Duncan Turner remembers the day last fall when HAX announced it was coming to Newark — and the hard-tech accelerator from Princeton-based global venture capital firm SOSV pledged to grow 100 companies in the state over the next five years. Institute of Art.
He remembers how – apart from the announcement – there wasn’t much to report.
For a firm known around the world for building companies from the ground up, the plans for the HAX office in Newark were really in the early stages.
“That’s when we decided this announcement was happening,” he said. “There were a lot of details that needed to happen.”
Turner, a general partner at SOSV, has been managing director of HAX’s office in Shenzhen, China, overseeing multiple listings abroad (now based in London) and on trips to New Jersey.
Turner, who will move to New Jersey full-time in mid-September, has a lot to look forward to.
Earlier this month at 707 Broad St. HAX, which announced it will take 35,000 square feet in Newark, has been operating out of the building (in a temporary location) since April.
It employs a team of 9 people, including Chief Science Officer Susan Schoffer.
The HAX team in Newark
Hard tech accelerator HAX has assembled a diverse team to lead its Newark operations, including:
- Susan Schaefer, Partner, Chief Scientific Officer: Shofer, Ph.D. from the California Institute of Technology with two decades of experience in introducing and expanding the business of chemistry, industrial biotech and chemistry – and early pioneers in deep tech, including Amyris, Simix and Modern Field.
- Andrew GolakInvestment Associate: Has 10 years of experience in scatting companies in the industrial chemistry sector.
- Leo Chen, Program Manager: Manages teams in their prototype/product development and connects founders to HAX engineering resources; He has experience from Google’s Sidewalk Lab.
- My akinsiaEcosystem Development Director: Experienced in business development in healthcare focused on expanding HAX’s partner and corporate network.
- MJ Durkin, Operations Associate: He is focused on operations; At Google, it’s driven by deep experience building from the ground up.
- Help SophieDigital Media Lead: Expanding HAX’s online presence while managing marketing initiatives.
- Ara VarmaInvestment Analyst: She diligently supports the investment team on new and ongoing investments.
- Joe OliveiraWorkshop Manager: supports teams in prototyping and managing the build of the HAX workshop.
- Dylan CroweInvestment Associate: Focuses on deal flow for HAX pre-seed investments globally. He has experience expanding HAX’s footprint in Asia.
He is working with the New Jersey Institute of Technology in a number of ways, making good on his promise to stay active in the greater Newark community.
And it has invested in – and grown – five companies and counting.
Turner, who has worked at accelerating startups, said the speed at which HAX was able to move was more surprising than he expected.
“I would say we moved quickly. “I think the key for us was hiring a killer team to run the program and help the startups.
“That’s what I expected to take a little longer. But we’ve been able to find the right people locally, and we’ve also brought some of our international talent to Newark.
Then there is the building.
The fact that we were able to sign a lease and make plans – I think it is possible to fully land on the site with a full chemical wet laboratory in the first half of next year – is amazing. ” He said. “If you had asked me 11 months ago, I would have said, ‘This is impossible.’
Turner said it was possible because of support from the state (the New Jersey Economic Development Authority is a minority partner) and the city of Newark, including Mayor Ras Baraka.
“We were very happy with both Newark and New Jersey and the choice we made,” Turner said. “It was a big decision for us. We had a lot of options, but it was consistently good there.”
“The last time I was in Newark, I saw the mayor walking the streets, visiting stores and shops. I have never seen anyone at his level give such support. He’s really involved with the community and wants things to happen like we do.
Turner recently spoke with ROI-NJ about all things HAX and Newark. See more of the discussion, edited for space and clarity.
ROI-NJ Talk about the place.
Duncan Turner: Obviously it will take time to build the place, but we want to move with some investments. The landlord has become great; They have given us temporary space on the 10th floor and we are fixing our floor.
It’s very start-y. It’s a great open space to help us build some of the technology we’re working on there.
Connect with the Newark community
Officials at venture capital firm SOSV and hard-tech accelerator HAX are making good on their commitment to bringing a worthy presence to the Newark community.
- Laboratory/workshop partnership with NJITHAX has partnered with the New Jersey Institute of Technology to open a chemical lab space for startups. HAX teams have access to NJIT’s advanced workshops and prototyping spaces.
- Counseling and promotion: HAX has more than 150 hours of consulting and training with local institutions including NJIT, Rutgers University and Princeton University;
- exercises: HAX intends to partner with NJIT to acquire interns who will work directly with HAX founders on engineering and business development while working directly with startup founders. Two HAX startups have already accepted interns from this program.
ROI: Tell us quickly about at least one of the companies you are already working with.
DT: Some are building pretty big robotic automation devices. Renovate Robotics is building a robot that assembles and installs roof shingles. It goes up to the roof on the roof, and then it is installed. It needs a roof-sized area to work. The location is perfect for that.
ROI: How many companies do you work with?
DT: We don’t count them until they’re in – and it takes a while to get into the building after we’ve made the investment. But at the moment it is five, and at least three are likely to come in the next month or two.
What we’re really focusing on is building the actual wet lab and putting all the equipment in place. Then we can have a big flow.
ROI: How much and how fast will the flow be?
DT: We are well positioned to hit 100 companies. And this time next year I expect it will probably be about 25.
ROI: But you only have 35,000 square feet; Will that be enough space?
DT: will be. One of the great things about Newark is that there is so much great space around. So, groups will eventually have access to 707 spacious or diverse spaces in the Newark area, stay with us as you weigh in.
They will not stay with us forever. They grow to a dollar level, Series A or group size of five or six people – and then they start looking for their own places in the area.
ROI: We know that New Jersey and Newark officials hope these companies will stay in Newark for a long time, but where do they start? Will you be able to attract international attention as you planned?
DT: It’s truly global in reach. We call ourselves an ecosystem investor. So, when we choose different places to invest, we ask, ‘What are the things around an area and what are the things that make the companies we invest in profitable?’ That should ring not only to people in the area, but also to anyone from the West Coast, Canada, Europe or Asia.
We think we got it with Newark. So the environment in which we find these companies is truly global.
ROI: You are international, but you said it was the local efforts in the state that drew you here. Talk about how Gov. Phil Murphy’s push on green energy and climate change, including offshore wind and electric vehicles, helped bring Hacks to New Jersey.
DT: That was absolutely huge. It’s a big part of why we’re so excited about the facility. We were looking at a lot of places, and New Jersey stood out because of the vision and the tools available to help these companies.
When you think of renewable energy, most people only think of solar panels and turbines, which is definitely a big part of it. But, there’s a whole other component around how you service those things, how you load those things, how you handle the long-term energy storage to make sure you have grid capacity. These are all sectors in which we actively invest.
Getting the governor behind this is a big win for us and a big reason why so many companies from outside the US are coming to New Jersey.
ROI: It remains to be seen if they can get up and running as quickly as HAX did.
Already investing in Newark
Last fall, Princeton-based global venture capital SOSV announced plans to help create 100 hard-tech companies in Newark, North America’s hard-tech accelerator HAX in New Jersey. HAX is still months away from its permanent location, but it has invested in five companies and is working with them in its temporary space in Newark.
- Reinvent robotics: Robotics for Automatic Solar Shingle Installation;
- XN HealthA medical device to increase ventilation efficiency;
- PDSA portable diagnostic tool;
- PoniesPortable ultrasound using artificial intelligence and machine learning;
- GaiaA better data visibility platform for forest/forestry carbon markets.
Two former HAX startups (in which the company originally invested from 2019-21) also moved to the new HAX facility in Newark (from Boston and Toronto).
