2018 Retrospective: The Year's Biggest Headlines, Profiles and More

There's less than 12 hours on the clock for 2018.

So, naturally, we at Rhody Inno wanted to pop some champagne and look back at the past year. We’re doing just that with our “End of Year” series (Part one covered our “Office Envy” pieces and you can read that here; we also did a "2019 Startups to Watch" post here). In this installment, we're pouring over big headlines, fun profiles and interesting guest posts that lit up our 2018.

There's lots happening in Rhode Island, as you'll read below, and the ecosystem has much to be proud of when it considers its year. Citius altius fortius in 2019!

Headlines

It’s Official: Rubius Therapeutics to Build Smithfield Manufacturing Plant

[June] Cambridge-based biotechnology company Rubius Therapeutics will open a manufacturing facility in the Ocean State, Gov. Gina Raimondo confirmed.

The move, which had garnered buzz as a potential earlier this week, will establish 160 high-level biotech operations, manufacturing and other support function jobs. Additionally, the company will spend $155 million on a 135,000-square-foot facility in Smithfield over a more than 5-year renovation process.

According to third-party economic analysis firm Appleseed, these moves are estimated to add $6.34 million in net revenue into Rhode Island in the next 12 years, ultimately growing the Ocean State’s GDP by $28.1 million annually.

Read more here.

What Rhody (and Everyone Else) is Saying About the Amazon HQ2 News

[November] As you may have heard, Amazon has officially decided to split its HQ2 between two locations: Crystal City, Va. and Queens, New York. The news broke this morning.

This means that the two spots will receive $5 billion via construction investments, with an estimated 25,000 jobs each, Amazon said in a statement. For everyone else, the announcement marks the conclusion of more than a year of speculation as to where the new HQ would land and more than 200 applications from cities eager to earn the distinction.

Although Providence was Axios AM newsletter author Mike Allen’s pick for HQ2 recipient (and government officials said that “Rhode Island is in a position to make a competitive application“), Rhode Island’s Amazon journey ended in January of this year after submitting a proposal in October 2017.

Said proposal included seven potential addresses for HQ2, including Providence, Warwick, Richmond, North Kingstown and Woonsocket. Gov. Gina Raimondo declined to publish the state’s application, as some other applicants had, saying she wanted the state to “be in the best possible position to negotiate,” an AP report states. However, Matt Sheaff, of the state’s economic development agency CommerceRI, said in an additional RINPR report that a boon for Rhody was its ability to woo large businesses, like Johnson and Johnson and GE Digital.

However, adding Amazon to the list was not to be.

“Though it was a long shot, we’re glad we gave it a shot,” Sheaff told Rhody Inno when the new broke. “Rhode Island put in a serious bid for Amazon’s HQ2 and we’re told it was well received. We are in ongoing discussions with the company about other opportunities in Rhode Island.

Read the full story here.

ICYMI: Justice Department Clears ‘Game-Changing’ $69B CVS, Aetna Merger

[October] Nearly a year after news broke that CVS and Aetna would merge for $69 billion, the Department of Justice officially approved the move on Oct. 10.

The catch? That Hartford-based Aetna moves forward with its decision to sell prescription drug plan company Medicare Part D.

The settlement will next require a judge’s approval, which will conclude the deal if received. Once sealed, the “game-changing” merger will be the largest health insurance deal in history.

“DOJ clearance is an important step toward bringing together the strengths and capabilities of our two companies to improve the consumer health care experience,” said CVS Health President and Chief Executive Officer Larry J. Merlo in a press release announcing the DOJ’s approval. “We are pleased to have reached an agreement with the DOJ that maintains the strategic benefits and value creation potential of our combination with Aetna. We are now working to complete the remaining state reviews.”

Read the full story here.

Extra, Extra

Inno Big Ones

Profiles

Guest pOsts

How Pawtucket Is Emerging as a Best Small City for Small Business — Laurie White, President of the Greater Providence Chamber of Commerce

Editorial: U. Must Address Inequality in its Innovation Strategic Plan —  The Brown Daily Herald Editorial Page Board The Brown Daily Herald Editorial Page Board

The VC Unicorn Obsession is Creating an Early Stage Funding Wasteland — Flavio Lobato, Principal and Co-Founder at Ikove Capital

'Govern For America’ Wants to Solve State Government’s Workforce Problem — Colin Wood, Managing Editor of StateScoop Rubius Therapeutics’ RI Plant a Huge Win for the State — Patrice Milos, CEO, Medley Genomics Guest Post: How to Keep Choosing Abundance When Everyone Else Opts for Scarcity — Carrie Majewski, CEO of Women in Leadership Nexus

Guides

Event Recaps

Other Great reads