State sets aside $1.5M for innovation grants, 3 times last year’s amount

GOV. GINA M. RAIMONDO ANNOUNCED the opening of the application period for the next round of the state's Innovation Vouchers Program. The R.I. Commerce Corp. has tripled the amount of money allocated toward supporting small businesses' innovation efforts.  / PBN FILE PHOTO/ MICHAEL SALERNO
GOV. GINA M. RAIMONDO ANNOUNCED the opening of the application period for the next round of the state's Innovation Vouchers Program. The R.I. Commerce Corp. has tripled the amount of money allocated toward supporting small businesses' innovation efforts. / PBN FILE PHOTO/ MICHAEL SALERNO

PROVIDENCE – Gov. Gina M. Raimondo opened the second round of the state’s Innovation Voucher Program for applications on Tuesday at an event hosted by Brown University’s Warren Alpert Medical School.

The Innovation Voucher Program allows companies with fewer than 500 employees to apply for $50,000 grants to enable innovation through their research and development processes.

The vouchers can be used to support the commercialization of a new product, process or service; to access scientific, engineering and design expertise; to use technological development and exploration to make an innovation come to life; or to scale an idea from concept to market.

The program also connects companies with local universities, and research and medical centers to assist with the R&D process for a specific project.

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Raimondo said this program will act as an incentive for Rhode Island businesses to continue producing high-quality R&D.

“Our state is rapidly emerging as a top hub of innovation, and this program will help us keep the momentum going,” she said.

Raimondo added that in 2015, the program’s inaugural year, there were far more companies that applied than there were grants available, and she expects the demand to be just as high this year.

The state has allocated approximately $1.5 million of R.I. Commerce Corp.’s current fiscal year budget to fund the program, three times that set aside in 2015, the program’s inaugural year. Of the 34 applicants, 11 companies were awarded grants totaling $451,897.

The deadline for applications is Friday, Oct. 28. Those applications received after Oct. 28 will be reviewed “contingent upon available funding,” according to a release sent from the governor’s office Tuesday.

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