Raimondo launches incentive programs to jump-start economy

PROVIDENCE – Gov. Gina M. Raimondo and Commerce Secretary Stefan Pryor launched three new incentive programs on Wednesday in an effort to grow the state’s economy.
Applications for the Innovation Vouchers, Industry Cluster Grants and Innovation Network Matching Grants are available online.

“We are pursuing an ambitious economic strategy that will put Rhode Island back in the game,” Raimondo said in a statement. “With these new tools, we are joining a select group of pioneering states offering these creative options to businesses. Encouraging collaboration across our research institutions, enterprising companies and state government will make sure we are moving ahead at full speed.”

Said Pryor, “Rhode Island is positioned to excel at R&D – driven by anchor institutions such as Brown, URI, RISD, Lifespan and Care New England. These initiatives will enable businesses to draw upon the intellectual resources and instrumentation available at these great institutions, leveraging them for purpose of innovation. In addition, these new programs will raise Rhode Island’s profile as a world-class R&D hub, and the entire state economy will benefit as a result.”
Here is information about the grants:

  • Innovation Voucher: Rhode Island companies with fewer than 500 employees can receive grants of up to $50,000 to fund R&D assistance from a Rhode Island university, research center or medical center.
  • Industry Cluster Grant: Companies in an industry sector are encouraged to work together to solve problems and exchange ideas. Grants of $75,000 to $250,000 are available to fund planning and organization building for the cluster; and grants of $100,000 to $500,000 are available to implement programs that strengthen the cluster in areas such as R&D, tech transfer, workforce development or marketing.
  • Innovation Network Matching Grant: Technical assistance, space on flexible terms, and/or access to capital is offered to Rhode Island small businesses in key industries (life sciences, health care, food and agriculture, clean technology, energy efficiency, cyber security).

According to the governor’s office, these programs supplement the $25 million I-195 Redevelopment Fund, which finances large-scale projects that have potential to catalyze development in the Interstate 195 district.

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