After three years, the Rhode Island Coalition of Entrepreneurs (RICE) is shutting down and handing over the reins to the newly formed RIHub to serve as the centralized hub for entrepreneurship in the Ocean State.
Pat Sabatino, CEO of Datarista and RICE's executive director, said in an email to members on May 4 that RICE “will be sunsetting” and handing over its member rolls to RIHub so it can be the “driving force for entrepreneurship for the next decade.”
In the email, Sabatino said RICE has accomplished what it set out to do three years ago and, in that time, has actually seen the landscape change for the better.
“Where 3 years ago there were few resources for our ecosystem, today we have coworking spaces, incubators, accelerators, mentoring services and new sources of capital,” Sabatino wrote. “And we have been heard by the state and they have responded. With so many resources at hand, many of the needs for RICE as a [scrappy], underfunded group of founders have been replaced by larger, better founded groups who have greater capacity to carry the torch forward.”
RICE formally launched in November 2017 as a way to connect Rhode Island's entrepreneurial ecosystem.
The goal was to help entrepreneurs in the state get to know one another and make the needs of local entrepreneurs known to local and state governments, corporations and other institutions. The group was open to any founder or CEO of a high-growth startup in Rhode Island.
In its three years of existence, the group caught the notice and support of Providence Mayor Jorge Elorza and Rhode Island Secretary of Commerce Stefan Pryor.
“We have networked extensively. We have shared, collaborated and learned from each other. We have raised our voices in front of state and local governments,” wrote Sabatino. “We have connected with colleges and universities. We have mentored the next wave of entrepreneurs and given internships to students. And yes, we held a Startup Day.”
Hosted at the University of Rhode Island almost exactly one year ago, Startup Day featured seven panels on topics ranging from storytelling and design thinking to legal and accounting compliance. The event attracted sponsors including Innovate Newport and Cox Business and garnered more than 100 attendees.
Sabatino has now recommended that all entrepreneurs in Rhode Island use RIHub as their main resource. The organization assists entrepreneurs with ideation, networking and finding investment opportunities.
RIHub offers free mentoring services connecting new entrepreneurs with seasoned veterans and professionals. It operates a portal for the state’s entire entrepreneurship community, which includes a comprehensive events calendar and job board.
The organization operates out of District Hall at 225 Dyer St. in Providence and has partnerships with MassChallenge, the IBM Alphazone accelerators, the Venture Mentoring Service of Rhode Island and Commerce Rhode Island. It is led by RICE leadership team member Annette Tonti.
