Rhode Island Biz Winners and Flops
Tuesday, March 12, 2013
Rhode Island's economy looks to be on the rebound. A report from URI's Dr. Len Lardaro's Current Condition Index shows that Rhode Island's economy is picking up significant momentum. This is not the only positive economic news locally. While RI trails much of the country in the economic recovery, the state would be making a mistake not to celebrate some positive signs.
Winners:
> While Boston and Cambridge are the center of New England's economy, Betaspring maybe the spark for RI's economic future - the 15 companies in this spring's class may be just what the economy ordered.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST> RI's horrific unemployment rate has improved. Rhode Island is still #50 in US, but getting the unemployment rate under 10%--to 9.8%--has both an emotional and rational positive effect.
> Washington Trust kicks off its 13th annual Peanut Butter Drive, which will be collecting peanut butter for local Rhode Island Food Banks. As Washington Trust explains: Why peanut butter? It's high in protein, loved by children and adults, and expensive for families in need. Did you know that your one jar of donated peanut butter will make 16 sandwiches for a hungry family?
> The RI Small Business Development Center (RISBDC) at Johnson & Wales University (JWU) announces two promotions. First, Diane Fournaris is the new operations director. She has worked at RISBDC since 2010, where she was a marketing communications consultant. She was previously the director of career services at Gibbs College. Second, Peter Conopask joined the RISBDC as the Providence Metro regional director. He has over 25 years of experience, including startup/early stage development, strategic planning and risk management.
> Preventure is expanding. Preventure outgrew its offices on Route 3 in Coventry, RI, and relocated to a new building at 2000 Nooseneck Hill Road in Coventry. The new 10,000-square-foot facility is the new home of the Corporate Health and Wellness provider. "We feel very fortunate to be experiencing record growth during these uncertain economic times," said Mark Correia, Preventure’s CEO. Preventure has had remarkable growth during the past several years, experiencing more than a 200% increase in revenues from 2009 to 2012.
> Governor Lincoln Chafee's effort to lower RI's corporate tax to the lowest in New England would be good for job creation as well as recruiting new companies and jobs into Rhode Island.
> Providence-based Ximedica, the provider of comprehensive product development services to leading medical device makers and healthcare companies, announced that it has relocated its Hong Kong headquarters. The homegrown company's growth internationally is another positive sign for this RI success story.
> FGX International, RI's own leading eyewear designer and marketer and wholly-owned subsidiary of Essilor, announced that it has tapped César Melo as Chief Executive Officer. Prior, he had a 23-year career at Colgate-Palmolive.
Flops:
- Unemployment and the Department of Labor and Training are an embarrassment. If the unemployment rate were 3%, then perhaps it would be understandable that the Department is understaffed and consumers have to wait hours on hold, but with the unemployment the worst in the US, the DLT ought to be properly managed and staffed.
- EDC continues to lack a rudder and thus the state's economic development strategy is ill-defined at best.
- Providence's strategy to turn every Financial District building into a college, apartment or condo seems to miss the point that a downtown should have businesses. The proposed $40 million in tax breaks for the Superman building needs rethinking. Remember the live-work concept does require work too.
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