Six new Rhode Island companies are the recipients of the Rhode Island Commerce Corporation's Innovation Vouchers.
Agcore Technologies, Desmark Industries, Dolphin Measurement Systems, Moore Brothers Composites, Nanosoft and Videology Imaging Solutions all received the grants of around $50,000 each.
The Innovation Voucher program was created three years ago in an effort to increase research and development work in the Ocean State. Participating companies use the money, which is capped at $50,000, to fund said research and development work with a Rhode Island research facility, university or medical center.
So far, 56 companies have received grants, totaling a $2.6 million investment.
Along with the Innovation Vouchers, culinary incubator Hope & Main and the Rhode Island Black Business Association were named recipients of the Innovation Network Match Grants, which help "intermediary organizations" foster programs that offer capital access, flexible space or technical assistance. Hope & Main received $100,000 to grow its small-batch Contract Manufacturing Technical Assistance Program, while Rhode Island Black Business Association received $125,000 to provide resources to underserved businesses.
"This program is the first of its kind in Rhode Island enabling small food manufacturing businesses to test recipe formulation, pilot new production techniques and realize process efficiencies at an affordable rate," said Hope and Main founder and President Lisa Raiola of the CoM Tap program and its subsequent funding boost. "Scaling production is a major pain point for small, growing food businesses. This intermediate step, i.e., the ability to outsource small batch production, is a critical rung on the ladder of business growth. It will provide the scaffolding needed to graduate into a next level production facility or co-packing environment. "
These combined efforts are indicative of the impact area enterprises are having on the state, Rhode Island Commerce Secretary Stefan Pryor said.
"Throughout Rhode Island, small business and local organizations are making important contributions to our economy," Pryor continued. “We are pleased to award these Innovation Vouchers and Network Matching Grants, and we look forward to the recipients' success."
We've outlined the six Innovation Voucher winners below, with a description of their work and how they'll use the funds as provided by the Commerce Corporation.
- Location: Cranston
- Innovation Voucher Award Amount: $50,000
- Use of Funds: To address the challenges of introducing uptake of probiotics in the growing stage of algae cultivated by the company.
- Location: Cranston
- Innovation Voucher Award Amount: $49,832
- Use of Funds: To research and test the most effective combination of materials for the manufacture of a superior stab-proof and impact resistant composite panel for a Berry Amendment compliant Riot Suit product meeting production challenges, cost effectiveness and target specs for weight and impact resistance.
- Location: Providence
- Innovation Voucher Award Amount: $50,000
- Use of Funds: To work with the University of Rhode Island to develop a prototype of a new high precision, continuous measurement gauge that provides a clean, modern, alternative to the current gauges used in the metals processing industry.
- Location: Bristol
- Innovation Voucher Award Amount: $49,500
- Use of Funds: To improve on current carbon fiber materials by developing a hybrid material, combining the properties of carbon fiber with a second fiber commonly described as UHMWPE (Ultra High Molecular Weigh PolyEthelene).
- Location: Coventry
- Innovation Voucher Award Amount: $50,000
- Use of Funds: To continue development and commercialization of an accessory for Cryo-TEM sample preparation.
- Location: Smithfield
- Innovation Voucher Award Amount: $50,000
- Use of Funds: To move into the beta test in the development of an iris scanner for the company’s OEM cameras.
