Newport County Development Council receives $1.7 million federal grant to support innovation, entrepreneurship

U.S. SENATOR JACK Reed, who as a member of Appropriations Committee, helped secure $232 million for EDA programs in the fiscal year 2014 appropriations bill, heralded the $1.7 million in EDA funding for the Newport County Development Council to help establish a technology business incubator. / PBN FILE PHOTO
U.S. SENATOR JACK Reed, who as a member of Appropriations Committee, helped secure $232 million for EDA programs in the fiscal year 2014 appropriations bill, heralded the $1.7 million in EDA funding for the Newport County Development Council to help establish a technology business incubator. / PBN FILE PHOTO

NEWPORT – A $1.7 million federal grant has been awarded to the Newport County Development Council to help establish a technology business incubator to foster startups, creating more than 100 jobs.

U.S. Secretary of Commerce Penny Pritzker said in a news release that the Economic Development Administration’s grant supports the development of a facility to provide the space and assistance to help Newport area entrepreneurs and start-ups in a variety of fields grow.

U.S. Sen. Jack Reed called the grant “great news for Newport.”

The funds, he said, “will help diversify and energize our economy, further cementing Aquidneck Island as a key hub for research, development, technology and innovation. This new innovation center will be a great resource for the business community and budding entrepreneurs. It will help harness some of the high wattage institutional brain power we have in the area – from Naval Station Newport, to the Naval Undersea Warfare Center, to URI – and foster new partnerships to help launch high-tech ventures.”

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“I commend the city of Newport and the Newport County Development Council and their partners for putting together a winning proposal. This type of collaboration can help spark new ventures and accelerate the commercialization and deployment of new products and concepts,” Reed said.

Reed, a member of Appropriations Committee, helped secure $232 million for EDA programs in the fiscal year 2014 appropriations bill.

U.S. Sen. Sheldon Whitehouse said the project will “leverage our defense, marine trades and technology industries to grow our economy and create jobs.”

“Rhode Island has a rich tradition of innovation, from the dawn of the American Industrial Revolution at Slater Mill to the technology and design businesses throughout our state today,” Whitehouse said, adding he was happy to lend his support for the funding.

The funds will support the redevelopment of a former 33,600-square-foot Sheffield public school (513 Broadway) into a technology-business incubator, accelerator and innovation center. The state-of-the-art facility will be designed to meet LEED “green” building standards and is intended to also support defense, marine, climate change, environmental, digital industry clusters and entrepreneurs.

An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities to create jobs for American workers, promote American innovation and accelerate long-term sustainable economic growth.

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