Keeping talent helps to grow jobs in R.I.

The surest way to combat the “brain drain” that is costing the state so many of the talented graduates from local colleges and universities is to create jobs for them when they are done with school. More

To continue reading this article, please do one of the following.



PBN Editorial

Keeping talent helps to grow jobs in R.I.

Posted 11/28/11

The surest way to combat the “brain drain” that is costing the state so many of the talented graduates from local colleges and universities is to create jobs for them when they are done with school.

Better yet, how about helping them create their own jobs here? In large measure, that is exactly what a new program involving Providence and three private organizations dedicated to starting and growing businesses in the region are hoping to do.

The Providence Innovation Investment Program is funded by a $1 million grant from the U.S. Department of Housing and Urban Development. In short, the city will loan a startup that promises to locate within Providence for a year $50,000 at favorable terms, with an option for the city to convert the debt to equity down the road.

Tethered to the program are Betaspring, the private startup-accelerator program, the state’s Slater Technology Fund and Cherrystone Angel Group. The three groups occupy slightly different spaces in the business-investment ecosystem, with Betaspring being the touchstone to more businesses through its 12-week mentorship program. In fact, the 11 companies that went through the program this summer are eligible for the loans, and a number of them are negotiating right now for the loans.

Along with the $2 million that Betaspring and $9 million that Slater received earlier this fall through the U.S. Treasury Department’s State Small Business Credit Initiative, Rhode Island finds itself better positioned to grow businesses – and create jobs – than ever before. Perhaps it’s time to come up with a new nickname for the state. How does Startup Central sound? •

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    See who the Healthiest Employers in RI are! And save the date - August 14th - at ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement