PROVIDENCE – Slater Technology Fund and RI Bio have received a combined $597,500 in federal funds to boost health care startup programs, the state’s congressional delegation announced on Friday.
Slater Technology Fund will receive a $300,000 grant from the U.S. Economic Development Administration’s 2020 Build to Scale Capital Challenge to partner with Brown University on a new initiative to boost health care related technology startups. The funds will be used to establish Translational Ventures, a regional initiative that will focus on investing in seed-stage technology companies working in translational research aimed at improving health outcomes. The program will also focus on finding new technologies, facilitate connections with founders and funders, as well as establish best practices to expand the initiative to other universities in the region.
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“When paired with entrepreneurs and seeded with capital, innovations launched at Brown can form the basis of high-impact startup companies that can benefit both the state’s economy and residents across the region,” said Neil Veloso, executive director of Brown Technology Innovations, the technology transfer arm of the university.
RI Bio will receive a $297,500 grant to launch the RI Bio Network Program aimed at commercializing and expanding life science startup activity in the state. The program marks an expansion of RI Bio’s suite of business and technical assistance made available to the local life sciences community.
“The future of R.I.’s economic prosperity depends on our ability to support an integrated entrepreneurial ecosystem, fueled by vision, partnerships, collaboration and important investments like this,” said Carol Malysz, executive director of RI Bio. “Most importantly, this EDA investment will allow RI Bio and our partners to commercialize and expand life science startup activity in Rhode Island’s entrepreneurial ecosystem. Rhode Island will have the chance to bring medical and scientific excellence to the forefront to foster innovation and entrepreneurship, impacting the health and well-being of all Rhode Islanders.”
The two organizations were among 52 recipients around the country that received funds in this round of EDA Build to Scale funds.
“This is a cost-effective investment in encouraging entrepreneurship and innovation here in Rhode Island,” said Sen. Jack Reed, D-R.I. “Developing these companies and accelerating medical solutions can have major benefits for patients and economic development.”
