The 5-storey the Innovation Cube building will provide office accommodation and support services for up to 60 small businesses.
It is estimated to cost about £6.5m, which will be paid for using WNDC money and a grant from the European Union.
The Innovation Cube is part of a planned ‘station gateway’ development, which will include new homes, offices and shops along the River Nene from the proposed Innovation Cube to the St Peter’s Way gasholders.
Chris Garden, Director of Regeneration at West Northamptonshire Development Corporation said: “Together with our plans for Northampton Station, the Innovation Cube will form an impressive gateway into the centre of Northampton.
“Crucially, it will be a home to a range of inventive new businesses, bringing vital new jobs and investment to the area.
He added: “We are currently talking to potential partners, which we require to help develop the building and operate the centre once it’s completed.”
If approved work could start in the summer of 2012.