PROVIDENCE – As it approaches its seventh year, the Rhode Island Foundation’s Innovation Fellowship, one of the most prestigious entrepreneurial awards in the state, will undergo multiple changes, according to the foundation.
Among the largest alterations to what are colloquially known as “genius grants,” is a name change. The award will henceforth be called the Carter Fellowships for Entrepreneurial Innovation, after foundation donors Letitia and John Carter.
Fellowships will now last for four years, one year longer than the previous three-year tenure, and the maximum number of fellowships awarded per year increased from two to three. The total available grant money remains at $600,000 per year, but the maximum grant money associated with each fellowship falls to $200,000 from $300,000.
President and CEO Neil D. Steinberg told Providence Business News the Wednesday announcement was the foundation taking steps to “innovate the innovation program.
“Change is constant,” he added, explaining the “improvements and refinements” were led by the Carters in an attempt to “more specifically express the [entrepreneurial] spirit” of the award.
Previously, said Steinberg, the award “has been more idea-dependent than dollar-dependent” – those applicants with exceptional ideas were rewarded with fellowships.
“The fact that we can now have three ideas instead of two,” he said, “broadens the opportunity,” which still comes with “significant dollars” attached.
In 2020 the award will celebrate its 10th anniversary and Steinberg believes these changes will hold true moving forward.
“The more good ideas people throughout [the community] can come up with, and get a chance to implement, the more we can collectively have a better Rhode Island,” he said.
In Wednesday’s statement, John Carter said: “Letitia and I strongly believe in the power of everyday Rhode Islanders to address the issues that affect our state. We are committed to making this a better place to live and hope the public is inspired to submit proposals with the promise to lead the way.”
Applications for the 2018 Carter Fellowships for Entrepreneurial Innovation are available on the foundation’s website. Only individuals are eligible this year. Proposals will be evaluated on whether there is a new, novel, or re-energized approach that has not been tried meaningfully in Rhode Island; the potential benefits to the state, and the degree to which the proposed outcome is achievable, among other factors.
The deadline for submissions is Dec. 19, after which a panel of local judges will review them.
The foundation expects to announce successful applicants in April 2018.
Past Innovation Fellows include Ditra Edwards and Donna Childs (2017); Raymond “Two Hawks” Watson (2016); John Haley, Daniel Kamil and Emily Steffian (2015); Amy Bernhardt and David Dadekian (2014); Adrienne Gagnon and Lynn Taylor (2013); Soren Ryherd and Allan Tear (2012).
Emily Gowdey-Backus is a staff writer for PBN. You can follow her on Twitter @FlashGowdey or contact her via email, gowdey-backus@pbn.com.