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New Business Attraction Program

Program Overview

The Rhode Island Business Attraction Program serves as a strategic recruitment initiative aimed at life sciences companies exploring their first presence in Rhode Island. This highly competitive program is designed to attract out-of-state, international, and newly established companies that align with Rhode Island Life Science Hub’s (RILSH) mission and long-term growth strategy. By offering targeted support and resources, the program seeks to integrate high-potential companies into the state’s thriving life sciences ecosystem, fostering innovation, collaboration, and economic development. Through this initiative, Rhode Island strengthens its position as a premier hub for cutting-edge research, biotech advancements, and commercialization opportunities.

Eligibility and Evaluation

  • No current presence in RI

  • Can demonstrate a commitment to developing operations in Rhode Island for at least 2 years 

  • Can demonstrate the commercial potential and value-add to the RI life science sector 

Funding will be allocated along the following guidelines:

  • Pre-clinical – up to $1M 

  • Clinical – up to $2M 

  • ​Public – up to $3M 

Eligible use of funds:

  • Costs associated with relocation

  • Up to 30% for indirect costs

  • Remainder for direct costs

Required Documentation:

  • Certificate of Good Standing  

  • RI Business Registration 

  • Pro forma 

  • Business Plan  

  • ​Hiring schedule 

Process and Stages of review:

  • Application submission via online platform  

  • Internal review conducted by RILSH PM & Team  

  • External review conducted by Scientific Advisory Board (industry, science, and funders) 

  • Interview with the applicant & RILSH team (virtual or in-person if possible)  

  • ​RILSH to recommend awards to the Board for approval 

Application Due Date for Funding Decision

  • March 23

  • May 25

  • July 27

  • September 28

  • November 9

BOD Meeting for Funding Decision

  • April 22

  • June 24

  • August 26

  • October 28

  • December 16

Funding opportunities are open on a rolling basis and will be reviewed in accordance with the every-other month Board meetings. Applications submitted by the end of the month leading up to a Board meeting will have the opportunity to be reviewed by the Board for award.

Resources

  • View Application

  • Applicants are required to create an account prior to accessing the application. If you already have an account, please log in to begin the application.

Impact on the Ecosystem

Critical objectives for this program are attracting out-of-state, international and newly formed companies in the following key growth areas:  

  • Science and technology:

    • neuroscience

    • RNA

    • health & aging

    • immunology

    • data science

    • clinical trials

  • Biomanufacturing:

    • Neuro electronic medicine 

    • Transposons

    • GMP Facilities

​

  • CRO & CDMO

High-quality applicants are those who have high science and technical impact, strong teams capable of delivering the project, and the intention to improve patient outcomes in Rhode Island and beyond.  

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