The commissioner may establish an innovation place program within the department. If such program is established, the purpose of such program shall be to (1) foster innovation and entrepreneurship by facilitating the designation and establishment of innovation places consisting of one or more compact geographic areas within the same municipality having entrepreneurial and innovation potential where (A) existing anchor institutions, institutions, companies and recreational spaces are in close proximity to start-up and growth stage businesses, (B) public transit is accessible, (C) a significant portion of the underlying zoning allows for mixed-use development, including, but not limited to, housing, office and retail, and (D) foot traffic is facilitated;
(2)identify, designate and fund the
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The commissioner may establish an innovation place program within the department. If such program is established, the purpose of such program shall be to (1) foster innovation and entrepreneurship by facilitating the designation and establishment of innovation places consisting of one or more compact geographic areas within the same municipality having entrepreneurial and innovation potential where (A) existing anchor institutions, institutions, companies and recreational spaces are in close proximity to start-up and growth stage businesses, (B) public transit is accessible, (C) a significant portion of the underlying zoning allows for mixed-use development, including, but not limited to, housing, office and retail, and (D) foot traffic is facilitated; (2) identify, designate and fund the initial costs associated with development of an innovation place; (3) encourage collaboration among institutions of higher education, medical institutions, hospitals, existing companies, start-up and growth stage businesses, researchers and investors; (4) encourage the leveraging of private investment in designated innovation places; and (5) connect entrepreneurs who are facing similar opportunities and challenges with other entrepreneurs and with private and public resources.