The nonprofit, economic development organization 401 Tech Bridge and the zero-equity accelerator MassChallenge are teaming up to create a Blue Technology Accelerator & Fellowship Program that will launch on Sept. 14.
The two organizations plan to identify and invite 10 blue technology startups that are creating innovative solutions for ocean sustainability, as well as five fellows in order to foster and grow the sector and region in a post-pandemic world.
Rhode Island Inno caught up with Christian Cowan, executive director of 401 Tech Bridge, to discuss how this partnership came to be, and what the future could hold for bluetech in the Ocean State.
How did this partnership creating the Blue Technology Accelerator & Fellowship Program fall into place?
A significant amount of 401 Tech Bridge’s work is with companies developing blue technology such as sensors and communication tools, electronics, or advanced tech-based composites and textiles that make undersea vessels and robots lighter and more durable. Several of 401 Tech Bridge’s team has also been mentors and judges for MassChallenge and have experienced the professional programming and fantastic outcomes associated with past cohorts. They are highly effective at identifying driven founders with young companies and providing education and mentoring to grow.
When we learned about the EDA SPRINT program, funded by the CARES Act to rebuild economies post-Covid, we saw it as the perfect opportunity to collaborate, and then co-wrote a proposal, which received funding.
What is the goal of the program? What do you hope the startups and fellows you select to achieve during their time in the program?
The startups will leave the accelerator with a sharper focus on their value proposition, a better understanding of the markets where their products or technologies fit and, most importantly, a network of mentors and collaborators from industry, academia, and the government who understand their business and are in their corner. We will also introduce bluetech startups to Rhode Island and encourage them to locate here. Rhode Island has invested in programming and spaces to support the startup community, and we think the time is right to bring and start blue technology companies to thrive in the ecosystem.
Flux Marine, a graduate of the 2018 MassChallenge accelerator, is an example of how 401 Tech Bridge and MassChallenge leverage each other’s expertise. We’ve worked with Flux Marine to set up meetings with the Naval X Northeast Tech Bridge to discuss possible applications within the Navy for their electric motor. And after Flux Marine lost access to a Massachusetts co-working space that closed during the pandemic, we quickly connected them with IYRS School of Technology and Trades, where they were able to access equipment to finish their prototype and consulted with the IYRS faculty on ways to incorporate composite materials into their design.
When collaborating with IYRS’s faculty Flux Marine, we helped Flux Marine develop a proposal for Rhode Island Commerce’s Innovation Voucher program, which ultimately provided $50,000 to IYRS to continue working with Flux Marine to develop the composites integration ideas. Flux Marine has since relocated to East Greenwich and expanded its staff considerably.
How would you describe the state of bluetech right now? Are there lots of startups? How about funding and resources? How do you see bluetech growing in future years?
Rhode Island is part of a geographic corridor that’s been dubbed the “Silicon Valley of Maritime Technology,” and the expertise within our universities, manufacturing sector, maritime industries and defense industry — the pillars of the blue economy — are great assets. The blue economy is expected to increase to $3 trillion by 2030 and currently has a direct impact of more than $5 billion on the state’s economy. Rhode Island companies are already supporting the research and development efforts of the Naval Undersea Warfare Center (NUWC), and faculty at the University of Rhode Island are doing research, some of it in collaboration with local companies, to develop advanced materials that are stronger, lighter and can withstand the elements in the deep ocean.
401 Tech Bridge is actively working with NUWC to connect companies into their research and development process, and to help interested companies license technology developed within the Navy for commercial applications. “Dual-use technology” that encourages companies to license the intellectual property developed by NUWC, URI or other universities for commercial applications, represents a pathway for startups and existing companies to jumpstart their R&D process and accelerate growth.
Can Rhode Island be a leader in bluetech? What can stakeholders do to foster the sector?
Rhode Island has core strength and stakeholders in government, academia and industry interested in the blue economy and the advancement of technology. URI has recently seen almost $500 million in investments for research in the blue economy and is a world leader with resources including the Bay Campus facility. We have an abundance of natural resources, and strong interest in the sustainable use of ocean resources and overall ocean ecosystem health. If the stakeholders developed a statewide strategy that centers investment around the blue economy, the state would see increased economic demand that would support the local industry, create new jobs and attract startups and bluetech companies from around the world.
