Establishes programs in EDA to support New Jersey-based start-up, small businesses, and medium-sized businesses adopting artificial intelligence capabilities; appropriates $175.5 million.
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes programs within the New Jersey Economic Development Authority (EDA) to support New Jersey-based start-ups, small businesses, and medium-sized businesses in adopting artificial intelligence (AI) technologies. It creates the ‘AI Job Creation and Economic Development Fund Program’ to provide grants and loans for AI business development and innovation hubs, the ‘AI for Small Business Grant Program’ to offer grants for AI adoption, and the ‘AI for Small and Medium-Sized Businesses Consultancy Program’ to provide technical assistance. The bill also appropriates $175.5 million to fund these initiatives.
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