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News

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05/31/2017
The Rhode Island Commerce Corporation (RICC), in partnership with the University of Rhode Island (URI), is inviting interested partners to begin sharing concepts and ideas for an Innovation Campus in preparation for an RFP to be released later this year. The Commerce Corporation has issued an Invitation for Expressions of Interest, with the goal of engendering initial ideas on how parties in industry and academia can come together to create a transformative Innovation Campus in Rhode Island. This competition will ultimately award funds from the $20 million bond issuance approved by Rhode Island's voters in November 2016. "This is another exciting step toward turning our vision for this Innovation Campus into jobs in Rhode Island," said Governor Gina M. Raimondo. "Over the coming months, we will be working relentlessly to ensure that we see truly transformational proposals come together." Rhode Island's Innovation Campus is modeled in part on precedents of industry-academia collaboration at a number of facilities across the country and around the world, including the Clemson University International Center for Automotive Research, The Bridge at Cornell Tech, and the Tannery Innovation Center in Ontario, Canada. "We're looking forward to helping potential applicants understand our state's remarkable assets and, ultimately, to increasing the amount of university and medical center research that gets translated into new economic activity and jobs for Rhode Islanders," said Stefan Pryor, Rhode Island's Secretary of Commerce. "The University of Rhode Island is a major economic asset for the State of Rhode Island and continues to expand its research and development to support the State's economic growth," said David M. Dooley, president of the University of Rhode Island. "The university is well positioned to collaborate with private industry to innovate and produce cutting edge products and technology within an innovation campus." Ultimately, one or more awards will be chosen through a competitive process designed to attract the best possible proposals to commercialize academic research taking place in Rhode Island. The Commerce Corporation envisions successful applicants being consortia of private industry and academic partners, in addition to URI. Development partners will be required to meet or exceed the state's investment from the bond proceeds. Respondents will be offered access to technical assistance workshops to guide concept development. According to research conducted by the Brookings Institution in the Rhode Island Innovates report, Rhode Island is a leading state for university research. Rhode Island institutions conduct over $320 million in research each year, and the 30 percent growth in Rhode Island's research activity has been nearly double the national rate of 16 percent. In November 2016, Rhode Island voters approved a $20 million bond issue to create an Innovation Campus affiliated with URI that will work to bridge the gap between the world-class research occurring at Rhode Island's universities and the opportunity for new startups and job creation that will come with turning that research into commercial activity. As the state of Rhode Island's public research university and a critical partner in economic development and growth, URI offers 80 undergraduate and 70 graduate programs, including leading programs in engineering, health, business, oceanography and pharmaceutical sciences. URI will work closely with the RICC throughout the solicitation process and will collaborate with the designated partner/team to develop and program the Innovation Campus. Interested parties will have until September 15 to present initial concepts. Updates on the competition can be followed at www.commerceri.com/ri-innovation-campus. ###
04/18/2017
Raimondo, Elorza Celebrate Trade Area Systems Opening in Providence
Governor Gina M. Raimondo and Providence Mayor Jorge O. Elorza today joined fellow state and local officials at a welcoming ceremony to mark the relocation and opening of Trade Area Systems, a real-estate intelligence company. The company provides advance site location services for major retailers and property developers in the United States. Following approval for incentives from the Rhode Island Commerce Corporation, all 20 positions at the company have relocated to Providence from Attleboro, Massachusetts, and the company intends to add 8 new, highly-skilled employees. "Trade Area Systems is yet another business that has recently chosen Rhode Island because we've made critical investments in Rhode Island's workforce and in making our state more business friendly," Governor Raimondo said. "I thank Trade Area Systems for bringing 28 jobs to Rhode Island. Through smart public policy decisions like the Rhode Island Promise proposal, we can keep that trend going and ensure that Rhode Islanders can get the jobs businesses are creating." "Another company is investing in our city and bringing good-paying jobs," said Mayor Elorza. "I join my colleagues in welcoming Trade Area Systems to the state and I congratulate Governor Raimondo for her leadership in attracting yet another innovative company." "We're thrilled to be setting up shop in Providence," said Bill Dakai, President and CEO of Trade Area Systems. "The city has a high-quality of life which is a magnet for the talent we are trying to attract. Combined with the competitive incentives from the Rhode Island Commerce Corporation, it's the perfect fit for our growing company." "We are pleased to welcome Trade Area Systems to Rhode Island – and to our growing innovation economy," said R.I. Secretary of Commerce Stefan Pryor. "Tech companies like Trade Area Systems are finding that, in Rhode Island, they can access the talent and innovation ecosystem they need to thrive at an affordable cost. With Trade Area Systems and GE Digital now moved in, soon to be joined by others such as Virgin Pulse and Johnson & Johnson, our state is increasingly a destination for companies looking for a vibrant tech community." Trade Area Systems entered into a Qualified Jobs agreement with the Commerce Corporation for a five-year period, totaling an estimated $520,000. The company has cited the increasing vibrancy of Providence and the economic development tools put to work this year as reasons for moving their company from Massachusetts to Rhode Island. The move is expected to result in an annual GDP increase of $7.9 million for the state. New state revenues are estimated to be $719,000 over their six-year commitment period. The Qualified Jobs Incentive program encourages new job creation by providing a base tax credit (1) for companies relocating to the state and creating a minimum number of new jobs and (2) for current Rhode Island companies growing their in-state workforce. The annual base tax credit is $2,500 for each new full-time job created, with possible add-ons of up to $5,000 per job if specific criteria are met. ###
04/12/2017
Governor Gina M. Raimondo and the Rhode Island Commerce Corporation today announced the re-opening of Wavemaker Fellowship Applications, a competitive student loan reimbursement program for recent graduates working in STEM (Science, Technology, Engineering, and Mathematics) and certain design fields.

Press Releases

RSS
06/27/2017
Governor Gina M. Raimondo today announced that four small Rhode Island companies have been awarded Innovation Vouchers through the Rhode Island Commerce Corporation. This program is intended to stimulate innovation, facilitate in-state partnerships, and give Rhode Island a competitive edge that...
05/31/2017
The Rhode Island Commerce Corporation (RICC), in partnership with the University of Rhode Island (URI), is inviting interested partners to begin sharing concepts and ideas for an Innovation Campus in preparation for an RFP to be released later this year. The Commerce Corporation has issued an...
05/03/2017
Governor Gina M. Raimondo today announced that six Rhode Island companies have been selected to receive Innovation Vouchers intended to stimulate innovation, facilitate in-state partnerships and give Rhode Island a competitive edge that will help the state grow and attract business. "Our...

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