Commerce OKs incentives for economic development

PROVIDENCE – MassChallenge will receive $100,000 through an Innovation Matching Grant to help Rhode Island create a “powerful innovation brand” and build its reputation as “an ideal state for entrepreneurship.”

The grant was one of several initiatives approved March 28 by Gov. Gina M. Raimondo and the R.I. Commerce Corporation.

MassChallenge, the world’s largest business accelerator and competition program awarding over $1 million annually in prizes to small businesses, will open a new operation in Providence. The funding will support a boot camp accelerator program for Rhode Island entrepreneurs, a R.I.-Boston bridge-builder event, an innovation entrepreneurial ecosystem analysis for Rhode Island and an innovation roundtable summit, according to information from Commerce RI.

Commerce Secretary Stefan Pryor said MassChallenge will help officials “ramp up an ever-stronger system of support for innovation-oriented companies. And the matching grant program will simultaneously enable us to bolster the efforts of invaluable Rhode Island-based innovation organizations.” •

- Advertisement -

No posts to display