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PROVIDENCE, RI - The Rhode Island Life Science Hub’s Board of Directors has approved the allocation of up to $20 million in grant funding to foster innovation, attract new businesses and support early-stage companies within the state. The initiative aligns with the Hub's enabling legislation and reflects its ongoing mission to support medical advancements and scientific breakthroughs while strengthening the state’s economy.
“The funding distributed through these three distinct grant programs is designed to address the full spectrum of the life sciences industry – from supporting startups to attracting new companies to the state. Each program has been strategically developed to promote Rhode Island’s life science companies and the growing ecosystem,” said Patrice Milos, interim president of the Rhode Island Life Science Hub.
The grant programs are:
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Organization Programming Grants: Up to $2.5 million will be allocated to established Rhode Island organizations to grow and scale programs to support entrepreneurs and early-stage companies. This program is designed to expand resources and support networks for local organizations, ensuring they can scale existing programs and necessary infrastructure. Grants will be available for up to $250,000 per year for 2025 and 2026.
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Business Attraction Grants: Up to $10 million will be allocated to attract new life science companies to Rhode Island or support significant expansion of existing operations in the state. Awards ranging from $500,000 to $5 million will be granted over a two-year period to companies demonstrating a commitment to job creation and major new investments in Rhode Island.
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Early-Stage Company Matching Grants: Up to $7.5 million will be allocated to match private sector investments in Rhode Island-based life science companies in their earliest stages. This program is tailored to startups looking to expand their operations and advance innovative products to the marketplace. Grants will range from $50,000 to $500,000 per company and be awarded over a two-year period, or until all funds are expended. Rhode Island companies must demonstrate recent success in securing investment by private capital.
“The Hub views these grants as vital investments that will not only advance scientific innovation that improves the lives of patients but also support economic growth and job creation in Rhode Island,” Milos continued.
Applications for the Business Attraction and Organization Programming grants are anticipated to open in November. Early-Stage Company Matching grant applications will follow in February. Detailed information on eligibility requirements and the application process are expected to be available in November at www.RILifeScience.com. For questions regarding the grants, please contact Lilia Holt, vice president of the R.I. Life Science Hub.
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About the Rhode Island Life Science Hub: The Hub positions the state to deliver on a bold vision of transforming Rhode Island into a globally recognized life science innovation hub by coalescing existing stakeholders, activities, and investments, while building new capabilities. Through an initial three-year, $45 million investment, the Hub will serve as the central and coordinating organization facilitating the development of medical advances and scientific breakthroughs by supporting companies who specialize in life sciences.
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