New Company Creation
STAC puts a high priority on identifying ways for Rhode Island to support entrepreneurship and new company creation across the state. STAC is working with Rhode Island leadership to create a toolkit of updated programs to help nascent ventures grow.
STAC recommended the creation of a state-wide Center for Innovation and Entrepreneurship
The new RI Center for Innovation and Entrepreneurship at Brown University (RI-CIE) provides a central location for early stage enterprises to access the collaboration, support and expertise they need to transfer ideas into successful enterprises. At the Center, scientists, enrgineers and innovators can select from a wide range of programs that connect them with the resources they need to commercialize their concepts and build successful companies. The Center provides the physical focal point, the conceptual inspiration and networking opportunities to bring key people together and create launch-pad conversations for new business initiatives. The Center also facilitates new entrepreneurial efforts by enhancing technology transfer that began at local institutions of higher education and research. More information on the center can be found at the RI-CIE website.
STAC Recommended the State's Innovation Tax Credit to Stimulate Growth
The Innovation Tax Credit, proposed by STAC in 2006 and launched in 2007, is designed to attract and retain serial entrepreneurs and stimulate economic growth in high-wage, high-growth industries. In addition to being tested against a set of base eligibility requirements, applications for the credit are evaluated on how well the project supports a culture of entrepreneurship and how important the business's plan is to advancing an innovation economy. The Innovation Tax credit is managed by the Rhode Island Economic Development Corporation and more information can be found on the RIEDC website.
STAC Supports Slater Technology Fund's Expansion and Relocation
In 2008, STAC recommended that the Slater Technology Fund move forward with plans to expand its life sciences incubator program, increase its capacity to nurture nascent life sciences ventures and relocate current incubator operations to Providence's Jewelry District. The Center will deepen the state's capacity for launching compelling new ventures and improve its ability to develop more sustainable seed stage ventures with substantial commitment to basing and building their business in Rhode Island long term. More information can be found on the Slater Technology Fund website.