Rhode Island Biz Winners and Flops
Monday, April 01, 2013
The past few weeks have closed a tumultuous month in the Rhode Island business community, with two of its largest corporate employers - MetLife and CVS, sending signals via the General Assembly (CVS) and announcing a phased-in move to North Carolina (MetLife). Meanwhile, Providence Mayor Angel Taveras proposed an economic development plan two-and-a half years into office, and then dropped funding for Betaspring.
WINNERS
- Alex and Ani: The RI homegrown success story continues its rapid growth and brings positive energy to RI. This month the company is featured in Inc. Magazine.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST- Founders League: Inspired by the Cambridge Innovation Center, this spinoff from Betaspring is fueling the startup and innovation economy in RI.
- Citizens Bank: RBS and our local Citizens Bank is offering $50,000 in local scholarships. "A total of 40 college scholarships will be awarded to U.S. residents who are 16 years of age or older and are attending or accepted to a federally accredited four-year college, university or graduate program and who have been active in community service. The school scholarships will be awarded this summer for the 2013-2014 academic year."
- Junior Achievement: The business-education group in Rhode Island continues to make a difference for students in RI. Please see their efforts on GoLocalProv.com.
- Alfred Verrecchia: Former Hasbro CEO has joined the board of Iron Mountain - the storage and information management company.
- Nabsys: RI's smart company developing sequencing technology for DNA analysis - has raised $20 million more in funding - this brings the total to more than $40 million in capital. "Nabsys was the first company to receive a “$1000 Genome” award from the National Human Genome Research Institute of the National Institutes of Health for an electronic approach to sequencing DNA."
- Unemployment: Still pathetic at #50 in the U.S., but improved to 9.4%. In Massachusetts, the unemployment rate dropped to 6.5% in the month of February.
FLOPS
- MetLife: Forget the community relationships of the loyalty to workers, MetLife, which had been a great corporate citizen in RI, negotiated with the State of North Carolina for a big payoff. Now, MetLife is packing up hundred of jobs in RI and other states and moving them to North Carolina.
- City of Providence - with great fanfare Mayor Angel Taveras rolled out an economic development plan 27 months after taking office. The plan was repetitive of existing state initiatives, especially its centerpiece - holding the line on the commercial tax rate for seven years. The proposal sounds great, especially for a gubernatorial candidate who is looking to raise campaign funds from prominent Providence business/property owners, but there was no outline of how to pay for the initiative.
- Superman Building: It is critical that one of the tallest buildings in Providence does not turn into the poster child for economic failure, but equally few believe that taxpayer-fundred $45 million custom tax credit legislation is good public policy. A Superman bailout can't come through the legislature in the same construct as 38 Studios.
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