SCORE Rhode Island, the volunteer organization that exists to support the state's small business and startup community, has launched a new initiative it's dubbed "ReStart RI" as the Ocean State moves into Phase 2 of reopening the economy.
The new program is meant to provide small business owners with tools, techniques and business advice to get back up and running. ReStart RI will provide proprietors with free mentoring, continuing education and help in securing financing to provide a little extra runway.
"It’s not like flipping a switch," Rochelle Blease, co-chair of SCORE Rhode Island and a mentor herself, said of the reopening. "You really need to rethink things in every important way in order to emerge successful. That’s what were trying to do, to give some tools and practical advice."
Now in the second week of ReStart RI, SCORE Rhode Island is offering weekly online workshops designed to help business owners pivot—a recurring theme as the coronavirus disrupts the startup community. Blease said that in her years at SCORE, she has never seen as many volunteers stepping up to offer their time as she has seen in the last few months.
Blease also emphasized that for any startup leaders who are concerned about making big bets in a pandemic, there are still fundraising and M&A opportunities. Some sectors have actually continued to grow, she noted, citing the technology, pharmaceutical and medical device industries.
"There's capital out there and people wanting to invest in good ideas," Blease said. "I think the competitive landscape has changed drastically. There are going to be different assets and different businesses that might represent good acquisition or merger possibilities, which, if they align with a startup's position, can provide a real jumpstart."
SCORE Rhode Island is considered a platinum-rated performer by its national leaders based on the number of clients served. Blease said the organization currently works with about 700 clients.
ReStart RI's stated goal is to help 1,000 businesses recover from Covid-19. Twenty-eight public and private organizations are partnering with SCORE on the initiative, including the Rhode Island Secretary of State, Commerce RI, Sprout CoWorking, Innovate Newport and the Providence Cambridge Innovation Center (CIC).
"SCORE's mission and vision is around small business, so we're the one volunteer organization that is going to focus on that group, which includes startups," Blease said. "I think this is a really good environment to be moving ahead on some plans, if anyone has any doubt."
SCORE Rhode Island was one of Rhode Island Inno's 2020 Inno on Fire.
