It bears repetition, but investment today is a very important part of economic growth in the future.
That is by far the most important lens through which to view government incentives to companies either already here or deciding to move or grow here.
For example, three companies received $50,000 Innovation Vouchers from the R.I. Commerce Corp. recently. Companies that are awarded the vouchers must partner with existing academic, research or medical centers to take the next step in developing a product or service.
The three recipients of vouchers at the most recent Commerce RI meeting are all related to cutting-edge health care research, with at least two of them connected to brain health and function.
A look at the companies that have received the vouchers since January 2016, when it started making grants, runs the gamut, from the defense industry to health care to even aquaculture. Seventy companies have received roughly $3.3 million over the last three years, money that in some cases is already showing fruit (including 20 patents), with others still a long way off, and still others that will encounter dead ends. In addition, recipients have attracted $9.9 million in additional outside investments.
But in all cases, they are investments in Rhode Island’s intellectual capital, the kind of investments that the economy of the future will reward.
There are other programs that the state offers to help companies do business here. But few others are money as well spent as the Innovation Voucher program.
