Rhode Island Economic Development Strategy
Rhode Island Commerce
In the fall of 2012, the Rhode Island Economic Development Corporation (RIEDC) retained Fourth Economy to conduct data analysis and an assessment. Rhode Island’s industry clusters were compared across various quantitative and qualitative factors.
The Challenge
The analysis also examined cross-cluster opportunities and industry linkages, identifying areas where Rhode Island could focus on specific and significant market opportunities based on its strengths. The final report, EconomyRI, included an analysis of the business climate, financial resources, regulatory environment, economic development marketing resources, and industry clusters.
RIEDC, now Commerce RI, along with the Rhode Island Foundation, subsequently re-engaged Fourth Economy to incorporate the ideas and insights of industry stakeholders. Fourth Economy facilitated a series of “Economic Intersections” working groups, bringing together 200 industry stakeholders from complementary sectors to identify emerging market opportunities. Fourth Economy collaborated with these stakeholders to define specific actions to capture those opportunities.
The Results
These two engagements culminated in the creation of a strategic plan for Commerce RI, providing the basis for the state’s Comprehensive Economic Development Strategy (CEDS). One initiative that emerged from this strategy was better aligning the state’s manufacturers with their design talent. Fourth Economy supported the development of STEAM ENGINE USA, now known as the Innovation Center for Design and Manufacturing. Fourth Economy raised over $3 million in grant funding to develop and pilot the center and continues to provide project management and advisory support.
Location
Rhode Island