11 to Watch in 2011: Keith Stokes
Thursday, December 30, 2010
Plucked from his longtime post heading the Newport Country Chamber of Commerce, Keith Stokes was appointed by Gov. Carcieri as Executive Director of the Rhode Island Economic Development Corporation in January 2010. Now, with a gutsy 2010 under his belt, he's betting the ranch on several bold moves, most notably the deal struck with Curt Schilling's 38 Studios. How well he does in 2011 will have vast economic impact.
Of course, his first challenge of 2011 will be to maintain his post amid the changing of the executive seat in the state. Will Linc Chafee keep him on?
Stokes put in a big 2010, no doubt. Despite spectacular challenges that one of the highest unemployment rates in the country and a lame duck governor, Stokes, a Newport native, helped pass legislation just months
after his appointment to increase the funding cap for the RIEDC's Industrial Recreational Building Authority program from $20 million to $60 million to stimulate job growth and give companies the credit they need to expand.GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAlso, Stokes worked with the General Assembly to pass the Job Creation Guaranty Program which authorizes RIEDC "to guarantee up $125 million in private loans to innovative, technology-based companies with primarily intellectual-property assets to help them create permanent, high-paying, full-time jobs." The program most notably allowed RIEDC to guarantee former Red Sox pitcher Curt Schilling's, 38 Studios, an entertainment and IP creation company, $75 million (out of the $125 million that is available in government-backed loans).
More recently, Stokes has been lobbying for Rhode Island to host to 2013 America's Cup, a coup that would potentially generate $1.4 billion in economic activity and create 8,000 jobs.
Both 38 Studios and the yachting play will or won't bear real fruit in the coming year... making Stokes one of the state's major players to watch.
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