A little more than two years after its first incarnation took shape, the Providence Economic Development Partnership is re-launching its Innovation Investment Program with a more modest financial program.
The IIP will make $35,000 investments (it was not clear when the program was approved if this would be a convertible loan) in “high-growth” technology sector companies that are approved by a city-recognized “mentor.”
The original program invested $1.65 million, $650,000 more than had been budgeted and was suspended in 2012. Providence Mayor Angel Taveras committed to re-capitalizing the program with $1 million. Companies participating would have to make a commitment to stay in the city for at least two years following the investment. Other terms of the program were not discussed when it was approved last week at a PEDP meeting.