Rules and Regulations for the Innovation Network Matching Grant Program

Regulation Authority:

42-64.28-1

Purpose and Reason:

The Rules implement the newly-enacted Innovation Network Matching Grant program, which is designed to provide grants to organizations for projects that offer technical assistance, space on flexible terms, and/or access to capital to Rhode Island small businesses in certain industries. Those industries are life sciences, health care, food and agriculture, clean technology, energy efficiency, cyber security, and other industries designated from time-to-time by the Corporation. The minimum grant amount is $50,000, and an organization applying for a grant must commit other funding or in-kind contributions to the project to qualify. In response to a comment, the text of Rule 3 has changed from the version published in the register to provide greater specificity to the board process described in that provision.