Massachusetts · Nonprofit
INNOVATION STUDIO INC
INNOVATION STUDIO INC (Massachusetts) receives grants from 20 organizations whose IRS filings report $1,301,331 to it, the largest being CUMMINGS FOUNDATION GRANTS INC (FKA ONEWORLD BOSTON INC) ($325,500). 9 of them have funded it in more than one year.
- Revenue FY2022
- $1.7M
- Funders on record
- 20
- Grants received
- $1.3M
- Net assets
- $-227043
What Innovation Studio Inc does
Mission
The mission at innovation studio is to make innovation, entrepreneurship, and business ownership attainable through an empowering and inclusive network of community spaces and individualized pathways. Innovation studio's vision is to be the home where aspiring individuals are encouraged to confidently grow their ideas into successful businesses.
As stated on its FY2022 Form 990.
Programs
On its FY2022 return the organization reported starting a significant new program.
Biz bodega: with the intention of increasing social and economic mobility for residents in providence, innovation studio partnered with one neighborhood builders to open and operate biz bodega, a comprehensive and vibrant business support office for new and growing small businesses located in central providence.
Its own explanation, from Schedule O of that return (Part III, line 2).
District hall boston & boston seaport partnerships: district hall is the result of a collaborative public (city of boston), private partnership that opened in the fall of 2013. District hall is a dedicated civic space with the goal creating an environment that fosters innovation, collaboration, and entrepreneurship. District hall has open workspace, classrooms, assembly space, flexible use 'pod', and writable surfaces everywhere. The organization works with municipalities, non-profit groups, college and universities, industry associations, local neighborhood groups, and companies to make informational resources available and presents educational programs and activities that encourage innovators to connect, collaborate and start a new business. These types of programs that have already been run at district hall include hackathons, pitch competitions, panel discussions, fireside chats, interviews, demonstrations, conferences, company meetings, brainstorming and community gatherings. As a result of the organization's success with district hall, other boston seaport innovation and work spaces have sought out innovation studio forming partnerships to activate their existing innovation…
$770,769 spent$877,568 earned by the program50% of program spendingBiz bodega and rhode island programs: with the intention of increasing social and economic mobility for residents in providence, innovation studio partnered with one neighborhood builders to open and operate biz bodega, a comprehensive and vibrant business support office for new and growing small businesses located in central providence. Innovation studio provides live and virtual programs to create impactful and inclusive pathways to collaboration. This is achieved by cultivating relationships and providing resources for anyone to successfully launch and grow a business. Innovation studio is committed to equitable availability of resources to residents in providence and rhode island.
$365,728 spent24% of program spendingRoxbury innovation center (ric): the roxbury innovation center is a civic innovation center that will support local economic development by encouraging innovation and entrepreneurship focused on the city of boston neighborhoods of roxbury, dorchester and mattapan. These neighbors have a higher unemployment rate and a greater wealth income gap from the rest of the city of boston. Since opening in the fall of 2015, ric has activated programs and events to help adults and youth learn small business/startup and technical skills to make entrepreneurship and innovation viable career options for all. It has always been the mission of the organization that "innovation is for everyone- and through programming at ric, the organization has continued this mission. Ric also provides a place for the local community to gather, obtain advice and connect with other resources from around greater boston and the world through pitch nights and other programming. The organization also produces programming to activate and connect the three physical spaces to the innovation community locally, nationally, and internationally.
$64,792 spent$7,318 earned by the program4% of program spendingMassachusetts programs: innovation studio's pathways to entrepreneurship continuum of small business and startup programs provides an individualized approach to innovation. Through business accelerators, 1-2-1 advising services, and networking opportunities entrepreneurs and business owners gain access to the resources and skills they need to be successful.
$339,136 spent22% of program spending
The 4 programs described on its FY2022 Form 990, listed largest first by expense. Program spending in total: $1,540,425.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2021 to 2022, from $969k to $488k (−50%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2020 73% · 2021 32% · 2022 8%. Grants only. Government contracts and fees sit inside program revenue.
24% of INNOVATION STUDIO INC’s revenue is contributions — about as donation-reliant as the typical peer (61% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 5 of the last 5 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Board chair
Carmen Diaz-Jusino
Board chair
As listed on its FY2022 Form 990.
Who funds it, year by year
2017 → 2023: the base broadened from 1 funder to 8 funders, grant income rose $50k → $155k.
6 of 20 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 46% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
From the IRS filings of INNOVATION STUDIO INC’s funders (the co-funder graph). Top 19 of 20 funders by total. Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
INNOVATION STUDIO INC has a broad base — no single funder exceeds 25% of grant income, and it takes 3 funders to reach half.
the vertical line marks half of all grant income — 3 funders to its left
57% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund INNOVATION STUDIO INC.
Largest funder’s share by year: 2017 100% · 2018 80% · 2019 37% · 2020 40% · 2021 45% · 2022 44% · 2023 32% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How long its funders stay
27% of INNOVATION STUDIO INC's funders are still giving 3 years after their first grant; 45% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.
Where its funders are
55% of INNOVATION STUDIO INC's grant income comes from Massachusetts funders.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $599k arriving through sponsors registered in 4 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
INNOVATION STUDIO INC's funding base is broadening — from 1 funders to 8 as grant income climbed.
this organization peer median middle 50% of peers· 3,613 community improvement nonprofits $1M–$10M, FY2022
Government funding INNOVATION STUDIO INC receives
Grants and contracts to this organization from federal (USASpending) and state checkbooks, reconciled to its EIN. $350k on record — $350k federal, $172 state.
- Department of Commerce$350k
- REFUNDS - GENERAL $172
Federal grants vs contracts are distinguished; state line items keep their reported category. Matched by name + geography (the BMF), so coverage is partial and precision-first.
Organizations like INNOVATION STUDIO INC
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Massachusetts
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
68% of spending goes to programs.
Governance
Public support
71%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Files a return copy in 1 state
Screen this organization
A dated, signed PDF of the compliance screen for INNOVATION STUDIO INC: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds INNOVATION STUDIO INC?
- INNOVATION STUDIO INC (Massachusetts) receives grants from 20 organizations whose IRS filings report $1,301,331 to it, the largest being CUMMINGS FOUNDATION GRANTS INC (FKA ONEWORLD BOSTON INC) ($325,500). 9 of them have funded it in more than one year.
- How many funders does INNOVATION STUDIO INC have?
- IRS filings report 20 organizations giving $1,301,331 in grants to INNOVATION STUDIO INC, 9 of which have funded it in more than one year.
- Who is the largest funder of INNOVATION STUDIO INC?
- CUMMINGS FOUNDATION GRANTS INC (FKA ONEWORLD BOSTON INC) is the largest funder on record, with $325,500 in grants. The full list of funders is on this page.
- How can an organization like INNOVATION STUDIO INC find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Massachusetts. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
Play a game about who funds Innovation Studio →
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2022 (financials across 2017–2022), and the filings of 20 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing