Gov. Phil Murphy says that he has plans to help boost the state’s economy.

The governor was in Nutley Monday to lay out his plans to draw millions of dollars in venture capital. He announced his plans at ON-3, a research and development center. He said that he wants New Jersey to be the next Silicon Valley.

“To start, we’re going to create a $500 million innovation evergreen fund to supercharge the return of venture capital into our state,” Murphy said.

The fund would pair venture capital funds with money from competitive auctions, as companies bid on new tax credits.

“The winning bidders will be the ones who offer the best price and the best commitment to help entrepreneurs though mentorship, networking and other resources,” said the governor.

Murphy said that he wants to see more than $600 million in venture capital investments by 2025. He also wants to see 300,000 more jobs and higher wage growth in order to turn the state’s economy around. New Jersey’s economy currently ranks near the bottom in the nation.

Many of the Democratic governor’s ideas, including revamping tax credit programs, will need legislative approval.

“I was the sponsor of many of those tax credits,” said state Sen. Paul Sarlo. “Some of them did work but not all of them so I have no issue with going back now and taking a really deep look at which ones did not work.”

The New Jersey Business and Industry Association applauded some of the tax credit ideas, but noted that large companies in New Jersey are already highly taxed.

“We just need to balance those things,” said NJBIA president Michele Siekerka.

Murphy agreed to raise the corporate business tax for four years as part of a state budget compromise.