Cloning Silicon Valley gettyThe New Jersey Economic Development Authority (NJEDA) and Morgan Stanley Multicultural Innovation Lab (MSMIL) are said to be working on a plan called NJ Accelerate to attract multicultural entrepreneurial talent with up to $250,000 in financing and free rent for 6 months. Another goal is to “turn the state into an innovation hub.” “Innovation” is a dangerous word. Carla Harris of Morgan Stanley Multicultural Client Strategy Group also notes that they have not had any casualties. Silicon Valley has succeeded because it has:· Attracted many of the world’s most talented entrepreneurs who bring ideas to Aha. MY TAKE: New Jersey and Morgan Stanley will do venture development a great favor if they allow someone to track their ventures – the successes and failures, if any.

Source: Forbes December 28, 2020 16:52 UTC