Knight Foundation has recovered part of its investment in TechShop San Jose, after the parent corporation of the makerspace, TechShop Inc., filed for bankruptcy and closed all 10 of its locations. The Knight funds invested in the makerspace on South Second Street were intended to foster a partnership with San Jose State University.
After TechShop Inc. announced its nationwide bankruptcy in November 2017, Knight initiated legal action against TechShop San Jose. As a result of the litigation, Knight and TechShop San Jose concluded a substantial settlement so that Knight could apply grant funds to their intended purpose of supporting a more informed and engaged San Jose.
Knight originally joined a range of public and private investors to retain TechShop in downtown San Jose. Knightâs funds were specifically intended to support a partnership with San Jose State University to enable students and faculty to make use of the TechShop space.
###
CONTACT: Roshni Neslage, communications officer, Knight Foundation, (305) 908-2623, [email protected]