Progress in the RI Life Sciences Ecosystem Oct 2019
Rhode Island’s ideal location in the Northeast boasts all the benefits of major commercial centers, including easy access to top companies, all manner of transportation, and world-class universities. The region’s robust, innovative tech infrastructure features the best broadband service in America. Our companies draw top talent at all levels from across Rhode Island, Connecticut, and Massachusetts. 4.7 million talented workers live within a one-hour commute of Providence, Rhode Island’s largest city. Each year, 100,000+ students graduate from the diverse ecosystem of universities within an hour from Providence.
Rhode Island is building the best tech pipeline in the country with innovative programs in all K-12 schools. In fact, Rhode Island will be the first state to achieve the goal of including computer science curriculum in all schools.
Rhode Island’s Growing Biotechnology Ecosystem
RI Competitive Bioscience industry:
- 4,736 Biotechnology workers who are healing, fueling and feeding the world
- 356 Bioscience establishments
- $88,029 – annual average wage
- Rhode Island’s health and life sciences industry concentration is 31% higher than the national average.
- Rhode Island’s bioscience industry is helping to diversify and grow the U.S economy
- Rhode Island has strong indigenous assets in the following areas- next gen biopharma manufacturing, drug delivery, genetic engineering, immunotherapy, med device design and development and digital health
- Neuroscience is a point of distinction for Rhode Island, with five institutions partnering to collaborate on research – Brown University, University of Rhode Island, Lifespan, Care New England, and the Providence VA Medical Center
- American bioscience innovation in health, energy, and agriculture is creating high-skill, high-wage jobs, driving economic growth and helping to improve the quality of life for Americans from coast to coast
Business Friendly Incentives
- Rhode Island has an array of tools and growth incentives to help companies expand, locate and innovate in RI. Rhode Island offers incentives, credits, and grants that can help your business in a host of ways. To make sure companies understand and take advantage of these incentives, CommerceRI staff works one-on-one with you to design the right tax approach.
- The Innovation Voucher program lets your business unlock R&D capacity.
- Industry Cluster Grants encourage companies to work together to solve problems, exchange ideas, and develop talent.
- Innovation Network Matching Grants are provided to intermediary organizations for projects that offer technical assistance, space on flexible terms, and/or access to capital to Rhode Island small businesses in key industries (e.g., life sciences, healthcare, food and agriculture, clean technology, energy efficiency, cybersecurity, and others as designated).
- With Rhode Island’s Wavemaker fellowship, RI offers tax credits to cover student loans of top STEM and design talent, helping retain and attract a 21st-century workforce
- The Innovate RI Small Business Fund provides the following grants to assist local entrepreneurs and high-growth start-ups
- Learn more about CommerceRI’s incentives and grants here.
Strong University Ecosystem
Local Internationally Recognized Companies
Travel & Leisure in Rhode Island
- Living in RI
- 400 miles of coastline, a vibrant urban culture, seventy-six different languages, and a diverse population of just over one million people.
- Rhode Island offers a very competitive cost of living compared to our Northeast neighbors. It’s no wonder we’re so successful in attracting and retaining millennial talent, young families, and executives.