The Innovation Providence Implementation Council (IPIC), the Greater Providence Chamber of Commerce and the City of Providence  awarded $150,000 in grants to nine projects that have been identified as promising economic opportunities in growing the local Knowledge Economy. The grants were given in the areas of: workforce development, health care, entrepreneurship and design at the Institute for Immunology and Informatics at the University of Rhode Island Providence Campus on Wednesday, March 24th.

Six of the projects will be funded through $100,000 in United States Department of Commerce Economic Development Administration (US EDA) grant monies, which were applied for through the Greater Providence Chamber Foundation, a non-profit affiliate of the Greater Chamber of Commerce. The remaining three projects, totaling $50,000, will be funded by the Providence Economic Development Partnership.

“Today, we are once again investing in the ideas that will drive our economy in the coming weeks, months and years,” said Bill Hatfield, market president, Bank of America, Rhode Island and chairman of the Chamber board of directors. “This funding, which comes at a critical time, will undoubtedly 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 institutions.”

“Today’s grant recipients exemplify the incredible innovation and talent we have in Providence,” said Mayor David N. Cicilline.  “Strengthening our knowledge-based economy is central to our efforts to create good-paying jobs and position the Creative Capital to compete in the 21-century global economy.”

The Knowledge Economy Grants were chosen from 19 proposals totaling more than $400,000 in requests that were submitted to The Innovation Providence Implementation Council (IPIC). Chaired by Constance Howes, president and CEO of Woman & Infants Hospital, the IPIC considered each proposal’s ability to fit within defined “targets of opportunity” as well as to show collaboration, potential for future job growth, measurable outcomes and evidence of matching funding when making its final selection.

“Many of today’s grant recipients are the direct result of the work that the Chamber, the city, and local institutions and foundations have done to identify areas of opportunity in the local economy,” Howes said. “The IPIC was impressed with the depth and breadth of proposals we received and look forward to continue working with today’s recipients over the next several months to ensure their success.”

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 from the Chamber and the City of Providence in April of 2009. Eleven grants totaling $150,000 were given in the areas of entrepreneurship, product safety, workforce development and alternative energy.

“We have found real momentum for moving Rhode Island’s Knowledge Economy forward,” said Laurie White, president of the Greater Providence Chamber of Commerce. “Young entrepreneurs, college and university heads, business leaders, representatives from labor and government have all rallied behind a common economic development vision for our city and state that centers on knowledge creation and service delivery. It’s an amazing collaboration.”

The grant awards serve as one part of a larger Knowledge Economy Action Agenda, which is overseen by the IPIC. The IPIC Vice Chairs are Bill Hatfield, market president of Bank of America-Rhode Island and Richard Spies, executive vice president at Brown University.