News Summary
Governor Daniel J. McKee announced the Invention Incentive Program in Rhode Island to support entrepreneurs and small businesses with up to $5,000 in grants covering patent application costs. This initiative, part of a $1 million budget for innovation, aims to alleviate the financial barriers related to patent filings and foster a dynamic entrepreneurial ecosystem in the state.
Providence, R.I. – Governor Daniel J. McKee and the Rhode Island Commerce Corporation have announced the launch of the Invention Incentive Program, designed to support entrepreneurs and small businesses in covering the costs associated with patent filings. The announcement was made on Friday, coinciding with World Intellectual Property Day, which highlights the importance of protecting creative ideas and inventions.
The new program offers eligible applicants reimbursable grants of up to $5,000 to assist with expenses related to both provisional and nonprovisional patent applications. Additionally, businesses can use these funds to cover costs associated with hiring federally registered patent practitioners who are licensed in Rhode Island.
The application process for the Invention Incentive Program opened on Friday and will remain available until 5 p.m. on May 26. This financial support is part of a larger $1 million allocation for “Innovation Initiatives” included in the state’s fiscal 2025 budget, with $45,000 specifically designated for grants related to patent filings.
Costs associated with filing federal patents can vary significantly, ranging from as low as $60 to over $11,000, not including attorney fees. This program aims to mitigate these financial burdens, making it easier for small businesses to protect their innovative ideas and foster entrepreneurship in Rhode Island.
Governor McKee emphasized that safeguarding innovative concepts is crucial for enhancing the entrepreneurial ecosystem in the state. The initiative is seen as a step forward in providing resources necessary for small businesses to thrive and compete effectively.
Commerce Secretary Liz Tanner shared insight into the program’s broader implications, describing it as an investment in Rhode Island’s future and an opportunity to empower local entrepreneurs, thereby strengthening the state’s economy.
For detailed guidelines and to access further information about the application process, individuals and businesses are encouraged to visit the Rhode Island Commerce website. The initiative marks a significant investment in the support of local innovators, aligning with global efforts to emphasize the importance of intellectual property rights.
Overall, the Invention Incentive Program represents a commitment by the state to foster innovation and entrepreneurship while reducing the financial barriers often faced by startups and small business owners in the patent application process. The collaboration between the state government and local commerce authorities aims to capitalize on the creative potential within Rhode Island, encouraging growth and economic development.
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- News From The States
- Wikipedia: Intellectual Property
- Providence Business News
- Google Search: Patent Filing Costs
- Globe Newswire
- Google Scholar: Entrepreneurship Support Programs
- Providence Journal
- Encyclopedia Britannica: Entrepreneur
