Learning, Development Opportunities For Tech Startups, Entrepreneurs At ARK Innovation

ST. PETERSBURG, FL — Millionaire technology investor Cathie Wood, who relocated to St. Petersburg from New York City in November, kicked off plans Tuesday to build a 45,000-square-foot state-of-the-art incubator center for technology entrepreneurs at its site on Fourth Street South.

The ARK Innovation Center, a $16 million building, is slated for completion in July 2023 at 1101 Fourth Street South, St. Petersburg. It is located in the South St. Petersburg Community Redevelopment Area and within walking distance from the University of South Florida St. Pete campus.

Learning and development opportunities will be available for startups and technology entrepreneurs through the ARK's entrepreneurial programs that will be managed by the Tampa Bay Innovation Center, a Pinellas County partner and ARK partner, that has board members, advisors and mentors that offer coaching and technical assistance within the programs.

Tampa Bay Innovation Center will also manage the building.

The facility will also offer leased space and flexible collaborative workspaces.

Martin Tadlock, regional chancellor of the University of South Florida, attended Tuesday's groundbreaking development ceremony. Tadlock and Wood told a Patch reporter that USF and ARK in talks for partnerships that will provide educational opportunities.

Wood told Patch she welcomes anyone, especially women and college students, to share their ideas with ARK.

Patch Related Story: Cathie Wood's Ark Investment Moving Headquarters To St. Pete

"First of all, if they have a creative idea involving innovation, they can come to the incubation center and talk to us about it," Wood said in a Patch interview. "Talk to our analysts about it. Our research at ARK, which is on the five major innovation platforms — DNA sequencing, robotics, energy storage, artificial intelligence, blockchain technology — we have analysts who are specializing in them. And they involve 14 different technologies."

Wood said she thinks there are creative sparks flying in the education world in St. Petersburg.

"Also in the innovation center, we have the Innovation Foundation, which is all around education," Wood said. "And education through the lens of innovation, and again, ARK's research is powering that curriculum, so I'm really looking forward to sharing that."

Mayor Ken Welch said at the groundbreaking ceremony that this facility will be the first in Pinellas County purposely constructed as an incubator for entrepreneurs to thrive.

The city of St. Petersburg donated the 2.5 acres ARK is being constructed on. The U.S. Economic Development Administration has awarded an estimated $11.3 million grant for the project design and construction costs. ARK will contribute funds to cover $2 million in construction, and Pinellas County will contribute about $2.6 million in design and construction costs, county staff said.

ARK is estimated to impact the county by $28 million and bring 1,265 jobs to the area, according to county leaders.

“Fostering continual economic growth, vitality, and a strong workforce is a priority for Pinellas County Economic Development, and it is because of the commitment of our partners and a host of community collaborators that we can celebrate the ARK Innovation Center as a new regional economic asset in St. Petersburg, the next epicenter for innovation,” Cynthia Johnson, director of Pinellas County Economic Development, said.