Innovation Studio Inc is located in Roxbury, MA. The organization was established in 2014. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Innovation Studio Inc employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Studio Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Innovation Studio Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 7.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCES AND ACCELERATES THE INNOVATION PROCESS THROUGH SPACES, PROGRAMS, AND CONVERSATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRICT HALL BOSTON: DISTRICT HALL IS THE RESULT OF A COLLABORATIVE PUBLIC (CITY OF BOSTON)- PRIVATE PARTNERSHIP THAT OPENED IN THE FALL OF 2013. DISTRICT HALL IS A DEDICATED CIVIC SPACE WHICH THE ORGANIZATION OPERATES UNDER AN AGREEMENT WITH THE CITY OF BOSTON'S INITIATIVE TO TRANSFORM 1,000 ACRES OF ENVIRONMENT THAT FOSTERS INNOVATION, COLLABORATION , AND ENTREPRENEURSHIP. AS RESULT OF THE ORGANIZATION'S SUCCESS IN MANAGING THE INNOVATION CONVERSATION AND EDUCATION PROGRAMS IN CAMBRIDGE, THE CITY OF BOSTON ASKED THE ORGANIZATION TO RUN PROGRAMMING AND OPERATIONS OF THE DISTRICT HALL. DISTRICT HALL HAS OPENED WORKSPACE, CLASSROOMS, ASSEMBLY SPACE, FLEXIBLE USE 'PODS' , AND WRITABLE SURFACES EVERYWHERE. THE ORGANIZATION WORKS WITH MUNICIPALITIES, NON-PROFIT GROUPS, COLLEGES AND UNIVERSITIES, INDUSTRY ASSOCIATIONS, LOCAL NEIGHBORHOOD GROUPS, AND COMPANIES TO MAKE AVAILABLE INFORMATIONAL RESOURCES AND PRESENT EDUCATIONAL PROGRAMS AND ACTIVITIES THAT ENCOURAGE INNOVATORS TO CONNECT COLLABORATE AND TO START NEW BUSINESSES. THESE TYPES OF PROGRAMS THAT HAVE ALREADY BEEN RUN AT DISTRICT HALL INCLUDE HACKATHONS, PITCH COMPETITIONS, PANEL DISCUSSIONS, FIRESIDE CHATS, INTERVIEWS, DEMONSTRATIONS, CONFERENCES, COMPANY MEETINGS, BRAINSTORMING AND COMMUNITY GATHERINGS.
PROVIDENCE: IN 2019, THE ORGANIZATION OPENED ITS WEEKLY GATHERING AND DISTRICT HALL SPACE IN PROVIDENCE. THESE PROGRAMS OPERATE OUT OF THE NEW INNOVATION CENTER, DEVELOPED BY WEXFORD. THE ORGANIZATION PARTNERED WITH CAMBRIDGE INNOVATION CENTER (CIC) TO ACTIVATE THE BUILDING AS CIC OPERATES A CO-WORKING BUSINESS IN THE BUILDING AND WORK WITH OTHER BUILDING TENANTS TO MAKE IT A TRUE HUB OF STARTUP, INNOVATION, AND ENTREPRENEURIAL ACTIVITY. IN 2020, THE ORGANIZATION ENTERED INTO 2M GRANT AGREEMENT WITH RHODE ISLAND COMMERCE CORPORATION TO PROVIDE GRANTS TO INTERMEDIARY ORGANZATIONS TO SUPPORT RHODE ISLAND BUSINESS IN SHIFTING TO AND INCREASING REMOTE WORK THOUGH PURCHASE AND DISTRIBUTION OF HARDWARE, SOFTWARE AND OTHER TECHNOLOGY AS WELL AS DIGITAL TRAINING.
CAMBRIDGE THURSDAY GATHERING FOR INNOVATORS AND ENTREPRENEURS: THE MISSION OF THE CAMBRIDGE WEEKLY GATHERING IS TO PROVIDE THE INTERACTIVE FORUM FOR THE EXCHANGE OF INFORMATION, INFORMATIONAL RESOURCES AND CONNECTIONS THAT THEY NEED TO START AND GROW BUSINESSES WITH A VIEW TO CREATING SUSTAINABLE INNOVATION-DRIVEN BUSINESSES IN THE GREATER BOSTON AREA. IT IS GUIDED BY THE BELIEF THAT INNOVATION IS A SOCIAL PROCESS FUELED BY COMMUNITY AND COLLABORATION. IT IS A WEEKLY GATHERING AND SET OF PROGRAMS PRESENTLY SET IN THE 5TH FLOOR CAFE OF THE CAMBRIDGE INNOVATION CENTER (CIC) IN KENDALL SQUARE. THE GATHERING OCCURS EVERY THURSDAY AFTERNOON FROM 3PM TO 8PM. IT PROVIDES A SPACE AND FORUM FOR EDUCATIONAL, PRESENTATION, INTRODUCTION OF NEW BUSINESSES, EXPERIENCE SHARING AND PROBLEM SOLVING WITH A UNIQUE OPERATING MODEL THAT HAS BEEN NOTED BEING HIGHLY EFFECTIVE.
ROXBURY INNOVATION CENTER (RIC): THE ROXBURY INNOVATION CENTER IS A CIVIC INNOVATION CENTER THAT WILL SUPPORT LOCAL ECONOMIC DEVELOPMENT BY ENCOURAGING INNOVATION AND ENTREPRENEURSHIP FOCUSED ON THE CITY OF BOSTON NEIGHBORHOODS OF ROXBURY, DORCHESTER AND MATTAPAN. THESE NEIGHBORS HAVE A HIGHER UNEMPLOYMENT RATE AND A GREATER WEALTH INCOME GAP FROM THE REST OF THE CITY OF BOSTON. SINCE OPENING IN THE FALL OF 2015, RIC HAS ACTIVATED PROGRAMS AND EVENTS TO HELP ADULTS AND YOUTH LEARN SMALL BUSINESS/STARTUP AND TECHNICAL SKILLS TO MAKE ENTREPRENEURSHIP AND INNOVATION VIABLE CAREER OPTIONS FOR ALL. IT HAS ALWAYS BEEN THE MISSION OF THE ORGANIZATION THAT "INNOVATION IS FOR EVERYONE- AND THROUGH PROGRAMMING AT RIC, THE ORGANIZATION HAS CONTINUED THIS MISSION. RIC ALSO PROVIDES A PLACE FOR THE LOCAL COMMUNITY TO GATHER, OBTAIN ADVICE AND CONNECT WITH OTHER RESOURCES FROM AROUND GREATER BOSTON AND THE WORLD THROUGH PITCH NIGHTS AND OTHER PROGRAMMING. THE ORGANIZATION ALSO PRODUCES PROGRAMMING TO ACTIVATE AND CONNECT THE THREE PHYSICAL SPACES TO THE INNOVATION COMMUNITY LOCALLY, NATIONALLY, AND INTERNATIONALLY.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Daniel Vidana President | OfficerTrustee | 40 | $124,238 |
Tuni Renaud Schartner Executive Di | Officer | 40 | $120,209 |
Mitch Tyson Chair | OfficerTrustee | 1.5 | $0 |
Kevin Wiant Clerk | OfficerTrustee | 1.5 | $0 |
Vinit Nihjawan Governance C | OfficerTrustee | 1.5 | $0 |
Chris Muller External Aff | OfficerTrustee | 1.5 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $661,654 |
All other contributions, gifts, grants, and similar amounts not included above | $657,270 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $1,318,924 |
Total Program Service Revenue | $669,920 |
Investment income | $227 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$35,706 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $2,069,490 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $280,818 |
Compensation of current officers, directors, key employees. | $109,659 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $814,510 |
Pension plan accruals and contributions | $14,643 |
Other employee benefits | $128,859 |
Payroll taxes | $96,683 |
Fees for services: Management | $50,000 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $140,810 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $145,725 |
Advertising and promotion | $1,728 |
Office expenses | $223,966 |
Information technology | $72 |
Royalties | $0 |
Occupancy | $208,447 |
Travel | $4,399 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $64,958 |
Interest | $4,306 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $48,650 |
Insurance | $12,463 |
All other expenses | $0 |
Total functional expenses | $2,293,396 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $507,436 |
Savings and temporary cash investments | $150,089 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $120,288 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $12,322 |
Net Land, buildings, and equipment | $35,250 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $87,351 |
Other assets | $56,225 |
Total assets | $968,961 |
Accounts payable and accrued expenses | $382,908 |
Grants payable | $0 |
Deferred revenue | $175,116 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $156,668 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $714,692 |
Net assets without donor restrictions | $88,271 |
Net assets with donor restrictions | $165,998 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Retained earnings, endowment, accumulated income, or other funds | $0 |
Total liabilities and net assets/fund balances | $968,961 |
Over the last fiscal year, we have identified 1 grants that Innovation Studio Inc has recieved totaling $128,000.
Awarding Organization | Amount |
---|---|
The Rhode Island Community Foundation Providence, RI PURPOSE: RI SMALL BUSINESS & ENTREPRENEURSHIP PROGRAM | $128,000 |
Organization Name | Assets | Revenue |
---|---|---|
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Granite State Economic Development Corp Portsmouth, NH | $20,832,618 | $9,324,758 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Nybdc Local Development Corporation Albany, NY | $39,799,179 | $11,401,541 |
Venture For America Inc New York, NY | $3,605,973 | $6,866,605 |
Trufund Financial Services Inc New York, NY | $14,181,328 | $2,317,905 |
Griffiss Local Development Corporation Rome, NY | $28,823,478 | $3,861,279 |
Metrotech Area District Management Association Inc Brooklyn, NY | $3,270,355 | $4,991,826 |
Kiryas Joel Municipal Local Development Corporation Monroe, NY | $2,561,042 | $4,665,324 |
Connecticut Economic Resource New Haven, CT | $3,997,158 | $4,805,353 |
Greater New Bedford Workforce Investment Board Inc New Bedford, MA | $1,194,439 | $3,887,016 |