Posted Jan. 14, 2008
By Kevin Shalvey
PBN Staff Writer
In the Dunkin’ Donuts Center, in front of a crowd of business leaders and others, including Gov. Donald L. Carcieri and Providence Mayor David N. Cicilline – strategist Richard Seline asked a simple question.
“Can any of you tell me, right now, why one of your colleagues who is not in Rhode Island needs to be in Rhode Island?” Seline, CEO of New Economy Strategies LLC, asked last week.
There wasn’t a peep from the estimated 100 attendees, who included members of The Providence Foundation. They didn’t have, or didn’t want to offer, a reason.
“Well, we’re going to change that, because I’m an outsider and I can tell you 10 good reasons right now,” said Seline, who has been commissioned by the foundation and the Greater Providence Chamber of Commerce to compile a report on the economic strengths and weaknesses of the capital and the state.
Seline’s evaluation will become the “Knowledge Economy Roadmap” for Providence and will “reflect the role of diverse, statewide assets,” according to the chamber. That report is due out by March, but at the foundation’s 33rd annual meeting on Jan. 8, Seline offered a glimpse of his findings so far.
Providence, Seline said, is well positioned for a knowledge-based economic boost. He lauded Providence and Rhode Island for having intellectual capital – both through higher-learning institutions and up-and-coming groups, including the Providence Geeks. He said there is “incredible” strength in product ideas in Providence.
But he said he hasn’t seen the type of “trust” that is necessary for that growth. He’s only seen intensive networking and free-sharing of ideas through the Providence Geeks and smaller organizations, he said, before offering some advice: The state’s universities should form stronger bonds between their research facilities.
The foundation also announced its annual goals at the meeting. For the coming year, one of the biggest issues will be leveraging university and hospital growth to draw economic capital to Providence. Cicilline said building on that growth will be “essential” to the economic future of the city.
Foundation Chairman Robert V. Gilbane, president of Gilbane Development Company, cited the relocation of Interstate 195 as a major factor in drawing new business and changing the face of downtown. “How often is it that you can pull together 20 acres of land in a key location,” he said. “It doesn’t happen every generation.”
The foundation also reported that revenue again grew during 2007. The report of the foundation’s fiscal year, which ended September 30, hasn’t been completed, but Treasurer Frederick Butler, vice president and corporate secretary of Textron Inc., said the group’s revenue and membership grew, the latter by 14 members.
“Because revenues were more than budgeted and expenses were less, the year-end actual administrative revenues, in excess of expenses, were $42,169, versus the budgeted amount of $5,305,” said Butler.
As a result, the foundation’s unrestricted assets grew to $349,456, seeing about 43.2-percent more growth than the $29,452 it posted for fiscal year 2006.
Also last week, the foundation elected 2008 trustees and officers. Gilbane was again elected chairman; Butler was elected vice chairman; Buff Chase, of Cornish Associates, was elected secretary; and William F. Hatfield, president of Bank of America Rhode Island, was elected treasurer.
Seline says Providence’s economic future could be positive.
“You have assets in spades. There are places in the United States that would beg for the assets you have here,” he said.
But the sum of those assets won’t be defined until Seline’s report is released in March. And the report is intended to be wide-ranging – the 2003 report compiled for the Greater Philadelphia area is 180 pages, complete with information about patents, annual wages and how the region fits into global trends. ·
