|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$200,000|
With nine colleges and universities within its city limits and close to six million people living within a 50-mile radius, Worcester’s potential talent pool seems virtually limitless. Yet, Worcester needed an anchor to help retain that talent and translate it into new businesses, new jobs, and new opportunities.
Entrepreneurs and start-ups in Worcester required space and technical assistance to grow and thrive. In May 2014, EDA invested $1 million to support the renovation of the former Worcester Telegram and Gazette building into the Innovation Center of Worcester. This EDA investment contributes to the City's downtown redevelopment efforts, transforming a dilapidated facility in an otherwise active and vibrant downtown into an outlet devoted to business incubation, business acceleration and supportive business services.
Due to its central location, the Innovation Center is already becoming a hub for Worcester’s growing entrepreneur ecosystem. One of Innovation Center’s anchor tenants, an information technology start-up called TEN24 Digital Solutions, gained more space and access to young software developers among the thousands of graduates from the City’s concentration of colleges and universities. TEN24 has already created fifteen jobs as a direct result of EDA’s investment. Job creation estimates indicate that this facility will produce at least 50 direct jobs through Innovation Center businesses and will support 65 jobs over a nine year term.