Stevens to Host NJ FAST Fintech Accelerator

After almost two years of planning, NJ FAST is here. In May 2024, Governor Phil Murphy visited the Stevens Institute of Technology campus to announce in front of an audience of industry leaders, entrepreneurs and academics that the New Jersey Economic Development Authority (NJEDA) and Plug and Play, a Silicon Valley-based firm and innovation platform known for connecting startups, corporations, venture capital firms and government agencies, are forming a partnership known as the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST). The leading academic partner will be Stevens.

“Serving as the fourth Strategic Innovation Center, NJ FAST positions New Jersey to remain at the forefront of innovation, research and development, specifically within the cutting-edge fintech and insuretech sectors,” said Governor Murphy. “NJ FAST will allow for new entrepreneurs to bring their worldclass ideas to New Jersey, increasing our state’s already impressive talent pool, all while capitalizing on the resources and expertise of our partners at Stevens Institute of Technology. This center sends a clear message that when it comes to technology and innovation, the Garden State is the place to be.”

This Strategic Innovation Center (SIC) will serve as a hub for financial technology (fintech) and insurance technology (insuretech) startups. Stevens brings to NJ FAST decades of expertise and leadership in financial systems technology, AI, cybersecurity and more. Stevens’ faculty and students will collaborate directly with partners and startup fintech companies to advance fintech’s frontiers and spur economic growth.

“We are very bullish about this collaboration,” said Stevens School of Business Dean Gregory Prastacos. “Stevens will be providing every startup with brilliant students to help them grow, with access to our valuable Nvidia H100 processors for their AI developments, with faculty who are thought leaders in fintech and AI, and with our extensive alumni network who are successful executives in almost every Wall Street firm.”

“At the same time, we will be giving our students the opportunity to work alongside the founders, and get the vibe and the experience of what it means and what it takes to make something new and commercializable. We want to grow the future generation of fintech entrepreneurs!”

The program will host two cohorts a year, which will consist of at least 10 companies per cohort. Companies will be recruited globally to participate in the program, but at least 20 percent of the cohort will be from New Jersey and there will be a strong focus on diversity, equity and inclusion. Equity investments of up to $1 million will be made in at least 15 percent of participating companies. Pending approval by its Board, the NJEDA intends to invest up to $17.5 million in the fintech accelerator.

NJ FAST comes to complete the unique positioning of Stevens in Fintech. “With our extensive academic offerings that include 2 undergraduate programs, 3 masters programs, 3 doctoral programs and many executive certificates, the CRAFT center producing cutting edge research on Fintech, the corporate partners of CRAFT, and the addition of NJ FAST attracting fintech startups and giving the opportunity to our students to work with these startups, we complete a magical triangle of teaching – research - practice in fintech, that is truly unique in the country and probably around the world,” says Dean Prastacos.