The Innovation Voucher program unlocks R&D capacity for Rhode Island small businesses. Companies with 500 employees or less can receive up to $50,000. Rhode Island manufacturers have the option to use the Innovation Voucher to fund an internal R&D project.
Grants can be applied to:
support for commercialization of a new product, process, or service
access to scientific, engineering, and design expertise
scale-to-market development of your innovative idea
Innovation Network Matching Grants are provided to organizations to expand existing efforts to offer technical assistance, space on flexible terms, and/or access to capital to Rhode Island small businesses in key industries and require at least a 50% match from the applicant.
CommerceRI facilitates its award-winning Wavemaker Fellowship program, which provides student loan debt relief to qualified candidates working in STEM (science, technology, engineering, and mathematics) and design fields, as well as healthcare and mental health in Rhode Island.
This publicly funded program is committed to keeping the best and brightest in Rhode Island after graduation, and ensures a robust talent pool for the state’s growing businesses.
The program offers qualifying individuals a refundable tax credit certificate equal to the value of their annual student loan burden for up to four years. In addition to the financial benefit, fellows are invited to participate in various personal and professional development programs, social and professional networking opportunities, community-based events, and more.
Through the Rhode Island Science and Technology Advisory Council (STAC), funding was developed for small businesses that need capital to innovate, expand, and succeed.
The Innovate RI Small Business Fund provides the following grants to assist local entrepreneurs and high-growth start-ups that participate in the Federal Small Business Innovation Research Program and have fewer than 50 employees:
Application Grant: Provides grants of up to $3,000 to help small businesses offset the costs associated with preparing a competitive Phase I SBIR/STTR application.
Matching Grant: Provides grants of up to $45,000 to recipients of SBIR/STTR Phase I awards and up to $100,000 to recipients of Phase II awards.
The Fund also supports talent development via:
Internship Grant: Provides grants of up to $3,000 to help companies offset the cost of providing internships to RI residents attending a RI college or university.
Collaborative Research Grants
Competitive funding is offered each year as part of STAC’s participation in Rhode Island’s Cooperative Agreement with the National Science Foundation’s (NSF) Established Program to Stimulate Competitive Research (EPSCoR). Collaborative Research projects are eligible which address research questions related to the current thrusts of the the RI Consortium for Coastal Ecology Assessment, Innovation, and Modeling (RI C-AIM).
These Innovation Campuses are envisioned as facilities designed to stimulate collaborative research and development projects among academic and corporate tenants, with the goals of job growth and catalytic statewide impact. The campuses pair world-class, cutting-edge research with proven industry leadership and investment.
The Executive Office of Commerce initiated a competitive solicitation process with the release of a Request for Proposals (RFP). Activity and discussions related to the RFP are not part of any CommerceRI procurement process.
The Ocean Tech Hub (OTH) is consortium-led initiative with a diverse and growing membership representing industry, labor, research, academia, associations, government and community partners based in the RI-Southeastern MA region of Southeastern New England. Convened by RI Commerce Corporation as a strategic interstate effort, the goal is to strengthen a region’s capacity to manufacture, commercialize, and deploy critical technologies – ensuring that the industries of the future, and their good jobs at all skill levels, start, grow, and remain in the United States both equitably and inclusively. Towards this end, OTH is working to coalesce the investment, research, assets and innovation in undersea robotics, automation, advanced materials, and composites, and catalyze a rapid tech transfer and commercialization specialty in the ocean technology field.