Governor McKee and Rhode Island Commerce Launch New Application Period for Research & Development Grants

Published on Friday, March 14, 2025

PROVIDENCE, R.I. – Rhode Island Commerce is now accepting applications for its Innovation Voucher Program, which offers grants of up to $75,000 to help Rhode Island businesses collaborate with a local knowledge provider—such as a university, medical center, or research institution—on the R&D necessary to develop new products, processes, or services.

“Investing in innovation is investing in the future of our economy. This program is meant to yield long-term results, which aligns with my administration’s RI2030 Plan,” said Governor Dan McKee. “By supporting our small businesses, we are driving growth and long-term economic prosperity.”

“Innovation Vouchers empower entrepreneurs to help turn bold ideas into solutions that fuel progress for all Rhode Islanders,” said Secretary of Commerce Liz Tanner. “From revolutionary medical devices to state-of-the-art transportation methods—Rhode Island is becoming a hub for innovation.”

To date, the Innovation Voucher Program has supported 114 companies with more than $7 million in dedicated R&D funding that has led to $43.8 million in new private and federal investment in Rhode Island. The program has also resulted in 24 patents and the creation of 317 new jobs.

Rhode Island Commerce will host a virtual information session on March 27 at 12:00 PM to provide details on eligibility and the application process. Interested businesses can learn more at CommerceRI.com/incentives/innovation-incentives. 

Applications are due on Wednesday, April 16 at 5:00 PM.

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