CHAMBER FOUNDATION RECIEVES $100,000 IN GRANT FUNDING FOR KNOWLEDGE ECONOMY

Monies will be used to continue investing in local entrepreneurial activities

The Greater Providence Chamber Foundation and the Greater Providence Chamber of Commerce are pleased to announce that it has received $100,000 in federal funding to continue the work of the Providence-RI Knowledge Economy Initiative. The federal aid will be used to provide a second round of grant funding to local innovators and institutions working to strengthen Rhode Island’s knowledge economy, particularly in the health care and research and design sectors.

“This is a critical next step in continuing to build a strong foundation from which we can commercialize and grow the entrepreneurial spirit that clearly exists in Providence and across Rhode Island,” said Laurie White, president of the Greater Providence Chamber of Commerce.

This federal award is administered by the U.S. Department of Commerce’s Economic Development Administration. White praised the leadership of the state’s Congressional delegation for their efforts in securing the grant.

“This funding comes at a critical time and will enable our community to move forward in identifying opportunities for growth that take advantage of Rhode Island’s world-class business, entrepreneurial, health care and academic partners,” said White. “We are extremely grateful to Rhode Island’s congressional delegation for their support of this effort, which we are certain will reenergize our economic base and create jobs.”

The Knowledge Economy initiative began in 2007 when a team of civic, academic and business leaders, were brought together to develop a plan to strengthen and grow the region’s knowledge economy sectors – healthcare, technology, research & design, and alternative energy – by identifying, coordinating and supporting regional assets, competencies and networks. The Innovation Providence Implementation Council (IPIC), which has overseen this project to date, awarded the first round of grant funding in April from the Chamber and the City of Providence. Eleven grants totaling $150,000 were given in the areas of entrepreneurship, product safety, workforce development and alternative energy.

The latest round of grant funding is expected to be disbursed by the IPIC in late fall, 2009. For updated information on the Providence-RI Knowledge Economy Initiative as well as information on applying for grant funding visit www.providencechamber.com