Rhode Island’s Innovation Network Matching Grant Program Now Open

Rhode Island’s Innovation Network Matching Grant Program open for application submissions through March 14th, 2025

Ø  The Innovation Network Matching Grant is part of Rhode Island Commerce’s Innovation Initiatives created to support the needs of small businesses to make strategic investments in innovation and their businesses. The program supports organizations working in key industries that specifically provide small business support through technical assistance, space of flexible terms and/or access to capital, or organizations that offer technical assistance to small businesses transitioning to employee-ownership.

SNAPSHOT

• Rhode Island Commerce seeking applications for Innovation Network Matching Grant.

• Grants of at least $50,000 are available to organizations, including nonprofit, for-profit organizations, universities, and co-working space operators.

• Target Industries: Life Sciences and Healthcare, Food and Agriculture, Cyber Security, Clean Technology and Energy Efficiency,

• Innovation Network Matching Grant is now open for applications until March 14th, 2025.

EVALUATION CRITERIA

• The following conditions must be met for a Project to be eligible for a Grant under the Act:

  • The Applicant must offer technical assistance, space on flexible terms, and/or access to capital to Small Businesses located in the State;

  • The minimum grant amount shall be $50,000;

  • The Applicant must provide a match;

  • The Applicant’s Project must be designed to assist Small Businesses that are:

    • In Targeted Industries, life sciences, health care, food and agriculture, clean technology, energy efficiency, cyber security, or any other industries designated from time-to-time by the Corporation; or

    • Evaluating a transition to become an employee-owned business, regardless of industry.

POTENTIAL VALUE

• The minimum grant amount is $50,000.

• There is no maximum award amount, but awards are typically between $75,000 and $125,000.

• Commerce anticipates making $400,000 in awards through the program in FY25.

CONNECT WITH THE HICKEY INCENTIVES TEAM

The Hickey & Associates incentives team has advised companies navigating clients through incentive programs in the State of Rhode Island for decades. Contact us for more specifics, including eligibility criteria, application details, and funding requirements before the application round closes on March 14th, 2025.

If you’d like our support throughout the application process, we are here to help!