The Slater Technology Fund was created in 1997 by Governor Lincoln Almond and the Rhode Island General Assembly to stimulate the creation of new technology-based companies in Rhode Island. The Fund is financed annually by the General Assembly, and has proven a highly effective and efficient economic development tool.
Since its inception, Slater Technology Fund has:
- Provided financing to more than 110 technology ventures in Rhode Island
- Invested $22 million into companies that have raised in excess of $356.8 million in external financing
- Backed ventures that have created high-value jobs in the state, and offer the potential for even greater job creation in the future
In 2010, the Slater Technology Fund undertook a research study to more quantitatively assess its economic impact on the state of Rhode Island. The Fund’s impact was calculated by examining the man years, wages and follow-on funding generated by the companies that received investment and other support from Slater.
Key findings include:
- 2,712 job years created
- $174.7 million in payroll generated
- Wages created at a multiple of seven times R.I.’s net investment
Targeting state-based capital at entrepreneurs has a huge leverage effect from follow-on investment, and Rhode Island’s total expenditure of $33.6 million has driven employment growth that has been sustained despite the recent recession.
Slater’s work has also resulted in significant tax revenues going back to Rhode Island. The data has proven what we already know: the model works.
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