Economic Development Corporation

8:34 am
Tue September 17, 2013

Providence to Play Host to 'Innovation Factory' Business Summit

More than 400 thinkers and entrepreneurs plan to gather in Providence later this week for the Business Innovation Factory’s ninth summit.

The head of the factory, Saul Kaplan, said new collaborations and projects come out of the summit every year. About two-thirds of the attendees come from outside of Rhode Island.

“The people that are there and the people that are in the room have an incredibly positive view of Rhode Island. They believe Rhode Island is a place where innovation can happen, so it changes the conversation," said Kaplan.

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38 Studios
12:55 pm
Thu August 29, 2013

Conversation: Winners & Losers in 38 Studios Lawsuit

The state’s lawsuit over failed video game company 38 Studios will move forward. Superior Court Judge Michael Silverstein dismissed some of the counts, but allowed key parts of the state’s lawsuit to move ahead.

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RI News
2:20 pm
Wed August 28, 2013

RI Judge Allows Bulk of 38 Studios Lawsuit to Move Ahead

This desk trophy commemorating the 38 Studios $75 million loan was auctioned off after the company went bankrupt.
Credit file / RIPR

Rhode Island’s lawsuit over failed video game company 38 Studios will move forward. Superior Court judge Michael Silverstein dismissed some of the counts, but allows key parts of the state’s lawsuit to move ahead.

(Read the judge's 98-page decision here.)

When video game maker 38 Studios went belly up after receiving a $75 million state loan guaranty, it left taxpayers in the lurch for roughly $100 million.

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RI News
9:15 am
Tue August 13, 2013

38 Studios Stress Caused Schilling Heart Problems

Former Red Sox star Curt Schilling says stress from 38 Studios’ business problems was part of why he suffered a heart attack in 2011.  Schilling revealed the health problem in an interview with the Boston Sunday Globe.

Schilling tells the Globe he experienced chest pains while watching his wife run in the New York Marathon in November 2011. That was seven months before 38 Studios went bankrupt, leaving Rhode Island taxpayers on the hook for close to 100 million dollars. Schilling says he was treated after returning to Boston.

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8:39 am
Thu August 8, 2013

House Oversight Committee Continues Hearings on 38 Studios

The House Oversight Committee reconvened to examine the state's failed investment in video-game company 38 Studios.

A legislative committee Wednesday held the fourth in an ongoing series of oversight hearings on Rhode Island’s investment in failed video game company 38 Studios. Committee members had different views on the value of the meeting.

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Political Roundtable
9:27 am
Fri August 2, 2013

Political Roundtable: Paiva Weed Says the RI Senate Passed Same-Sex Marriage Due to Public Support

Credit Ian Donnis / RIPR

State Senate President Teresa Paiva Weed joins the Political Roundtable this week to discuss legislative attempts to improve Rhode Island's economy; the search for a new state commissioner of higher education; and why the Senate voted in April to legalize same-sex marriage.

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9:10 am
Tue July 2, 2013

Future Of the EDC In the Hands Of the General Assembly

The General Assembly is slated to consider bills later Tuesday to revamp Rhode Island’s approach to economic development.  The action comes on the last day of the legislative session.

The state Economic Development Corporation has been marked for years by turnover in its top leadership. Governor Lincoln Chafee wants to give the EDC a chance to show its stuff with a new board and a new director, Marcel Valois. But the General Assembly could make some significant changes to the agency.

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8:21 am
Wed June 5, 2013

Future of the EDC Remains Unclear as Economic Bills Pass in the House

House Finance chairman Helio Melo speaks in support of the House's economic development package.
Credit Ian Donnis / RIPR

By overwhelming margins, the Rhode Island House of Representatives Tuesday passed a half-dozen bills to change the state’s approach to economic development.

One bill would try to create a more streamlined effort through a new Executive Office of Commerce. Another bill replaces the state Economic Development Corporation with a Commerce Corporation headed by a secretary of commerce. 

It is not yet clear precisely how the state will move forward.

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10:26 am
Tue June 4, 2013

Lincoln Chafee and Gordon Fox at Odds Over EDC

The Rhode Island House of Representatives is expected, this Tuesday, to approve a package of bills reshaping the state’s approach to economic development.  House Speaker Gordon Fox and Governor Lincoln Chafee differ on how to move forward.

One of the House bills would replace the state Economic Development Corporation with a Rhode Island Commerce Corporation. It would establish a secretary of commerce, with the idea of making one person responsible for pursuing economic development.

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8:16 am
Tue May 21, 2013

Valois Faces Approval of Full State Senate

Marcel Valois at last week's Senate Committee meeting.
Credit RIPR

Governor Lincoln Chafee’s choice to lead the state Economic Development Corporation faces approval by the full state Senate committee Tuesday.  The votes comes amid debate over the EDC’s future.

Chafee’s choice, Marcel Valois, was unanimously approved by a Senate committee last week. Valois led the EDC in the 1990s during Lincoln Almond’s tenure as governor. He says Rhode Island needs to do a better job of helping business when it can and getting out of the way when it can’t.

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