Rhode Island Commerce Awards $360K in Innovation Grants for Small Business and High-Growth Startup Support

What this means

PROVIDENCE, R.I. — Tonight, the Board of Directors of the Rhode Island Commerce Corporation approved $361,614.72 in funding to five organizations through the Innovation Network Matching Grant program. The program provides grants to organizations that support small businesses in key industries such as food and agriculture, technology, artificial intelligence, clean energy, defense, design, manufacturing, cyber security, and the ocean economy or businesses evaluating a transition to employee-ownership, regardless of industry. To support programming that assists high-growth startups in the design sector through mentorship, networking, and access to resources.

Official release

Rhode Island Commerce Awards $360K in Innovation Grants for Small Business and High-Growth Startup Support

Published on Monday, May 19, 2025

PROVIDENCE, R.I. — Tonight, the Board of Directors of the Rhode Island Commerce Corporation approved $361,614.72 in funding to five organizations through the Innovation Network Matching Grant program. The program provides grants to organizations that support small businesses in key industries such as food and agriculture, technology, artificial intelligence, clean energy, defense, design, manufacturing, cyber security, and the ocean economy or businesses evaluating a transition to employee-ownership, regardless of industry.

“Supporting small businesses drives economic growth and is a key part of our RI2030 strategic plan,” said Governor Dan McKee. “These grants help strengthen the local ecosystem so innovative small businesses can scale and succeed in Rhode Island.”

“These awards represent a strategic investment in the future of Rhode Island’s economy,” said Secretary of Commerce Liz Tanner. “By supporting businesses in critical sectors we’re encouraging innovation while also laying the groundwork for sustainable job creation and long-term competitiveness.”

The following organizations were selected for FY25 awards:

DESIGNxRI | $75,000

To support programming that assists high-growth startups in the design sector through mentorship, networking, and access to resources.

Fuerza Laboral | $50,000

To provide technical assistance and support for small businesses exploring transitions to employee ownership.

Herreshoff Marine Museum | $59,000

To expand its support of ocean technology and marine industries by installing and providing the use of a 5-ton jib crane onsite at its waterfront location.

RIHub | $127,614.72

To expand services for high-growth startups, offering access to flexible workspace, capital resources, and specialized technical assistance.

Social Enterprise Greenhouse | $50,000

To assist small businesses in targeted industries with integrating artificial intelligence solutions to enhance operations and competitiveness.

Since awards were first made in 2016, the Innovation Network Matching Grant program has awarded 49 grants, totaling more than $5.5 million.

For more information on Innovation Initiatives and Startup Support, visit CommerceRI.com/business-assistance/innovation.

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Date

Mon, 05/19/2025 - 17:46

Release text attributed to Rhode Island Executive Office of Commerce. Consult the official publication for any subsequent corrections or updates.