Chapter 431

Chapter 431

2003 -- H 5546

Enacted 08/06/03






     Introduced By: Representatives Dennigan, Anguilla, Slater, Lewiss, and Laroche

     Date Introduced: February 11, 2003




It is enacted by the General Assembly as follows:


     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Economic

Development Corporation" is hereby amended by adding thereto the following section:

     42-64-7.11. Venture capital forum program. - - The corporation shall establish a

"Rhode Island Venture Capital Forum Program." To establish the program, the corporation shall:

     (1) Organize a statewide system for facilitating venture capital investing. Such system

may include, but need not be limited to, the following:

     (a) Identifying and providing information to investors about investment opportunities in

new and high-growth business enterprises;

     (b) Identifying and providing information to entrepreneurs and high-growth business

enterprises about investors seeking investment opportunities;

     (c) Providing statewide and regional meetings, forums, internet-based information

systems, venture capital fairs, and other opportunities for venture capital investors and new and

high-growth business enterprises to meet and discuss potential mutual opportunities;

     (d) Cooperating with other service entities in facilitating effectiveness of the program

including, but not limited to, financial institutions, attorneys, accountants, investment banking

firms, established venture capital funds, institutions of higher education, local and regional

development organizations, business development centers, business incubators, and utilities;

     (e) Serving as a clearinghouse and access point for information about venture capital

investment opportunities in Rhode Island;

     (f) Serving as the central organization and means of delivering appropriate education and

training programs for potential investors and new or high-growth business enterprises;

     (g) Facilitating the formation of private venture capital funds.

     SECTION 2. This act shall take effect upon passage.