To accommodate the growing ranks of creative entrepreneurs in the Capital Region, in 2015 Gramercy Communications proposed a project to acquire and renovate a vacant 14,000 square-foot building in downtown Troy to expand operations and employment. Gramercy received $100,000 in ESD grant funds in Round 5 of the CFA. In addition to meeting Gramercy’s own expansion needs, the funding also enabled them to establish the Troy Innovation Garage, an entrepreneurial ecosystem aimed at incubating and supporting the start-up and growth of creative companies.
This $1,000,000 investment established to facility now known as the Troy Innovation Garage, a business incubator program offering space, mentors and business development services in the newly renovated building for entrepreneurs and professionals to bolster the creative economy in the Capital Region.
- In fall 2015, Gramercy’s owner purchased, renovated and equipped a vacant 14,000 square-foot building in downtown Troy.
- Approximately 4,000 square-feet of the facility serves as Gramercy’s new permanent home and supports the company’s growing workforce.
- Gramercy moved into the new space in August 2016 and has already exceeded its job commitment, having retained seven jobs and created four new jobs.
- In October 2016, Gramercy completed renovations on 7,000 square feet of the building for the Troy Innovation Garage, which includes 75 co-working seats, 10 private suites and conference and meeting space.
- In early 2017, Gramercy established a 3,000- square-foot multimedia studio and small multipurpose event space in the Troy Innovation Garage.
- Hudson Valley Community College’s “Startup Business Principles” course was offered on-site in February 2017.
- Spark Exchange Creative Business Incubator, a new non-profit incubator program for creative businesses, has been established and is already operating at the Troy Innovation Garage.