Innovate RI Fund

In 2013, to foster job creation, facilitate small business development and enhance the workforce pipeline, the Rhode Island General Assembly created the Innovate Rhode Island Small Business Fund (IRISBF). Eligible Rhode Island small businesses may apply for grants to defray the cost of applying for SBIR/STTR awards, match SBIR/STTR Phase I and Phase II awards, and hire interns.

Grants

Application Grant

Provides grants of up to $3,000 to assist small businesses offset the costs associated with preparing a competitive Phase I SBIR/STTR application.

Matching Grant

Provides grants of up to $45,000 to encourage recipients of SBIR/STTR Phase I awards and up to $100,000 to recipients of Phase II awards.

Internship Grant

Provides grants of up to $3,000 to assist companies offset the cost of providing internships and mentoring to RI residents attending a RI college or university.

Application Grant

Provides grants of up to $3,000 to assist small businesses offset the costs associated with preparing a competitive Phase I SBIR/STTR application.

Matching Grant

Provides grants of up to $45,000 to encourage recipients of SBIR/STTR Phase I awards and up to $100,000 to recipients of Phase II awards.

Internship Grant

Provides grants of up to $3,000 to assist companies offset the cost of providing internships and mentoring to RI residents attending a RI college or university.

About Innovate RI Fund

Small businesses need capital to innovate, expand and succeed. The Innovate RI Small Business Fund provides grants to assist local entrepreneurs and high-growth start-ups defray the costs of applying for federal SBIR/STTR grants, match Phase I and Phase II awards and hire interns.

The goals of the program are to:

  • Leverage state funds to encourage and support Rhode Island entrepreneurial participation in the federal SBIR/STTR programs;
  • Increase the amount of federal research dollars received by Rhode Island firms;
  • Sustain companies through the early stages of product development;
  • Encourage the establishment of high potential, high quality, high growth ventures in Rhode Island; and
  • Enhance the talent pipeline in the life sciences and engineering fields.