PROVIDENCE – Rhode Island’s exclusion on Tuesday from $504 million in federal grants for a dozen technology hubs across the nation surprised and disappointed those involved in the state’s Ocean Tech Hub of Southeastern New England.
R.I. Commerce Corp. had applied for $64 million towards the Ocean Tech Hub via the U.S. Economic Development Administration’s Tech Hubs Program.
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Ocean Tech Hub's exclusion surprised Toby Stapleton, director of the Blue Venture Forum. The nonprofit, based at Innovate Newport, supports the creation of more capital resources for the blue economy, and hosts programming that draws companies and investors from around the world to Rhode Island.
"When we look globally at blue technology ecosystems, southern New England, centered in Rhode Island, has the densest and most diverse ecosystem," Stapleton said.
"Obviously everyone is disappointed that the funding didn't come through," he added, "but I think at the end of the day, it's not going to change the momentum that the state has had in blue technology."
But member organizations will likely have to reevaluate what initiatives they'd like to prioritize, Stapleton said, and do more legwork to secure the required funding via other sources, including private-sector funders such as philanthropic institutions and industry partners.
"The effort will go on, but we'll have to get creative about how that effort gets funded in the long-term," Stapleton said.
"Someone is going to have to fund those activities proposed under the Ocean Tech Hub initiative," he added, "but without the federal funding, everybody is going to have to get scrappy" in securing that support.
A lack of local venture and startup funding sources has long been noted as an obstacle for Rhode Island entrepreneurs, and a need for more capital opportunities spurred the formation of the Blue Venture Forum about four years ago.
In a statement, R.I. Commerce spokesperson Matt Touchette also said that hub members will push forward despite the lack of an EDA allocation.
"Although Rhode Island Commerce and the entire regional consortium of partners are disappointed with the outcome, the work to further the mission of the Ocean Tech Hub will continue," Touchette said.
Commerce Secretary Gina M. Raimondo, the former Rhode Island governor, said the administration will push for more funding for the program so that all 31 previously designated tech hubs can get more resources, according to The Associated Press.
So what the hell has Gina done for RI?
I know what she did for herself but I’m having a much harder time seeing what she’s done/doing for RI.