NEW LONDON, Conn. — As plans are underway to create an innovation and co-working space in New London, the Connecticut State Bond Commission is anticipated to approve a $1.3 million allocation in state funding to support the project.
The funding, if approved, will help the Chamber of Commerce of Eastern Connecticut in creating the Thames River Innovation Center.
When completed, the center will be on 92 Eugene O'Neill Drive in New London, and will provide area businesses and workers with a space to create and innovate, state officials said.
The goal is to both create job growth by providing resources for new and developing businesses and revitalize the city and the region.
The proposed location is within both an enterprise zone and a federal opportunity zone near New London's downtown area, officials said. It's also close by to several of the region's largest employers as well as historically underserved neighborhoods.
The center's goal is to provide entrepreneurial training, technical apprenticeships, and business development. Officials said it will also be a space for advising entrepreneurs, including immigrants, on the current permit requirements for forming a new company.
Officials said there are also plans to have a four-month accelerator program, which will provide opportunities for mentorship, guidance, resources and assistance in a businesses' first few years of operation.
"The governor made a commitment to work on revitalizing our inner cities and this project along with the states and private investment in the redevelopment of the state pier begins to address this commitment,” Tony Sheridan, president and CEO of the Chamber of Commerce of Eastern Connecticut, said.
The innovation center is being modeled after similar workspaces across the country, including the Center for Innovation at UMass Dartmouth, Foundry 66 in Norwich, the District in New Haven and CURE Innovation Commons in Groton.
The State Bond Commission, in which Gov. Ned Lamont serves as chairman, will vote on allocating the funds at its next meeting on March 31.
“The needs of businesses and our economy are constantly evolving, and having a business incubator like the one being proposed in New London will provide workers throughout the region with a resource to build their skillsets and become matched with prospective employers,” Lamont said. “By partnering with the Chamber of Commerce of Eastern Connecticut and its many members, we can help ensure that the region continues to grow with the needs of the business community.”
The chamber, in partnership with its 1,400 member businesses, will operate the innovation center.
Leah Myers is a digital content producer at FOX61 News. She can be reached at lmyers@fox61.com
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