Rhode Island

Sectors it is courting

• Aerospace and Defense
• Agribusiness
• Energy
• Financial Services
• Food and Beverage
• Healthcare
• Information and Communication Technology
• Marine Technology
• Travel and Tourism
• Cleantech/Clean Energy

In its own words: Biotechnology & Life Sciences · Offshore Wind — typed in free text, so not filterable above.

Investment it is seeking from

• Australia
• Belgium
• Canada
• Germany
• Denmark
• Israel
• Netherlands
• Norway
• Taiwan
• United Kingdom

Supply-chain projects it is looking for

Active Pharmaceutical Ingredients (APIs), Biotechnology, Broadband, Medical Devices

Site-selection services it offers

The Rhode Island Commerce Corporation works with public, private, and nonprofit partners to create the conditions for businesses to thrive by promoting the state’s business strengths and connectivity. The state offers business assistance, access to funding and regulatory support for companies of all sizes. As a quasi-public agency, the Rhode Island Commerce Corporation is a full-service, economic development organization for Rhode Island. The state's site selection services are personalized to each opportunity giving companies the tools to successfully locate or expand operations.

Incentive programmes

• Grant

  Rhode Island Commerce provides programs for companies of all sizes. Below is a sample of their grants, incentives, tax refund and financing tools: Qualified jobs tax credit up to $7,500/year for at least 10-20 jobs depending on industry; first 500 jobs approved get maximum credit amount available. Rebuild RI is real estate gap financing; credit for up to 20-30% of project costs. A minimum project size of 25,000 square feet and cost of $5 million may apply; exempt from some sales taxes. RI Ready is a statewide industrial site readiness initiative designed to prepare sites to achieve pre-permitted status with access to wrap around services and capital. Tax increment financing provides capital for eligible projects by rebating the new state tax revenue generated by the project. Tax exempt bonds are revenue bonds offered by the Rhode Island Industrial Facilities Corporation (RIIFC) for companies exploring various manufacturing projects with a $10,000,000 maximum limit per project. Manufacturing Investment Tax Credit (4%) allowed a 4% tax credit against the Rhode Island corporate income tax on buildings and structural components for manufacturers, as well as machinery and equipment, which are owned or leased and are principally used in the production process.

Programmes for international technology startups

Innovation vouchers are grants, up to $50,000, to fund R&D assistance from a RI university, research or medical center; for businesses with fewer than 500 employees. Grants up to $50,000 can also be awarded to manufacturers for in-house R&D projects. Innovate Rhode Island small business fund grants help businesses with fewer than 50 employees offset the costs associated with preparing a competitive Phase I SBIR/STTR application or provide internships, up to $3,000. Also awarded are matching grants of up to $45,000 for SBIR/STTR Phase I awards and up to $100,000 for SBIR/STTR Phase II awards. R&D TAX CREDIT 22.5% of eligible R&D expenditures up to $111,111 and 16.9% for remaining eligible R&D expenditures over that amount. Wavemaker fellowship offers state tax credits to defer student loan debt for graduates pursuing a career or starting a business in Rhode Island in technology, engineering, design, and other key sectors. Small Business Loan Fund (SBLF) aims to fill gaps in financing for small and mid-sized businesses. We offer direct, fully secured loans up to $500,000 for working capital for manufacturing, processing and selected services companies. The Innovation Campuses, funded through a $20 million state bond issue, are envisioned as facilities designed to stimulate collaborative research and development.

Incubators and accelerators

• RIHUB

  RIHub is a network of innovators, investors, students, citizens, and those interested in building the economy through new ideas. From being the first state to declare independence, to birthing the textile industry in the US, to inventing the steam engine, Rhode Island has proven that despite its small footprint, it’s a place where great ideas come to life. It’s in that tradition that RIHub was launched. RIHub’s not-for-profit mission is all about driving economic transformation by helping entrepreneurs and startups more effectively focus and apply their ingenuity and innovation to reach their goals. RIHub is a gateway to your “next”, a network of networks, a space to create and an investment opportunity. RIHub provides space for companies to incubate, programs to support entrepreneurs such as Customer Discovery, pre-accelerator support, Venture Mentoring Service and more. For investors, RIHub provides opportunities for exclusive access to high-growth, high-impact startups. RIHub partners are able to accelerate their innovation agendas. Masschallenge, a global accelerator, is a founding member of RIHub. RIHub also works closely with the Rhode Island Israeli Collaborative.

• NEMIC: Accelerator Program

  The Foundation for the New England Medical Innovation Center is a not-for-profit Venture Studio focused on medical device and digital health technologies. The Foundation brings together innovators, entrepreneurs, organizations, clinicians, funders, and domain expertise to advance medical technologies. At the NEMIC Foundation, their mission is to support innovators and entrepreneurs, bridge the “valley of death," and expedite the developmental process for ideas to realize commercial success and provide value to the patients they serve. Ultimately, the Foundation helps usher technologies to market that improve outcomes and the experience of healthcare. A Sampling of programs include: 1. Activate is a seed funding preparation program for regulated medical/digital health technologies. 2. NEMIC Accelerator Program will accelerate and incubate startups who have innovative solutions in this new age of healthcare 3. In partnership with the Brown-Lifespan Center for Digital Health, the Digital Health Accelerator advances digital health solutions, which have become more relevant than ever with the COVID-19 pandemic. Additionally, the Foundation stays with companies even after companies leave their programs and continue to offer unbiased support throughout the entire commercialization process.

• Hope & Main

  Rhode Island’s premier culinary incubator has launched nearly 300 businesses since 2014. Hope and Main’s mission is to empower an inclusive community of entrepreneurs to jumpstart and cultivate thriving food businesses that are the foundation of a more just, sustainable and resilient local food economy. Hope and Main is: 1. An integrated system of accessible resources that equips entrepreneurs with the competence, confidence and connections to achieve their business ambitions. 2. A community of educators who partner with diverse industry professionals and experts to bring relevant information and insight that entrepreneurs need to remain nimble and responsive to the opportunities and demands of a constantly evolving food landscape. 3. A voice of advocacy for the needs of small business entrepreneurs and the potential small business owners represent for a more equitable and vibrant local food system.

University and workforce programmes

• University of Rhode Island Business Engagement Center

  The University of Rhode Island offers a wide range of opportunities for industry partners to conduct research or work with URI faculty and students to further their business objectives. Whether it is through student capstone design projects, where students help companies to solve real-world problems, or through the Office of Intellectual Property, where companies can work with faculty experts to enhance their business, the BEC can help you to access URI’s research expertise in a variety of areas and disciplines. RI Blue Economy Technology Cluster (RIBETC) : The proposed RI BETC will establish RI and Southern New England as the leading global center of the Blue Economy with equity and sustainability at its core. RI BETC builds upon existing regional, national, and global assets and is backed by a consortium of industry, government, philanthropic, non-profit, and academic partners. RI’s Blue Economy spans seven industries: ports and shipping, defense, marine trades, ocean-based renewables, aquaculture, fisheries, and tourism and recreation. [https://ribetc.org/][https://ribetc.org/] URI PDI Training Center: PDI Training Center has a range of Core Courses that can be delivered off-the-shelf or customized to business needs.

• Bryant College: The John H. Chafee Center

  The John H. Chafee Center for International Business provides comprehensive international trade services for businesses to expand into international markets. The John H. Chafee Center for International Business at Bryant University is a resource for students, businesses, organizations and individuals interested in global trade. Named for the late U.S. senator from Rhode Island, a long-time advocate of international trade and the benefits of introducing new markets to our nation's businesses, the Center’s mission is to foster world trade through collaboration with the University’s academic programs, partnerships with state and federal entities, and outreach to the business community.

Additional services

Companies moving to the US, whether large or small, have a host of tasks and risks to juggle. Their programs are designed to reduce those risks and extend your runway. Historically, Rhode Island was and continues to be welcoming to foreign business investors and their ventures, from their earliest formation, when Roger Williams formed Rhode Island as a place with freedom of thinking, Rhode Island became the birthplace of the American Industrial Revolution and today, enjoys the first offshore wind farm in the United States. Rhode Island continues to be the small accessible state to test new ideas and be launchpad for expansion. Besides an unbeatable location, access to talent, connectivity and access to business development and supply chain partners, Rhode Island offers several programs specific to global companies considering investment.

Who to contact

• Melody WeeksExecutive Vice PresidentMelody.Weeks@commerceri.com(401) 278-9170

135 Iron Horse Way, Providence, RI 02908