Rules and Regulations for the Innovation Voucher Program
870-RICR-20-00-4 INACTIVE RULE
|Chapter||20||Loans and Grants|
|Part||4||Rules and Regulations for the Innovation Voucher Program|
|Type of Filing||Adoption|
|Effective||11/25/2015 to 02/06/2018|
Purpose and Reason:
The Rules implement the newly-enacted Innovation Voucher program, which provides vouchers of $5,000 to $50,000 to businesses for innovation projects that will address existing challenges, enhance the innovation capacity of the business, and/or have a catalytic impact on the business. Vouchers are available to pay for access to research or scientific expertise; technological development or technology exploration; product, service, or market development or commercialization; or the development of improved business practices that implement strategies to grow business and create operational efficiencies. To qualify for a voucher, the regulations provide that a business must have 500 or fewer employees in Rhode Island. The business must obtain the services sought from a Rhode Island institution of higher education or other entity located in Rhode Island; in rare circumstances, the Corporation may permit a non-Rhode Island entity to provide the services the business needs if no entity located in Rhode Island is available and able to perform them. 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.