INCENTIVES
INNOVATION INCENTIVES
Innovation Voucher Program
Innovation Voucher Program
The Innovation Voucher program is part of RI Commerce’s Innovation Initiatives created to support the needs of small businesses to make strategic investments in innovation and their businesses. Recognizing collaboration within Rhode Island’s knowledge ecosystem will spur further innovation, the Innovation Voucher helps small businesses tap the expertise and resources needed to unlock research and development capacity and catalyze their small business growth. The program pairs small Rhode Island businesses (500 employees or less) with local knowledge partners like colleges, universities, and hospitals. Manufacturers may use vouchers for internal R&D.
Businesses may receive up to $75,000 for research and development through the Innovation Voucher program. Vouchers can be used to:
- support the commercialization of a new product, process or service;
- access scientific, engineering and design expertise that fits an innovation need;
- technological development and exploration to make an innovation come to life; and/or
- scale-to-market development of an innovative idea.
We are currently processing a high volume of Innovation Voucher inquiries and applications. This will cause delays in response.
Thank you for your interest.
Applications for the Innovation Voucher are accepted on a rolling basis.
We STRONGLY RECOMMEND applicants speak to an Innovation Team member before submitting. This ensures your eligibility and alignment of proposed initiative. Reach out here: innovation@commerceri.com
Read the Rules and Regulations here.
Recipients
Innovation Network Matching Grants
Innovation Network Matching Grants
The Innovation Network Matching Grant is part of RI Commerce’s Innovation Initiatives created to support the needs of small businesses to make strategic investments in innovation and their businesses. The Innovation Initiatives supports the growth of Rhode Island’s economy by increasing the potential of small businesses through collaboration and access to resources. The Innovative Network Matching Grant supports organizations working in key industries that specifically provide small business support through technical assistance, space on flexible terms and/or access to capital. Grants of at least $50,000 are available to organizations, including nonprofit, for-profit organizations, universities, and co-working space operators. A 50% match is required from the recipient.
Read the Rules and Regulations here.
This grant is now closed and is no longer accepting applications.
Recipients
Wavemaker Fellowship
The Wavemaker Fellowship
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.
Discover more information about the Wavemaker Fellowship program 
Rules and Regulations for the Wavemaker Fellowship Program 
Fellowship Award Winners
Science and Technology Grants
Science and Technology Grants
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).
Learn more about STAC and its funding and grant opportunities
Contact
Rhode Island Innovation Campus
Rhode Island Innovation Campus
In November 2016, Rhode Island voters approved a $20 million bond issue to create one or more Innovation Campuses affiliated with URI that will bring together leading industry, academic, and research partners.
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.
Solicitation Process
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.
Please click here to view the Innovation Campus RFP (Note: process closed for submissions) 
