Rhode Island § 42-64.28-3 § 42-64.28-3. Programs established.

Rhode Island Statutes

§ 42-64.28-3 — § 42-64.28-3. Programs established.

Rhode Island § 42-64.28-3

Title 42State Affairs and Government

Ch. 42-64.28Innovation Initiative

This text of Rhode Island § 42-64.28-3 (§ 42-64.28-3. Programs established.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 42-64.28-3 (2026).

Text

§ 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)(1) There is established an account in the name of the "innovation initiative fundâ€� (the
            "fundâ€�) under the control of the commerce corporation to fund the programs.
         
(2) The fund shall consist of:
         
(i) Money appropriated in the state budget to 

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§ 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)(1) There is established an account in the name of the "innovation initiative fundâ€� (the "fundâ€�) under the control of the commerce corporation to fund the programs.

(2) The fund shall consist of:

(i) Money appropriated in the state budget to the fund;

(ii) Money made available to the fund through federal grants, programs, or private contributions;

(iii) Application or other fees paid to the fund to process applications for awards under this chapter; and

(iv) Any other money made available to the fund.

(c) Voucher program. The commerce corporation is authorized to develop and implement an innovation voucher program to provide financing to small businesses to purchase research and development support or other forms of technical assistance and services from Rhode Island institutions of higher education and other providers and to fund research and development by and for small business manufacturers.

(d) Innovation network program. The commerce corporation is authorized to provide innovation grants to organizations, including nonprofit organizations, for-profit organizations, universities, and co-working space operators that offer technical assistance, space on flexible terms, and access to capital to businesses in advanced or targeted industries, or businesses that are evaluating a transition to become employee-owned businesses, regardless of industry. The commerce corporation shall only issue grants under this subsection when those grants are matched by private-sector or nonprofit partners. The commerce corporation shall establish guidelines for appropriate matching criteria under this section, including necessary matching ratios.

(e) Invention incentive program. The commerce corporation is authorized to develop and implement an invention incentive program to provide grants to small businesses and individuals to reduce barriers to filing a patent application. The commerce corporation shall establish guidelines for eligible recipients under this section, including industry, business size, and other criteria.