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 12/2022, Innovation Studio Inc employed 21 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 12/2022, Innovation Studio Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 6.1% per year over the past 8 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
2022
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 & BOSTON SEAPORT PARTNERSHIPS: 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 WITH THE GOAL CREATING AN ENVIRONMENT THAT FOSTERS INNOVATION, COLLABORATION, AND ENTREPRENEURSHIP. DISTRICT HALL HAS OPEN WORKSPACE, CLASSROOMS, ASSEMBLY SPACE, FLEXIBLE USE 'POD', AND WRITABLE SURFACES EVERYWHERE. THE ORGANIZATION WORKS WITH MUNICIPALITIES, NON-PROFIT GROUPS, COLLEGE AND UNIVERSITIES, INDUSTRY ASSOCIATIONS, LOCAL NEIGHBORHOOD GROUPS, AND COMPANIES TO MAKE INFORMATIONAL RESOURCES AVAILABLE AND PRESENTS EDUCATIONAL PROGRAMS AND ACTIVITIES THAT ENCOURAGE INNOVATORS TO CONNECT, COLLABORATE AND START A NEW BUSINESS. 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. AS A RESULT OF THE ORGANIZATION'S SUCCESS WITH DISTRICT HALL, OTHER BOSTON SEAPORT INNOVATION AND WORK SPACES HAVE SOUGHT OUT INNOVATION STUDIO FORMING PARTNERSHIPS TO ACTIVATE THEIR EXISTING INNOVATION SPACES. INNOVATION STUDIO FORMED A PARTNERSHIP WITH WORCESTER POLYTECHNIC INSTITUTE, WHO HAS INNOVATION AND MEETING SPACE IN THE SEAPORT, HELPING TO INCREASE TRAFFIC TO THEIR LOCATION AND BRING AWARENESS TO THEIR PRESENCE IN THE CITY. A PARTNERSHIP WITH ECHELON SEAPORT ALLOWED INNOVATION STUDIO TO DEMONSTRATE HOW TO SUCCESSFULLY RUN THEIR ON-SITE INNOVATION CENTER THAT IS AVAILABLE TO THEIR RESIDENTS AND LOCAL AREA BUSINESSES AND INDIVIDUALS.
MASSACHUSETTS PROGRAMS: INNOVATION STUDIO'S PATHWAYS TO ENTREPRENEURSHIP CONTINUUM OF SMALL BUSINESS AND STARTUP PROGRAMS PROVIDES AN INDIVIDUALIZED APPROACH TO INNOVATION. THROUGH BUSINESS ACCELERATORS, 1-2-1 ADVISING SERVICES, AND NETWORKING OPPORTUNITIES ENTREPRENEURS AND BUSINESS OWNERS GAIN ACCESS TO THE RESOURCES AND SKILLS THEY NEED TO BE SUCCESSFUL.
BIZ BODEGA AND RHODE ISLAND PROGRAMS: WITH THE INTENTION OF INCREASING SOCIAL AND ECONOMIC MOBILITY FOR RESIDENTS IN PROVIDENCE, INNOVATION STUDIO PARTNERED WITH ONE NEIGHBORHOOD BUILDERS TO OPEN AND OPERATE BIZ BODEGA, A COMPREHENSIVE AND VIBRANT BUSINESS SUPPORT OFFICE FOR NEW AND GROWING SMALL BUSINESSES LOCATED IN CENTRAL PROVIDENCE. INNOVATION STUDIO PROVIDES LIVE AND VIRTUAL PROGRAMS TO CREATE IMPACTFUL AND INCLUSIVE PATHWAYS TO COLLABORATION. THIS IS ACHIEVED BY CULTIVATING RELATIONSHIPS AND PROVIDING RESOURCES FOR ANYONE TO SUCCESSFULLY LAUNCH AND GROW A BUSINESS. INNOVATION STUDIO IS COMMITTED TO EQUITABLE AVAILABILITY OF RESOURCES TO RESIDENTS IN PROVIDENCE AND RHODE ISLAND.
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 | $132,150 |
Mitch Tyson Im. Past Boa | OfficerTrustee | 1 | $0 |
Kevin Wiant Past Finance | OfficerTrustee | 1 | $0 |
Vinit Nihjawan Vice Chair | OfficerTrustee | 1.5 | $0 |
Christopher Muller External Aff | OfficerTrustee | 1.5 | $0 |
Damon Cox Member | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $136,545 |
All other contributions, gifts, grants, and similar amounts not included above | $283,844 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $420,389 |
Total Program Service Revenue | $914,597 |
Investment income | $12 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $1,723,186 |
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. | $158,094 |
Compensation of current officers, directors, key employees. | $94,856 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $969,996 |
Pension plan accruals and contributions | $16,893 |
Other employee benefits | $138,869 |
Payroll taxes | $91,528 |
Fees for services: Management | $100,000 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $59,790 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $74,905 |
Advertising and promotion | $9,908 |
Office expenses | $123,439 |
Information technology | $2,412 |
Royalties | $0 |
Occupancy | $200,966 |
Travel | $7,849 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $126,483 |
Interest | $4,362 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $23,870 |
Insurance | $25,566 |
All other expenses | $0 |
Total functional expenses | $2,252,650 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $112,169 |
Savings and temporary cash investments | $75,101 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $143,962 |
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 | $8,253 |
Net Land, buildings, and equipment | $33,795 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $85,902 |
Other assets | $28,475 |
Total assets | $487,657 |
Accounts payable and accrued expenses | $381,207 |
Grants payable | $0 |
Deferred revenue | $172,464 |
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 | $161,029 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $714,700 |
Net assets without donor restrictions | -$457,666 |
Net assets with donor restrictions | $230,623 |
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 | $487,657 |