BusinessWeek Cites Providence as a “Best Small City” for Startups
April 1, 2009 | Print this page | Share This |
Report credits RIEDC’s small business funding to companies that are looking to expand and grow
Business Week magazine has selected Providence as one of the best small cities in the country for startup companies. The magazine credited the Rhode Island Economic Development Corporation’s small business support and funding that helps the state’s small businesses expand and grow.
Kelly Driscoll, founder of Digication, a Providence-based educational portfolio software company, told BusinessWeek: “The RIEDC provides funding to small businesses that are looking to expand and grow. Because we're not far from Boston and also New York, we can actually leverage networks in both those cities, whether you're looking for angel funding or venture-capital funding. In terms of getting talent to work in your business, because it's such an easy train ride, you can pull easily from Boston. [Providence] also has incubators set up. You can get very low-cost space.”
In order to further support new company creation, RIEDC and Brown University have established the Rhode Island Center for Innovation and Entrepreneurship (RICIE) which will train Rhode Island’s entrepreneurs and assist in the development of innovative new ventures. The center will accelerate new company creation, establish a statewide hub for entrepreneurs and assist in stimulating new high-wage jobs in Rhode Island.
Establishment of the center is a key action item in the RIEDC’s 2009 Economic Growth Plan, which proposes 10 concrete action items to accelerate the pace of job growth in Rhode Island. The center will launch April 28 on the second floor at One Davol Square in Providence’s Jewelry District.
With a high concentration of small businesses (44 per 1,000 people), Providence met 11 key criteria for cities with populations of 20,000-200,000 for business start up appeal including: affordability, availability of a talented labor pool, existence of a thriving business community and quality of life. It was also chosen for its entrepreneurial climate, education level of the workforce, amount of venture-capital investment and a location where high-growth companies succeed.
