Board approves five Innovation Network Matching Grants totaling recommended awards

Christina, the board's presenter for the Innovation Network Matching Grants, told members the program received 19 applications requesting over $2,200,000 and that staff recommended five projects for funding that prioritize high-growth startups, expanded services, and support for employee ownership transitions. She described the program as part of the Innovation Initiative Act and said last session's changes broadened eligibility to support business evaluations of employee ownership regardless of industry.

The recommended recipients named in the packet include Design IRI (expanding a design catalyst program), a labor cooperative expansion to assist businesses transitioning to employee ownership, Kershaw Marine Museum (Blue Innovation Campus equipment and a five-ton JIB crane), RyHuff/Waypoint Venture Incubator and Innovate Newport (technical assistance and investor engagement), and Social Enterprise Greenhouse (an AI capacity program to help small businesses adopt AI solutions). A board member asked whether the Kershaw equipment and training would be accessible to technical/trade education programs; staff said outreach and accessibility would be part of program delivery. The motion to approve the recommended awards was made, seconded, and passed on a voice vote.

A board member urged that future funding decisions be explicitly tied to the Rhode Island 2030 plan, arguing grants should fit broader housing and workforce strategies; the board asked staff to consider how grant selections align with the plan going forward.