New Jersey has always been a hub of tech innovation - you just might not realise it. From what feels like the prehistoric days of Thomas Edison's groundbreaking work to big brands like Panasonic - New Jersey knows how to breed pioneering tech innovators.
Still, compared to other corners of the globe, New Jersey has reverted to being somewhat of an emerging tech industry.
Below, we'll explore how it can learn from New Zealand's thriving tech hub.
New Jersey has an impressive talent pool thanks to its world-class higher education institutions and strategic proximity to cities like New York and Philadelphia. That means easy access to venture capital and other financial resources.
Similarly, New Zealand has created an environment conducive to tech growth. As the technology industry becomes more significant in contributing to the national economy, there has been a rise in offshore revenue generation through technology exports and partnerships.
No technology can entirely rely on its own tech. It has to exist within an ecosystem of other technologies. For example, let’s take a look at iGaming platforms. Website design, first and foremost, is essential – after the internet and laptops/PCs/smartphones! But, for games like in the live casino genre, cameras, microphones, streaming technology,and image recognition software are all needed to run a successful platform. It’s complicated and all relate to each other. Often, this relies on getting the best of the best from around the world.
Innovative business models that have succeeded overseas, particularly in Australia or the US, should be adopted by Kiwi firms, providing comprehensive financial advisory services and a networking support system.
With 2.14 million square feet of data centre space and an extensive municipal fibre network, New Jersey boasts robust tech infrastructure that is second to none in America - if not the world.
This high-speed digital backbone is crucial for fostering innovation because it provides businesses with fast connectivity speeds needed to develop new products quickly without worrying about slow internet connection speeds. It also allows them to access various cloud computing platforms easily, which enables scalability when necessary without the large investment costs upfront. It's so common to lack local data storage capacity elsewhere across the globe, including in Europe, where many countries still lag.
New Zealand has also made significant investments in its tech infrastructure. The country's digital framework supports endless activities, from software development to high-tech manufacturing, which are critical for economic growth.
The tech industry is booming in New Zealand, where it has grown by an impressive 77% over the past decade - this makes it the second largest export earner for Kiwis after dairy products.
This international focus on markets beyond the backyard shouldn't escape notice amongst Garden State entrepreneurs who may find themselves stuck thinking locally rather than acting globally with their business ideas. Parts of New Zealand are, as the saying goes, stuck in their ways.
Still, more NZ tech companies are looking at growing their offshore revenue through acquisitions to gain entry into new markets and secure access to different technologies.
New Jersey and New Zealand understand that having a skilled workforce is vital for driving innovation in the tech industry. Higher education institutions in New Jersey produce many talented graduates, while various programmes aimed at nurturing these skills among students have been implemented across New Zealand too.
A key takeaway from what has happened so far in New Jersey would be continuous learning coupled with adaptability, something already stressed due to the changing nature of the artificial intelligence field - and if you didn't know it yet, everyone is focusing on artificial intelligence. Demand keeps shifting towards newer areas requiring updated knowledge - lifelong educational initiatives need to be put in place to ensure competitiveness among workers within the global technology space.
The technology sector in New Jersey can use New Zealand's success as a learning experience. There are some areas where New Jersey is slightly ahead, like its education system and city ties, but there's still much to learn from New Zealand.
