Feds award $1M to boost Worcester venture
The federal government is chipping in $1 million to help establish a technology incubator and innovation operation inside the former Telegram & Gazette building in downtown Worcester.
The grant was announced this morning by U.S. Rep. James McGovern at the 20 Franklin St. site. He was accompanied Matt Erskine, a deputy assistant secretary of commerce for economic development.
The money will go to New Garden Park, Inc., to establish the Worcester Technology and Idea Development Exchange inside the building. The planned technology incubator and accelerator is expected to create more than 100 jobs by supporting a central location for entrepreneurs to explore and start a business in growing industries, according to a statement from McGovern’s office.
"The T&G Building project is a key component of Worcester's downtown revitalization," McGovern said. "The exchange will be an investment in the future of our economy, one with enormous potential.”
In 2011, the Worcester Business Development Corporation (WBDC) acquired the 135,000-square-foot building from the T&G’s former owners, the New York Times Co. The WBDC purchased the building as part of an effort to revitalize a key property within Worcester’s Central Business District.
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