Michael Connallon, Managing Partner, Garden State Venture Partners

In an interview with Invest:, Michael Connallon, managing partner of Garden State Venture Partners, said that building a resilient and interconnected innovation ecosystem is key to driving long-term economic success in New Jersey. “We don’t just see Garden State Venture Partners as a fund—we view it as an integral partner that supports modern and resilient innovation in New Jersey.”

Could you give us an overview of Garden State Venture Partners and its role in shaping innovation and entrepreneurship in New Jersey?

New Jersey is home to over 60 colleges and universities, including eight major research institutions and more than 7,000 ongoing research projects. It’s a vibrant hub of breakthrough discoveries and is seen as a national leader in innovation and economic development.

Over the past decade, the state’s universities, government agencies, and corporations have increasingly partnered with incubators, accelerators, and venture funds—both local and international—to translate research into real-world impact. Garden State Venture Partners was established to unify and amplify these efforts.

As manager for both the Rowan Innovation Venture Fund and Garden State Venture Partners, we are uniquely positioned to deepen existing partnerships, create new ones across the state, and serve as a catalyst for innovation. Ultimately, our mission is to drive long-term economic success for New Jersey and its stakeholders.

What significant changes or milestones over the past year have had a major impact on Garden State Venture Partners?

We don’t just see Garden State Venture Partners as a fund—we view it as an integral partner that supports modern and resilient innovation in New Jersey. One notable milestone is our management responsibility for driving the evolution of the Rowan Innovation Venture Fund, which is focused on catalyzing university-based research opportunities, alumni-led startups, and regional ventures that benefit from university access and resources. Our investment team brings deep venture experience and industry operational expertise to scale the fund’s value and strengthen commercial pathways for university-led research and technology. RIVF is a proving ground for companies as they grow and scale.  It also provides an additional robust funnel of opportunities for Garden State Venture Partners to filter through for investment through GSVP ‘s next Fund. 

Additionally, GSVP has partnered with the NJEDA, Rowan University, Cooper University and Plug and Play to launch the State’s newest strategic innovation center focused on medical technologies.  This is a pivotal milestone for GSVP and for New Jersey’s innovation economy.  By aligning early and later-stage capital with world-class academic research and the clinical expertise of leading health systems, we are building a powerful platform to accelerate breakthroughs in healthcare and medical technologies—sectors that are vital to both public health and long-term economic growth across the state.

How would you describe the venture capital landscape in New Jersey compared to neighboring ecosystems like New York or Philadelphia?

The venture capital landscape in New Jersey is at a pivotal point. We have the talent and the research capabilities, and we’re tackling real-world problems that matter.

Historically, New Jersey has lacked the density of local early-stage capital that other innovation hubs—like Silicon Valley or Boston—have long benefited from. Despite that, we continue to generate exceptional innovation, largely through our university systems and corporate R&D efforts.

Garden State Venture Partners’ goal is to bring capital closer to that innovation, allowing startups to scale right here in New Jersey rather than relocating elsewhere to raise additional funding.

Which sectors do you see gaining the most attention from investors?

We’re big believers in the potential of healthcare and digital health. New Jersey’s hospital systems are a tremendous asset for piloting and validating the solutions our portfolio companies are developing.

New Jersey is also a leader in life sciences and biotech—14 of the world’s 20 largest bio and pharma companies either have headquarters or major operations here. We’re able to leverage cutting-edge university R&D and a rich pool of STEM talent to drive our companies’ growth.

The state is also building the foundation needed to attract and scale cutting-edge AI companies. We’re seeing AI intersect with core New Jersey industries like healthcare, logistics, and financial services in ways that can drive both economic growth and societal impact. The opportunity is enormous—and New Jersey is ready to lead.

That said, we don’t chase trends. We focus on solving real, regional problems with scalable, capital-efficient solutions. We invest in researchers, alumni founders, and proven technologies that require more than just capital. We offer strategic guidance, corporate partnerships, and hands-on support to ensure our portfolio companies have the ecosystem they need to grow and succeed.

What are some of the key challenges and opportunities startups face in today’s economic climate?

Access to capital remains a major challenge—many startups still feel they need to go to New York or San Francisco to raise their next round of funding.

Another challenge is the perception of a fragmented ecosystem. There are many great resources in New Jersey, but they’re not always well-connected or visible.

For early-stage companies, especially those emerging from deep research, commercialization risk is also a major hurdle—bridging the gap between research and product-market fit is not easy.

At Garden State Venture Partners, we work to reduce these friction points. We can bring aligned capital, hands-on support, and the connections that founders need to scale and stay in New Jersey. We see ourselves as an aggregator—bringing together the state’s many resources for the benefit of entrepreneurs and investors alike.

Are there particular regulatory or economic challenges that you think government entities need to address more effectively?

It’s clear that New Jersey’s legislative and business environment is becoming increasingly supportive of innovation. We’re seeing real momentum—from the rise of strategic innovation centers across the state to other efforts championed by the NJEDA and Choose New Jersey that offer early-stage support, funding, and infrastructure to help startups take root.

Governor Murphy’s recent signing of a legislative package aimed at supporting innovative businesses—including proposals to enhance QSBS eligibility and create angel investor tax incentives—signals a strong commitment to making New Jersey a competitive hub for founders and investors alike. The trajectory is positive. At GSVP, our job is to ensure startups are plugged into these evolving opportunities so they can scale—and stay—right here in New Jersey.

How are you working with research institutions, corporate partners, and government agencies to expand access to capital, talent, and resources?

Broadly speaking, our interconnected partnerships are a major strength. By building relationships across institutions and industries, we’re creating a flywheel effect around the fund. This expands awareness, opens doors for collaboration, and strengthens the overall ecosystem we’re supporting.

We’re seeing a statewide push for the development of innovation centers, accelerators, and venture studios. Over the next three to five years, we believe New Jersey is positioned for a transformation, and we see ourselves as long-term partners in helping realize that vision of becoming a top-tier innovation hub.

How do your long-term priorities align with the broader innovation outlook for the state?

We see a unique opportunity to bring together in-state resources to build a stronger ecosystem. That means supporting entrepreneurs, advancing the innovation economy, and building workforce development pipelines through our universities.

By embedding real-world experience and academic collaboration into our portfolio companies, students graduate with the skills and opportunities to step directly into industry roles.

When you have an ecosystem that’s well-connected and mission-aligned, achieving strong fund performance becomes much more attainable. There’s shared support, validation, and access to resources—so everyone wins. Our investors, our entrepreneurs, and stakeholders across the state of New Jersey all benefit.

I also think it’s important that New Jersey develops a unique playbook. We shouldn’t try to recreate Silicon Valley—we need to build on our specific strengths: our universities, our workforce, and the real challenges that our communities face. Garden State Venture Partners was founded to help lead that charge.

What are your top priorities moving forward?

Our story is about aggregating existing resources and helping build the ecosystem by connecting them. Venture capital, public-private partnerships, and universities have all been here for decades.

Our goal is to provide a clear, accessible point of entry into this ecosystem. We’re not starting from scratch, and we’re not reinventing the wheel—we’re trying to connect the incredible work that’s already been happening.

If we can help be the conduit and continue to attract additional capital to the ecosystem, we can strengthen it and become the top destination for innovation – right here in the place we grew up in, studied in, and still call home.