Neal Fine

 / PBN PHOTO/MICHAEL SALERNO
/ PBN PHOTO/MICHAEL SALERNO

What are the biggest hurdles to starting a business in Rhode Island?

Big hurdle No. 1 is finding seed funding – particularly in the energy business and particularly in Rhode Island. … Big hurdle No. 2 is finding mentors for technology entrepreneurs, who need lots of help in the art of founding companies. … Through academic connections, we were very fortunate to obtain a seed investment from the Slater Technology Fund, a nonprofit venture foundation, which gets support from Washington. Our state government used to help support it, but unfortunately that stopped several years ago.

Does Rhode Island have the resources to help companies develop innovative products and services?

We have a strong group of research institutions – particularly Brown University and the University of Rhode Island – that has great potential. The group has yet to hit a clear stride in supporting innovative startups. But the state has two encouraging programs now that point the way: the Innovative Voucher Program that provides awards to business-university research partnerships, and a subsidized intern program.

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What industry offers the greatest potential for growth through innovation in R.I. and why?

High tech, particularly clean energy from wind power, is definitely a winner. We have advanced talent in the startup world and our group of research universities is turning out more. Regarding energy, we have excellent sites for wind farms on land and water; the pioneering Deepwater Wind LLC wind farm off Block Island is a major project; our robust port of entry at Quonset is a significant asset; and cost breakthroughs are on the horizon.

Is the Aquanis plasma flow control actuator the breakthrough innovation that will end the need for subsidizing wind power?

We think so. The actuator will cut wind-energy costs 20-30 percent. That should eliminate tax incentives and other subsidies and make wind energy highly competitive.

Where will Aquanis manufacture the new actuator and when?

It’s too early talk about it. We hope to manufacture in Rhode Island. When we start looking at that seriously, probably a year from now, we have to find the right experience, the right tooling, affordable tax rates. Starting production is still more than two years away. •

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