Innovation Network Matching Grants

What Innovation Network Matching Grants does

The Innovation Network Matching Grant is a state-administered competitive grant program created in 2016 and operated by Rhode Island Commerce Corporation, the State of Rhode Island's economic development agency headquartered in Providence. The program awards matching funds with a minimum grant size of $50,000 and a required 50% recipient match, distributed to eligible organizations including nonprofits, for-profits, institutions of higher education, and co-working space operators. Recipients use the funds to deliver technical assistance (legal, accounting, succession planning, business plan development), flexible workspace access (co-working and co-packing), and direct capital infusions to high-growth startups operating in food and agriculture, technology, artificial intelligence, clean energy, defense, design, manufacturing, cyber security, and the ocean economy.

The program is governed by the Rhode Island Commerce Board of Directors, chaired by Governor Dan McKee, with Stefan Pryor serving as Secretary of Commerce. Since inception, the program has awarded more than $5.2 million in cumulative grants across multiple rounds, with disclosed recent rounds including $361,614.72 to five organizations in FY25 (May 2025) and $800,000 to 13 organizations in a June 2026 round. Grant awards are made through a competitive application process reviewed by the Board, and the program is funded through state appropriations rather than commercial revenue.

Rhode Island Commerce markets the program through its state website (commerceri.com), press releases, and the RI-Enews email newsletter, and hosts informational events for prospective applicants. Notable funded organizations include DESIGNxRI (design sector startup support) and Fuerza Laboral (employee ownership transition support). The program operates exclusively within Rhode Island and does not charge fees to applicants or recipients.

Name

Innovation Network Matching Grants

Legal name

Rhode Island Commerce Corporation

Website

https://commerceri.com

Company type

Public

Founded year

2016

Operating status

Operating

Short description

The Innovation Network Matching Grant is a state-administered competitive grant program run by Rhode Island Commerce Corporation, awarding minimum $50,000 matching funds (50% match required) to nonprofits, for-profits, universities, and co-working operators that support high-growth startups in Rhode Island's targeted innovation industries.

Ownership category

akta.pro rank

Product category

Government Economic Development Grants

NAICS

Grantmaking Foundations (813211), Grantmaking and Giving Services (81321)

SIC

Services-Social Services (8300)

akta.pro primary industry

Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB)

akta.pro secondary industry

Research & Science Grantmaking Foundations (BPAGAKAI)

Keywords

• Matching grant program
• Small business funding
• Innovation incentives
• Economic development grants
• Startup support services

Headquarters

HQ city

Providence

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Distribution channels1 record

Marketing channels3 records

Core offering

The Innovation Network Matching Grant Program is a competitive matching grant initiative run by Rhode Island Commerce Corporation. It awards a minimum of $50,000 per recipient (with a 50% match requirement) to eligible organizations — including nonprofits, for-profits, institutions of higher education, and co-working space operators — that provide technical assistance, flexible workspace, and access to capital to high-growth startups in targeted industries such as food and agriculture, technology, AI, clean energy, defense, design, manufacturing, cyber security, and the ocean economy.

Product overview

Innovation Network Matching Grants is a grant program run by Rhode Island Commerce Corporation that provides matching funds to eligible organizations (nonprofits, for-profits, institutions of higher education, co-working space operators) that support high-growth startups. The program focuses on targeted industries including technology, AI, clean energy, defense, design, manufacturing, cyber security, food and agriculture, and ocean economy. Organizations can receive a minimum of $50,000 with a 50% match to provide services such as technical assistance, flexible workspace, and access to capital to small businesses.

Differentiator

Problem solved

Functional benefit

Products and services

• Innovation Network Matching Grant Program A competitive grant program administered by Rhode Island Commerce Corporation that awards matching funds (minimum $50,000 with 50% match) to eligible organizations — nonprofits, for-profits, institutions of higher education, and co-working space operators — that support high-growth startups in targeted industries including food and agriculture, technology, AI, clean energy, defense, design, manufacturing, cyber security, and the ocean economy.

Quantifiable outcome

• $5.2 million awarded to support small businesses since 2016
• +1 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves4 records

Expansion highlights2 records

Regional players

• Connecticut Innovations: Connecticut's quasi-state authority that invests in and provides growth capital to early-stage technology companies, including grants and loans — closely comparable as a New England state economic development grantmaking body.
• New Jersey Economic Development Authority (NJEDA): New Jersey's state economic development authority that administers grants, tax incentives, and innovation programs to support high-growth businesses — comparable as a comprehensive state grantmaking and incentive platform.
• NYSERDA: New York State Energy Research and Development Authority — state-administered grantmaking entity funding clean energy, innovation, and emerging technology initiatives — analogous in being a state agency distributing competitive innovation grants to organizations and companies.
• Colorado Office of Economic Development and International Trade (OEDIT): Colorado's state economic development office that administers grant and incentive programs supporting innovation, advanced industries, and small business growth — comparable as a state economic development agency running targeted sector grant programs.
• Vermont Economic Development Authority (VEDA): Vermont's state economic development financing authority providing loans and grants to small businesses and startups in the region — a smaller-scale but structurally analogous New England state economic development lender/grantmaker.
• Maryland Technology Development Corporation (TEDCO): Maryland's state-chartered technology development corporation that administers seed and grant funds to technology startups, particularly in cyber security and defense — analogous to Rhode Island Commerce's grantmaking role for innovation-driven sectors.
• Oregon Business Development Department (Business Oregon): Oregon's state economic development agency that administers grants, loans, and incentives to support business growth in targeted industries — a directly comparable state-level grantmaking body for innovation and small business support.
• Massachusetts Technology Collaborative (MassTech): Massachusetts state-funded economic development and innovation agency that runs grant programs supporting startups, advanced manufacturing, and innovation clusters — directly comparable as a state-level grantmaking entity targeting similar high-growth verticals like tech, AI, and clean energy.
• Maine Technology Institute (MTI): Maine state-funded nonprofit that awards grants and investments to technology startups across targeted sectors — a direct functional peer as another New England state grantmaking body supporting innovation startups.
• Ben Franklin Technology Partners: Pennsylvania state-funded network of four centers that provide funding, technical assistance, and workspace to early-stage technology companies — closely comparable in combining capital + technical assistance + workspace support, the same three levers RI Commerce's grants fund.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/ri_commerce
• Facebookfacebook.com/RhodeIslandCommerce
• LinkedInlinkedin.com/company/commerce-ri

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Innovation Network Matching Grants