Norwalk Virtual Bookstore Gets State Grant to Expand

Thursday, Jul 18, 2013  |  Updated 2:00 PM EDT
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Norwalk Virtual Bookstore Gets State Grant to Expand

The state is giving a Norwalk company $400,000 to expand and add jobs.

The state announced $400,000 in grants and loans to Akademos, Inc., a Norwalk-based online book seller to expand its operations and hire seven additional employees

“Supporting companies like Akademos is an important part of our overall strategy to grow jobs and accelerate our economy,” Malloy said in a statement. “Small businesses make up well over 90 percent of Connecticut employers, so ensuring they are able to compete in a global marketplace is critical. Partnerships between state government and the private sector allow businesses and industry to grow, and most importantly, hire more staff.”

The funding is coming from the Department of Economic and Community Development, which will provide a $100,000 grant and 10-year $300,000 loan at 2 percent interest.

The company’s plans include building new software services that lower the costs of textbooks and other educational material.

Akademos created the Textbook Adoption Tool, which helps faculty select the right textbooks based on quality, affordability and faculty reviews. They also launched TextbookX, an e-commerce site that helps students find the lowest priced textbooks.

“This funding will allow us to expand faculty awareness and student access to lower-cost educational materials as well as enable us to continue to develop and introduce new textbook delivery options,” John Squires, CEO of Akademos, said.

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