SSTI Digest

Geography: Rhode Island

SSTI Examines Trends in Innovation Policy from the State Legislatures

As many state legislative sessions wind down, a clearer picture of the current direction of state innovation policies is emerging. This week’s SSTI Weekly Digest presents a few of the major trends in technology-based economic development initiatives approved by state legislatures during their most recent sessions. While this review is not meant to be comprehensive, it should illuminate the shifts states are making to refine their investments in the high-tech economy by providing smarter, more targeted support.

RI Approves SBIR Matching Funds Program, Passes Transparency Bill for Economic Development

A three-year effort to implement an SBIR state matching funds program gained enough traction this legislative session to win support from Rhode Island lawmakers. The measure was spearheaded by a group of leaders from 24 life science companies who advocated for a statewide program to encourage small business R&D and commercialization. Lawmakers appropriated $500,000 for the effort in FY14. Adding a workforce development component to the measure, a new bioscience and engineering internship also will be established to enhance the state's talent pipeline.

MEP Center Awards Announced for Arizona and Rhode Island

NIST MEP has finalized cooperative agreements to create new MEP Centers in Arizona and Rhode Island. NIST is awarding $1 million to the Arizona Commerce Authority and $750,000 to the University of Rhode Island Research Foundation to serve small- and mid-sized manufacturers in their states. Read the release...

TBED People and Orgs

Chris Coburn, the founding executive director of Cleveland Clinic Innovations, is leaving at the end of May to join Boston-based Partners Healthcare, the largest healthcare system in Massachusetts.

Sustainability of the Economic Climate in Rhode Island

In the wake of a potential overhaul to the state's economic development strategy, Gov. Lincoln Chafee received two reports analyzing the strengths and weaknesses of Rhode Island's existing industry clusters and identifying potential new opportunities. The reports provide guidance for consideration by the Sustainable Rhode Island Initiative, a multi-agency effort to develop an integrated approach for the state related to land use, transportation, housing and economic development. Recommendations include the appointment of an individual to lead and oversee economic planning efforts of the state and the creation of a statewide incubator network and investment in entrepreneurship and small business creation and growth.

Tech Talkin' Govs: Part II

The second installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Colorado, Nebraska, Nevada, Rhode Island, South Dakota, Vermont, Washington, and Wisconsin. Our first installment was in the Jan. 9 Digest.

TBED People & Orgs

Gov. Lincoln Chafee has nominated Deputy Director William Parsons to lead the Rhode Island Economic Development Corporation.

Rhode Island Improves Economic Strength in Second Annual Benchmark Study

Rhode Island has released its 2012 Benchmarking the Rhode Island Knowledge Economy, a follow-up to the inaugural report published last year. Produced by the Greater Providence Chamber of Commerce and Rhode Island Science & Technology Advisory Council, Benchmarking is a comprehensive report of the state's innovation capacity and a method of measuring over time Rhode Island's innovation economy in comparison to the region and the country. The report looks at 19 categories for overall economic strength, including more traditional measures such as gross state product and per capita income, but also for measures of the state's innovation capacity, like patents issued, R&D performance, and the attainment of science and engineering degrees and their inclusion in the state workforce. Of the 19 metrics, Rhode Island improved their national ranking in 11 areas, including significant improvements in venture capital investments as a percent of gross state product, total R&D performance as a percent of gross state product, and math scores for 8th graders. Measuring as a percent of gross state product, nationally Rhode Island ranks third in nonprofit R&D performance, fifth in venture capital investments, seventh in academic R&D performance, and eighth in federal R&D obligations. However, Rhode Island has declined in high speed Internet lines, patents issued, the "entrepreneurial climate," and total SBIR/STTR investments. It also ranks near the bottom (47th) in state appropriations for high education per capita. Benchmarking the Rhode Island Knowledge Economy is available at: http://stac.ri.gov/innovation/.

Consortium Steps in To Help Launch Rhode Island Startups

Building on a previous statewide initiative to boost technology entrepreneurship, a group of Rhode Island organizations have combined resources to launch a new effort called the Founders League. The idea is to assemble a treasure trove of support from universities, a mentorship-driven accelerator, and the Chamber of Commerce to provide resources and connections for established and aspiring entrepreneurs. The group is the promoting power of collaboration with guiding principles that include: the importance of physical space, co-working communities and transitioning to a self-sustaining business model. The Founders League officially launches in December and will offer community co-working space, programming and support for entrepreneurs at all stages of development. Read the announcement...

TBED People & Orgs

Richard Bendis has been named the first president and CEO of BioHealth Innovation, Inc. a regional private-public partnership focusing on commercializing market-relevant biohealth innovations and increasing access to early stage funding in Central Maryland.

Tech Talkin' Govs: Part IV

The fourth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Illinois, New Hampshire, Tennessee, and Rhode Island. The first three installments are available in the Jan. 11, Jan. 18 and Jan. 25 editions of the Digest. Illinois Gov. Pat Quinn, State of the State Address, Feb. 1, 2012 "Today, I'm announcing a $2.3 million dollar investment in '1871,' a new technology center at the Merchandise Mart in Chicago to foster and launch digital start-ups. "Today, I'm also announcing a $6 million dollar statewide competition to build ultra-high speed broadband in neighborhoods across Illinois. "Through this challenge, we want our neighborhoods to become Gigabit communities with Internet connections more than 100 times faster than today! Our goal is to build smart communities that will foster the job engines of the future." New Hampshire Gov. John Lynch, State of the State Address, Jan. 31, 2012 "There are tax reductions that can spur job growth here in New Hampshire. Innovative companies create jobs and lay the foundation for a stronger future for our state. Five years ago, we put in place a research-and-development tax credit to attract companies to create the products of the future here in New Hampshire. "This year, I am proposing we double the research-and-development tax credit. This is a tax credit that works to help create jobs; the same cannot be said of the cut in the tobacco tax. "The cut in the tobacco tax was nonsensical. That money would have been better spent on our community college and university systems, for example. We should roll it back, and use the revenue to invest in our economic future." Rhode Island Gov. Lincoln Chafee, State of the State Address, Jan. 31, 2012 "I believe there is tremendous opportunity for our state to grow our economy in the Knowledge District, with the 'meds and eds' leading the way. We must have the wisdom and foresight to make good decisions regarding our hospitals and our educational institutions. ... "... [W]e must be a state that provides access to capital and encourages innovation. I have heard from many Rhode Islanders who have exciting and promising ideas. But they are unable to obtain the needed resources to invest in new technologies, expand their operations, or start a new company. This is an area where we need to work together with experts and develop a plan for Rhode Island to strategically invest our state and private assets in the types of industries that will bring good jobs to our state." Tennessee Gov. Bill Haslam, State of the State Address, Jan. 30, 2012 "Access is critical to a successful education program. Let me speak plainly, for the last several years we have not been funding higher education's capital plans to the degrees necessary to meet growing student demand. We need more space to train students in science, technology, engineering, and math — critical subjects in which we must provide more trained graduates. "This budget will finally provide the state's funding for the long-overdue science building at MTSU, the science laboratory facilities at the University of Tennessee-Knoxville, a new patient diagnostic center at the University of Tennessee Health Science Center in Memphis, as well as the planning money for new buildings at Nashville State Community College and Northeast State Community College, the University of Memphis, and the University of Tennessee — Chattanooga."

MA, RI Release State Innovation Benchmark Studies

TBED organizations in Massachusetts and Rhode Island recently published comprehensive reviews of their respective state innovation economies. Both studies employ metrics of the general economy, as well as indicators of STEM education, research, venture investment and technology industry activity. They also use data from other state economies to track their progress in creating a vibrant and sustainable innovation ecosystem. The reports provide a useful set of innovation metrics that can be applied in other regions.

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