Raimondo Administration, URI Take Next Steps on $20M Innovation Campus Competition

The Rhode Island Commerce Corporation (RICC), in partnership with the University of
Rhode Island (URI), is inviting interested partners to begin sharing concepts and
ideas for an Innovation Campus in preparation for an RFP to be released later this
year. The Commerce Corporation has issued an Invitation for Expressions of Interest,
with the goal of engendering initial ideas on how parties in industry and academia
can come together to create a transformative Innovation Campus in Rhode Island. This
competition will ultimately award funds from the $20 million bond issuance approved
by Rhode Island's voters in November 2016.

"This is another exciting step toward turning our vision for this Innovation Campus
into jobs in Rhode Island," said Governor Gina M. Raimondo. "Over the coming months,
we will be working relentlessly to ensure that we see truly transformational
proposals come together."

Rhode Island's Innovation Campus is modeled in part on precedents of
industry-academia collaboration at a number of facilities across the country and
around the world, including the Clemson University International Center for
Automotive Research, The Bridge at Cornell Tech, and the Tannery Innovation Center
in Ontario, Canada.

"We're looking forward to helping potential applicants understand our state's
remarkable assets and, ultimately, to increasing the amount of university and
medical center research that gets translated into new economic activity and jobs for
Rhode Islanders," said Stefan Pryor, Rhode Island's Secretary of Commerce.

"The University of Rhode Island is a major economic asset for the State of Rhode
Island and continues to expand its research and development to support the State's
economic growth," said David M. Dooley, president of the University of Rhode Island.
"The university is well positioned to collaborate with private industry to innovate
and produce cutting edge products and technology within an innovation campus."

Ultimately, one or more awards will be chosen through a competitive process designed
to attract the best possible proposals to commercialize academic research taking
place in Rhode Island. The Commerce Corporation envisions successful applicants
being consortia of private industry and academic partners, in addition to URI.
Development partners will be required to meet or exceed the state's investment from
the bond proceeds. Respondents will be offered access to technical assistance
workshops to guide concept development.

According to research conducted by the Brookings Institution in the Rhode Island
Innovates report, Rhode Island is a leading state for university research. Rhode
Island institutions conduct over $320 million in research each year, and the 30
percent growth in Rhode Island's research activity has been nearly double the
national rate of 16 percent.

In November 2016, Rhode Island voters approved a $20 million bond issue to create an
Innovation Campus affiliated with URI that will work to bridge the gap between the
world-class research occurring at Rhode Island's universities and the opportunity
for new startups and job creation that will come with turning that research into
commercial activity.

As the state of Rhode Island's public research university and a critical partner in
economic development and growth, URI offers 80 undergraduate and 70 graduate
programs, including leading programs in engineering, health, business, oceanography
and pharmaceutical sciences. URI will work closely with the RICC throughout the
solicitation process and will collaborate with the designated partner/team to
develop and program the Innovation Campus.

Interested parties will have until September 15 to present initial concepts. Updates
on the competition can be followed at
www.commerceri.com/ri-innovation-campus<http://www.commerceri.com/ri-innovation-campus>.