Slater Technology Fund

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 The Data 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. Creating Connections Over the course of its history, Slater has worked to help build and sustain a vibrant entrepreneurial ecosystem in Rhode Island, bringing together the state mechanisms for economic development and regional sources of capital and connecting them with the inventors and researchers with transformative technologies. Our close connection to the world-class scientists and engineers at Brown University, the University of Rhode Island, and other Rhode Island institutions allow us to identify and encourage inventors looking to take their technologies from the lab to commercialization by providing not only the seed funding and access to venture capital, but also the business resources and venture development expertise founders may need to complement their skills. In the Thick of the Entrepreneurial Ecosystem From the Rhode Island Center for Innovation and Entrepreneurship at Brown to Providence-based Betaspring, to local angel investors like the Cherrystone Network, Slater works with an extensive network to bring the experience and resources of a wide and varied pool of experts to the table for each of its portfolio companies and entrepreneurs. Slater’s informal external network is complemented by more structured Slater initiatives such as: Slater Interactions, our annual networking event bringing technologists, investors and entrepreneurs of all kinds together under one roof for sushi and socializing Slater Entrepreneurs-in-Residence program that allows prospective founders of new ventures not only space to get started, but the guidance and in-house expertise in start-up formation that Slater provides. Whether through angel funding from the Cherrystone Angel Group or other regional angel networks, grants from the Rhode Island Science and Technology Advisory Council, or venture capital from some of New England’s most prominent VC firms, Slater’s close working relationships with multiple funding sources allows the Fund to lead or participate in larger investment rounds in our portfolio companies where prudent plans call for larger seed rounds.