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nnovation Studio, a nonprofit that operated inclusive co-working spaces and fostered entrepreneurship in underrepresented communities, has filed for Chapter 7 bankruptcy protection. According to the Boston Business Journal, the Roxbury-based organization listed $701,117 in liabilities against just $27,000 in assets.

    The largest creditors include the Boston Impact Initiative ($150,000), the Boston Planning & Development Agency ($107,383 in loans and $31,942 in revenue-sharing fees), and several notable organizations such as the Cambridge Innovation Center, Worcester Polytechnic Institute, and Pembroke. Unlike Chapter 11 bankruptcy, which allows companies to restructure, Chapter 7 filings typically result in liquidation of all assets.

    At its peak, Innovation Studio operated four co-working spaces: District Hall in Boston's Seaport District, The Studio at 2 Seaport Lane, Roxbury Innovation Studio in the Bruce C. Bolling Municipal Building, and Biz Bodega in Providence, Rhode Island. The nonprofit aimed to democratize access to innovation spaces and entrepreneurial resources for underrepresented communities.

    Innovation Studio had received support from both public and private sectors, highlighting the potential impact of its closure on local innovation networks. As the Chapter 7 process unfolds, asset liquidation and debt settlement will bring an end to a once-promising initiative that aimed to foster grassroots entrepreneurship in Boston and Providence.