WASHINGTON, DC -- In an effort to encourage entrepreneurship, foster innovation, and create jobs, U.S. Senator Jack Reed (D-RI) today announced that the Greater Providence Chamber of Commerce will receive $100,000 in federal funding to support its Providence-RI Knowledge Economy Initiative. The Knowledge Economy Initiative aims to provide grants to local innovators so they can implement business proposals geared towards strengthening Rhode Island's knowledge economy in fields like technology and alternative energy. This federal aid will help expand the program by supporting additional projects in healthcare and research and design sectors.

"This federal funding will help advance the goals of Providence-RI Knowledge Economy Initiative by providing a competitive source of funding to local start-ups which are critical to our state's economic future. It is also a fine example of the private and public sectors working together to spur job creation. These funds will help diversify the state's economy by giving new, innovative companies and organizations the chance to grow in Rhode Island, creating good paying jobs, and attracting more talent and businesses to the state," said Reed, who supported the Chamber's application.

The Knowledge Economy Initiative began in 2007 with a comprehensive analysis of the strengths and capabilities of Providence's colleges, universities, and medical facilities. The analysis identified the knowledge economy sectors with the greatest potential for growth in the region. Local businesses and institutions were invited to submit proposals aimed at creating jobs in areas of alternative energy, design, product safety, entrepreneurship, and workforce development. A team of representatives from the Chamber, the city, and the business, academic, and medical communities considered the proposals and selected 11 projects in April, which have been funded by $150,000 from the Chamber and the city.

"This $100,000 federal grant provides an excellent opportunity to accelerate the progress of the new knowledge economy. Identifying opportunities for growth that take advantage of Rhode Island's world-class business, entrepreneurial, health care and academic partners are the forces that will reenergize our economic base. The jobs potential at all points on the skills spectrum is vast, and Rhode Island's workforce is eager to make the full transition," said Laurie White, President of the Greater Providence Chamber of Commerce.

"Senator Reed understands that just as we must steer federal funds to protect residents in these tough economic times, we must also make targeted investments in the economy of the future," said Mayor David N. Cicilline. "The knowledge economy effort is all about creating 21st-century jobs at all income levels."

The Greater Providence Chamber of Commerce works to foster the development of a positive and productive business climate for the community through economic development, business-to-business relationship building, and effective public policies and government.

This federal award is administered by the U.S. Department of Commerce's Economic Development Administration.