BOSTON — Innovation Studio, a nonprofit known for operating inclusive co-working spaces and fostering entrepreneurship in underrepresented communities, has filed for Chapter 7 bankruptcy protection, according to a report by the Boston Business Journal (BBJ).
In a filing submitted on April 8, the Roxbury-based nonprofit listed $701,117 in liabilities against just $27,000 in assets, BBJ reported. The organization, headquartered in Nubian Square, had aimed to provide accessible innovation spaces in Boston and beyond, but mounting debts ultimately led to the decision to liquidate.
Among the largest creditors listed in the bankruptcy filing is the Boston Impact Initiative, an impact investor to which Innovation Studio owes $150,000. The Boston Planning & Development Agency (BPDA) is also among those impacted, with the nonprofit owing the agency $107,383 in loans and an additional $31,942 in revenue-sharing fees, according to BBJ.
Unlike Chapter 11 bankruptcy, which allows companies to restructure and potentially continue operations, Chapter 7 filings generally result in the liquidation of all assets, effectively signaling the end of Innovation Studio’s operations in its current form.
Additional creditors named in the filing include several notable organizations, such as the Cambridge Innovation Center, Worcester Polytechnic Institute, and Pembroke, the real estate arm of FMR LLC, the parent company of Fidelity Investments, BBJ reported.
At its height, Innovation Studio operated four co-working and event spaces designed to support entrepreneurs from a wide range of backgrounds. These included District Hall at 75 Northern Ave. and The Studio at 2 Seaport Lane, both located in Boston’s Seaport District; the Roxbury Innovation Studio at 2300 Washington St., housed in the Bruce C. Bolling Municipal Building; and Biz Bodega, a location based in Providence, Rhode Island.
BBJ noted: “The co-working nonprofit had four locations: District Hall at 75 Northern Ave. in Boston’s Seaport District; The Studio at 2 Seaport Lane, also in the Seaport; Roxbury Innovation Studio at 2300 Washington St. in Roxbury, better known as the Bruce C. Bolling Municipal Building; and Biz Bodega, a space in Providence, Rhode Island.”
Innovation Studio’s mission centered around democratizing access to innovation spaces and entrepreneurial resources, especially for individuals and communities often excluded from traditional startup ecosystems. Its closure marks a significant loss for grassroots entrepreneurship efforts in Boston and Providence.
The nonprofit had previously received support from both public and private sectors, highlighting the broader impact its shutdown may have on local innovation networks.
As the Chapter 7 process unfolds, the focus will now shift to asset liquidation and the settlement of debts—bringing a once-promising initiative to an abrupt end.
