty-one of their seventy-four cohort graduates maintain an operational presence in Newark, well-positioned to create jobs valuable to the local economy.
Behind NVP and its growing success is its founder Don Katz, CEO of Audible, who also co-founded the Innovation Cathedral, a building dedicated to innovators and entrepreneurs working together, as well as it serving as a marquee for Newark’s pioneering innovation zone and the site of the Demo Day.
In his opening remarks Katz acknowledged the important role of NVP’s corporate partners such as Audible, Prudential, Dun and Bradstreet and others who now readily engage with the startups in ways that facilitate their move forward. In addition, he noted that for every tech job created by their startups, five service provider jobs are also created and that over 10,000 visitors have come to Newark as a result of NVP’s activities—an energy and outcome hoped for when the idea to launch NVP was first considered years before.
One of the angel investors attending the event was Katherine O’Neill of Jumpstart New Jersey, New Jersey’s largest angel group, who thought the seven startup presenters were quite impressive.
“I thought that the depth of experience of the founders was very strong at this particular Demo Day,” O’Neill said. “Also, NVP’s focus on diversity in its founding teams is clear, given that six of the nine presenters are people of color and over 50% of NVP founders are women. We now know that diverse leadership yields greater success and success is what brings the investors.”
Now with a solid track record the NVP team is seeking applicants for its next cohort in the areas of: Fintech, Health Tech, B2B Enterprise Software, Marketplace, Future of Work, Voice and AI-powered applications. Support will be from a second $100 million fund with commitments already in place for half.
Guest speaker Wole Coaxum, founder of Mobility Capital Finance, Inc., a start-up financial technology company, and previously Managing Director at JPMorgan Chase, gave perspective on NVP’s focus on diversity and inclusiveness in honor of the event being held on Martin Luther King Jr.’s birth date.
In his remarks Coaxum observed that NVP is serving to close the “Opportunity Gap” that people of color historically have been denied. This offers the promise of closing the “Wealth Gap” that exists between white society and people of color, as well as women. When NVP funds entrepreneurs who locate into Newark those are powerful investments that “create real wealth in the community”…a goal now shared by many.
