§ 42-64.28-1. Legislative findings. (a) While large enterprises have the expert personnel and financial resources to make strategic investments in innovation, few small businesses have the resources to do so. The resulting underinvestment in innovation stunts the growth of Rhode Island’s economy, inhibits the potential of small businesses and impedes local universities and other technological […]
§ 42-64.28-10. Sunset. No vouchers, grants, or incentives shall be authorized pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 11; P.L. 2018, ch. 47, art. 12, § 10; P.L. 2019, ch. 88, art. 12, § 18; P.L. 2020, ch. 80, art. 1, § 30; P.L. 2021, […]
§ 42-64.28-2. Definitions. As used in this chapter: (1) “Commerce corporation” means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. (2) “Manufacturer” shall mean any entity that: (i) Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or […]
§ 42-64.28-3. Programs established. (a) The Rhode Island commerce corporation shall establish a voucher program and an innovation network program as provided under this chapter. The programs are subject to available appropriations and such other funding as may be dedicated to the programs. (b) There is established an account in the name of the “innovation […]
§ 42-64.28-4. Eligible uses. (a) Vouchers available under this chapter shall be used for the benefit of small businesses to access technical assistance and other services including, but not limited to: research, technological development, product development, commercialization, market development, technology exploration, and improved business practices that implement strategies to grow business and create operational efficiencies. […]
§ 42-64.28-5. Qualification. (a) To qualify for a voucher or for a matching fund award under this chapter, a business must make application to the commerce corporation, and upon selection, shall enter into an agreement with the commerce corporation. The commerce corporation shall have no obligation to issue any voucher, make any award, or grant […]
§ 42-64.28-6. Voucher amounts and matching fund awards. (a) Voucher award amounts to a selected applicant shall be determined by the corporation, to be in the minimum amount of five thousand dollars ($5,000) and the maximum amount of fifty thousand dollars ($50,000), subject to appropriations or other available moneys in the fund. (b) Matching fund […]
§ 42-64.28-7. Rules and regulations. The commerce corporation is hereby authorized to promulgate such rules and regulations as are necessary to fulfill the purposes of this chapter, including the criteria by which voucher and matching fund applications will be judged, awards will be approved, and vendors of services will be approved. History of Section.P.L. 2015, […]
§ 42-64.28-8. Program integrity. Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. History of Section.P.L. 2015, […]
§ 42-64.28-9. Reporting requirements. The commerce corporation shall submit a report annually, no later than sixty (60) days after the end of the fiscal year to the speaker of the house and the president of the senate detailing: (1) the total amount of innovation vouchers and matching funds awarded; (2) the number of innovation vouchers […]
