Greater Providence Chamber of Commerce Commits $100,000 to Seed Knowledge Economy
Continuing the momentum of the Knowledge Economy and Implementation Strategy, the Greater Providence Chamber of Commerce Board of Directors has voted unanimously to commit $100,000 to the plan, and more specifically to jumpstart some of the short-term projects that have been identified as ways to create jobs and grow the tax base.
As part of the vote, which took place at the Chamber’s Board Meeting on October 17, 2008, the Directors also urged private sector businesses, institutions and foundations to join in the collaboration by providing additional funding. The hope is that all committed funding can be leveraged to give much needed seed support to projects that will grow the 21stcentury Knowledge Economy of Providence and Rhode Island.
“There is no doubt that we are in the midst of very challenging economic times, yet the Chamber Board recognizes the critical need to strategically reposition our economy and invest in our people and projects,” said Edward J. Cooney, vice president and treasurer of Nortek Inc., and chair of the Chamber’s Board of Directors. “Collaboration has been the cornerstone of this project since its inception and will continue to be as we take more impactful steps forward. I anticipate that within the coming weeks, a number of additional announcements will be made to formalize the knowledge economy and to accelerate the implementation.”
The move by the Chamber comes just two weeks after the Knowledge Economy Community Summit which mapped out a specific plan to strengthen and grow the region’s knowledge economy sectors – healthcare, technology, research and design, and alternative energy – by identifying, coordinating and supporting regional assets, competencies and networks. The event drew more than 250 attendees.
The Knowledge Economy initiative began in 2007. It is based on four overarching themes or “market drivers” that are identified as keys to the success of the initiative.
- Providence Knowledge Collaboratory – building upon the community’s collective resources and institutions in targeted areas of opportunity
- Innovative Workforce Partnerships –retaining highly skilled young talent in the region by connecting people today with the training they need for the jobs of the future
- Strengthening Entrepreneurial Connectivity>–developing a 21st century local business community that achieves the necessary connections between ideas, institutions and investors
- Unleashing Youth and Student Innovation -- engaging the next generation of entrepreneurs and leaders now
“Through the successful collaboration of our business, institutions and foundations, we have found new growth engines for our economy,” said Laurie White, president of the Greater Providence Chamber of Commerce. “Now we must continue that work to accelerate the growth of this knowledge economy by funding the entrepreneurial spirit that clearly exists in Providence and across Rhode Island.”
The Innovation Providence Implementation Council (IPIC) which has overseen this project to date will continue in its leadership capacity, distributing funds through a formal process to help jumpstart projects identified as promising economic opportunities that will expand key industries and nurture the entrepreneurial spirit of the city and state.
The Knowledge Economy Roadmap is the result of collaboration between the Greater Providence Chamber of Commerce, The Providence Foundation, Association of Independent Colleges and Universities of Rhode Island, Innovation Providence Implementation Council, Rhode Island Economic Development Corporation, and the City of Providence.
The Innovation Providence Implementation Council is chaired by Connie Howes, president and CEO of Woman & Infants Hospital. Vice chairs are Bill Hatfield, president of Bank of America-Rhode Island, Saul Kaplan, director of RIEDC, and Richard Spies, executive vice president at Brown University.