870 R.I. Code R. 870-RICR-20-00-4.9

Current through December 3, 2024

Section 870-RICR-20-00-4.9 - Application Review and Approval

A. Each Application shall be reviewed to confirm compliance with the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.

B. The Corporation may require the submission of additional information in connection with any Application or the revision of an Application, and may permit the resubmission of an Application rejected as being incomplete or deficient.

C. After submission of a complete Application and review by the Corporation in accordance with the requirements of the Act and these Rules, the Corporation will determine whether to award a Voucher to the Applicant. In determining whether to approve a Voucher, priority will be given to Innovation Projects with the greatest commercial potential. Other factors considered may include:

1. quality of the organization and design of the Innovation Project;

2. qualifications and experience of the team conducting the Innovation Project;

3. the Innovation Project's ability to further the development or commercialization of new or enhanced innovative products or services;

4. capacity for implementing and sustaining the results and findings of the Innovation Project;

5. potential for the Innovation Project to result in the creation of new full-time jobs;

6. level of the Applicant's own cash or in-kind investment in the Innovation Project, and the potential for additional investment;

7. the catalytic impact successful completion of the Innovation Project will have for the Applicant; and

8. potential for further collaboration between the Applicant and Knowledge Provider after the completion of the Innovation Project unless the Applicant is seeking a Voucher for internal research and development as a Small Business Manufacturer.

D. If the Corporation determines that it will not approve a Voucher for an Applicant, it shall notify the Applicant in writing of such decision.

E. The Corporation may set periodic Application deadlines that will be published on the Corporation's web site from time to time.

870 R.I. Code R. 870-RICR-20-00-4.9

Amended effective 9/27/2023