Entrepreneurs have an exciting new opportunity to create collaborative work spaces in Gateway Cities across the Commonwealth.
Thanks to the Gateway Cities Transformative Development Fund, entrepreneurs can apply for up to $2 million in matching grants to own, sponsor or operate collaborative workspace. State officials believe these spaces help spur business growth and economic activity in Gateway Cities.
“Collaborative workspaces inspire communities of innovation,” says Greg Bialecki, Secretary of Housing and Economic Development. “These shared environments are hubs of economic activity, and are a very important part of our overall growth strategy.”
The Gateway Cities Transformative Development Fund, totaling over $16 million, is part of An Act to Promote Economic Growth in the Commonwealth, which Governor Deval Patrick signed into law on August 13, 2014.
Managed by MassDevelopment, the Fund enables equity investments and technical assistance to support transformative development in Gateway communities.
“The sharing economy has driven demand for flexible, dynamic workspaces, especially in Gateway Cities,” says Marty Jones, MassDevelopment President and CEO. “We look forward to seeing the spaces that will spring from this first phase of the Transformative Development Initiative.”
Interested applicants can access the Request for Proposals for the grants, which can be used for construction, improvements, or equipment for new spaces or for existing facility expansions. Collaborative workspaces often feature open floor plans, community meeting spaces, and other features to encourage connections between tenants.
Earlier this spring, Housing & Economic Development staff held workshops across the state to familiarize prospective developers, operators, funders and public officials with collaborative space opportunities.
Gateway Cities are defined as having: a population greater than 35,000 but less than 250,000; a median household income below the state average; and a population whose rate of attainment of a college degree is below the state average.
Massachusetts’ new economic development plan has been praised recently by Inc. Magazine for supporting “business communities outside of the traditional business thoroughfares of Boston and Cambridge.” And Fortune Magazine praised Massachusetts for creating “a model based on public-private partnership, a promising blueprint other states should follow.”