The Greater Providence Chamber of Commerce and the Providence Foundation -- together with a consortium of the state’s leading businesses, hospitals, colleges and universities – are leading a first-of-its kind effort to transform the city and region as a hotbed of entrepreneurial activity, investment and job growth.

In September 2007, the consortium selected New Economy Strategies, LLC (NES) of Washington, DC to lead the process of creating a “Knowledge Economy Roadmap” for the region. The knowledge economy, as defined by NES, includes a combination of industries that are knowledge-driven, knowledge-dependent and knowledge-producing. Examples include biotechnology and medical devices, health care, electronic/industrial hardware, digital media, telecommunications, information technology software, scientific research, design and engineering, financial services and education.

Analysis by NES will include:

• Identifying the region’s leading knowledge-based industry clusters;
• Understanding the impact and composition of federal research and development dollars in the local economy;
• Evaluating the potential for commercialization of research through new patent creation, venture-backed startup formation, and partnerships; and
• Identifying national best practices in knowledge-based development which can guide future activities in Providence and the area

NES will also take the pulse of the community by conducting interviews with entrepreneurs, business professionals, financing partners, health care researchers and academic leaders. Interviews have already begun and are focused on identifying specific impediments to the local business and entrepreneurial climate for Knowledge Economy businesses that can be addressed by the forthcoming roadmap

In addition to the Greater Providence Chamber of Commerce and the Providence Foundation, project participants include Lifespan, Brown University, the University of Rhode Island, Care New England, Rhode Island School of Design, Providence College, Johnson & Wales University, the Rhode Island Science and Technology Advisory Council, the Rhode Island Foundation, CB Richard Ellis, Nortek, the Hospital Association of Rhode Island, the Rhode Island Independent Higher Education Association and others.

The process will result in a far-reaching “Knowledge Economy Roadmap” for Greater Providence, which will reflect the role of diverse, statewide assets. The plan will be completed in March 2008 and is expected to draw on the collective input of hundreds of participants statewide.