The Rhode Island Technology Council has replaced the Rhode Island Economic Development Corporation as the organizer of the three-year-old Rhode Island Venture Forum program. RItech sees the venture forum – scheduled for June 13-14 – as a good fit for its organization. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… ”RItech is looking to enhance the technology-based economy in Rhode Island by providing a forum for companies to secure venture funding,” said Jay McNally, Venture 2002 co-chair. NcNally is also a RItech board member and president of Providence-based Ibis Consulting. Officials at the state’s economic development group were pleased to see RItech step in and take over the role as the forum’s organizer. ”The EDC’s job is to develop business and bring in new business. To run this forum was not necessarily a part of our mission,” said Claire Eckert, EDC spokesperson. The EDC had run the program for the last three years, during which time the venture forum was instrumental in securing over $100 million in funding for companies. The forum is used to introduce entrepreneurs and their ideas to companies that can provide venture support. The programming for the two-day conference includes keynote speakers, educational tracks, social events and networking. Because most of the companies looking for capital through the program are technology based, Eckert said it only makes sense that a technology group coordinate the program. Eckert added that all companies, not just technology firms, will be served through the forum. ”In meetings with (RItech) it was acknowledged by them that the kind of marketing that they will do will not be targeted to only information technology companies,” said Eckert. Over the last three years, non-IT companies to present at the forum represented about 10 percent of the total companies, Eckert added. Cliff Dutton, president of Dutton and Company, helped RItech secure the venture forum. Dutton, co-chair of Venture 2000, said the group plans on improving the event to make it easier for companies to get their names out there. ”We’ve added networking events to this year’s forum that will allow investors and entrepreneurs to engage more outside of the presentation hall. Our goal is that this will, ultimately, result in a greater number of deals completed,” said Dutton. This year’s forum is intended to run in conjunction with the $50,000 Business Plan Contest. The contest is managed for the second year in a row by the Business Development Company of Rhode Island. During a special meeting of the Brown Venture Forum, a cash prize up to $50,000 will be awarded to the best new business plan from the applicant pool.
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Venture Forum moves to RItech from RIEDC
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