Commerce to consider new grants and vouchers for R.I. companies

PROVIDENCE – The R.I. Commerce Corp. board of directors is scheduled to meet Monday evening to consider decisions on incentives, grants and innovation vouchers for several organizations.

The board will consider approval for a $195,000 Network Matching grant to New England Medical Innovation Center to expand the nonprofit organization to work with seven to 10 technically viable but currently uninvestable “medtech” companies. NEMIC will support businesses with a fundable business model, including regulatory strategy, product development, IP positioning, go-to-market strategy, organizational management, funding strategy and preparation of investor pitching documentation. The organization also will help organize and host the Rhode Island business Competition, according to CommerceRI.

Three companies will have Innovation Vouchers considered, as well.

  • Clark Industrial Engineering will be considered for a $50,000 Manufacturing Innovation Voucher to provide leadership and testing resources to adapt the company’s Shutter Valve technology to perform in extreme temperatures.
  • EchoWear LLC will be considered for a $50,000 voucher to partner with Anna Gitelson-Kahn at the Rhode Island School of Design to access machines at RISD for knitting conductive threads. The company is developing a smart glove to aid an aging patient population to perform home-screening assessments.
  • Farsounder Inc. will be considered for a $49,854 Manufacturing Innovation Voucher to support a new sonar product for small vessels. The project would include a full-scale field test and updates to software. The funds also would allow the company to accelerate testing for European standards, Commerce said.

An agenda said that the board also will consider an amendment to Rebuild Rhode Island tax credits for the Pawtucket Development Group LLC for its project developing residential units in West Warwick at 825 Main St. – commonly known as Lippitt Mill. Details of the proposed amendment were not immediately available.

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The University of Rhode Island Foundation also will be considered for a grant, although details were also not immediately available.

The meeting is scheduled for 5 p.m. Monday.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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