Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Board creates $2 million Rhode Island Venture Capital Fund, names Rogue Ventures manager
Summary
The board approved creation of a $2 million venture capital fund to invest in early‑stage Rhode Island companies and engaged Rogue Ventures as manager; board members emphasized the need for clear KPIs, quarterly reporting and selection rigor.
Staff introduced a proposal to establish the Rhode Island Venture Capital Fund, to engage Rogue (Road Rogue) Ventures as the manager, and to capitalize the fund with $2,000,000. Staff said investments would target pre‑seed and seed Rhode Island companies (under five years old and under $1,000,000 in revenue) with a maximum investment of $250,000 per company and a matching private capital requirement.
Board members asked detailed questions about metrics, diligence and reporting. One member pressed for measurable KPIs including jobs created, leverage and the fund's ability to return capital; fund representatives said they would share KPIs and provide quarterly reports. After discussion a motion to establish the fund and engage Rogue Ventures was moved, seconded and carried by voice vote. Members stressed oversight expectations going forward.
