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Ocean State Labs
Founders Compass

Program Overview

To support the growth of Rhode Island’s early-stage life sciences sector, RILSH has partnered with Ocean State Labs, powered by Portal Innovations, to provide startup companies with access to laboratory space, equipment, and a collaborative innovation community. 

 

The Ocean State Labs Founders Compass Program is designed to help promising early-stage life sciences companies establish and expand operations in Rhode Island by offsetting the cost of laboratory space at Ocean State Labs. 

Eligibility and Evaluation

  • Be a for-profit business entity in good standing. 

  • Operate within the life sciences sector, including biotechnology, therapeutics, diagnostics, medical devices, biomanufacturing, genomics, cell and gene therapy, research tools, or other regulated human health technologies. 

  • Be an early-stage company requiring laboratory space to support research, development, or commercialization activities. 

  • Have at least one full-time founder or employee actively working in the business. 

  • Have raised no more than $5 million in dilutive capital, excluding grants, SBIR awards, STTR awards, and other non-dilutive funding sources. 

  • Have generated less than $1 million in revenue during the preceding twelve (12) months. 

  • Have received no more than $250,000 through other RILSH investment programs. 

  • Demonstrate the operational, technical, and financial capacity to effectively utilize shared laboratory facilities and equipment. 

  • Conduct only BSL-1 or BSL-2 laboratory activities. 

  • Demonstrate a commitment to establishing, maintaining, or expanding operations in Rhode Island. 

  • Be willing to actively participate in and contribute to the Ocean State Labs innovation community.

 

Current Ocean State Labs tenants who meet the rules above are eligible to apply for support to expand into additional laboratory space, including up to two (2) additional laboratory benches. 

Award Structure & Eligible use of funds:

Award Structure 

  • Up to $250,000 available across all application cycles.  

  • Funding is anticipated for up to eight (8) companies in two application cycles.  

  • Awards are intended to support up to two (2) laboratory benches and one (1) hot desk per company for twelve months.  

  • Companies may submit one application per cycle. Applicants not selected may reapply in future cycles. 

 

Allowable Use of Funds 

  • Laboratory bench space and hot desk at Ocean State Labs  

 

Non-Allowable Expenses 

  • Laboratory supplies or equipment  

  • Security deposits  

  • Decontamination fees  

  • Insurance costs  

  • Business registration fees  

  • Salaries or compensation  

  • Travel  

  • Debt payments  

  • Legal expenses  

  • Payments to board members  

  • Workforce development activities 

Application Requirements:

Application Components 

  • Company Information  

  • Company and Technology Overview  

  • Residency Plan and Space Utilization  

  • Team and Company Readiness  

  • Rhode Island Impact  

  • Financial Information and Fundraising Plan  

  • Scientific and Business Development Milestones  

  • Attestations and Certifications  

 

Required Materials 

  • Company pitch deck  

  • Résumés or biographies of key team members  

  • Two letters of support  

  • Five-minute video pitch  

  • Signed Program Attestation Form  

Evaluation & Selection:

Applications will be evaluated based on: 

  • Scientific and Technical Merit  

  • Commercial Potential  

  • Team Strength  

  • Residency Readiness  

  • Rhode Island Impact  

  • Financial Readiness  

 

RILSH may engage external reviewers to support the evaluation process. Funding recommendations will be presented to the RILSH Board of Directors for final approval. RILSH reserves the right to request additional information or clarification from applicants at any stage of the review process. 

Program Benefits

Selected companies will receive: 

  • Funding support for up to two (2) laboratory benches and one (1) hot desk at Ocean State Labs for twelve months.  

  • Access to shared laboratory facilities, equipment, and infrastructure, and support services.  

  • Advisor support throughout the residency term.  

  • Access to the Ocean State Labs innovation community, including networking and educational programming. 

Program Administration

RILSH will pay approved award funds directly to Ocean State Labs on behalf of the recipient company in accordance with the approved membership arrangement. 

 

RILSH and Ocean State Labs Powered by Portal Innovations reserve the right to suspend or terminate participation for failure to comply with program requirements, maintain required documentation or insurance coverage, submit required reports, engage in program activities, or demonstrate reasonable progress toward approved milestones. 

 

Materials that are more than fourteen (14) days overdue may be considered non-compliant and may result in corrective action or termination from the program

Applications Opening Soon
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