Rhode Island
State Resources
The state’s lead economic development agency is the Rhode Island Commerce Corporation (Rhode Island Commerce), a quasi-public organization, overseen by the state’s Executive Office of Commerce, whose board is chaired and chosen by the governor. Rhode Island Commerce “works with public, private, and nonprofit partners to create conditions for businesses in all sectors to thrive and to improve the quality of life for our residents by promoting the state’s long-term economic health and prosperity.” The state’s life sciences sector is further supported by the Rhode Island Life Science Hub (RILSH), a quasi-state agency created by the RI Legislature in 2023 to act as the sector’s economic development organization. Highlighted below is a sample of what the state is doing through Rhode Island Commerce and Rhode Island Life Science Hub to support new ventures.
Innovate RI Fund SBIR/STTR Matching Grant
Administered by the RI Science & Technology Advisory Council, the Innovate Rhode Island Small Business Fund (IRISBF), or Innovate RI Fund, was created by the state legislature in 2013. The goals of the program include encouraging broader RI participation in the federal SBIR/STTR programs, increasing the amount of federal research funding RI firms receive, promoting the establishment of high-potential, high-growth ventures in the state, and supporting them through the early stages of product development.
SBIR/STTR Matching Grant
The SBIR/STTR Matching Grant is one of three grant programs supported by the fund. RI-based Phase I awardees may receive a 50% matching Phase I grant up to $75,000, and Phase II awardees may receive a 15% matching Phase II grant up to $150,000. To be eligible for these matches, a company must have no more than 50 employees (see program guidelines).
Innovation Voucher Program
The Innovation Voucher Program is part of the Rhode Island Commerce’s Innovation Initiatives portfolio to support small business and entrepreneurship per the RI 2030 economic plan. The Innovation Voucher Program provides funds up to $75,000 per award to meet RI small businesses’ R&D needs in two ways. With the Knowledge Provider Voucher, the small business pays a local research institution to conduct the R&D it needs, while the Manufacturing Voucher is used by a small manufacturer to fund an internal R&D project needed to advance or redesign its product offerings and remain competitive. The program prioritizes projects that support the advanced materials, ocean economy, defense, energy and environment, food systems, and life sciences industries. In 2024, eight Innovation Vouchers were awarded.
Rhode Island Lift Program
The Rhode Island Life Science Hub (RILSH)’s Rhode Island Lift Program awards non-dilutive funding to early-stage, RI-based life sciences companies that have finalized or recently closed a funding round. Rhode Island Lift provides up to $100,000 for pre-seed, up to $150,000 for seed, and up to $200,000 for Series A rounds. Funds are intended to cover costs associated with scaling/commercialization. Priority is given to projects in the areas of biomanufacturing, CROs and CDMOs, clinical trials, health and aging, immunology, neuroscience, RNA, and data science. Applications are accepted on a rolling basis.
