Andy Cutler is a founding partner of Cutler & Company, a Providence-based public relations firm.

Exciting news that could significantly and positively impact the state's info-tech and digital media sector came out of the RI Economic Development Corporation (RIEDC) yesterday. First, with an eye towards increasing growth capital available to companies poised for expansion, the agency announced two major developments:

1. A new strategic alliance with the Business Development Company of Rhode Island (BDCRI) and the Business Development Company of New England (BDCNE). RIEDC joins with the BDCs in a partnership to bring the financing tools of two of the most recognized business development organizations in the United States to an expanded number of Rhode Island businesses with more that $200 million in growth capital products available to invest.
2. The RIEDC announced that they are working with legislative leaders to propose legislation that will establish a $20 million Growth Capital Guarantee Program to create new high-wage job opportunities for Rhode Islanders.

Additionally, the RIEDC announced the launch of an attraction campaign, Opportunity: Rhode Island, aimed at identifying expansion and relocation opportunities initially focused in the Financial Services, Information Technology and Digital Media, and Health and Life Sciences sectors. They are teaming up with the RI Commodores, a group of leading RI business people/organizations.

"Our Economic Growth Plan centers on job growth in target industry sectors that pay higher wages and provide workers with good opportunities to move from lower paying entry-level positions to higher-wage positions," says RIEDC Executive Director Saul Kaplan. "Rhode Island has significant strength and momentum in six target high-wage industry sectors: Financial Services, Information Technology and Digital Media, Health and Life Sciences, Marine and Defense Technology, Advanced Manufacturing and Industrial Products, and Consumer Products and Design. Building on this foundation through a regional attraction effort will enable us to strategically invest limited resources in areas where opportunities for success are highest."

For those interested in learning more about the strategies/tactics being deployed to grow our economy and increase the number of high-wage jobs here, check out the following links:

• Background on Economic Growth Plan 2008
• Economic Growth Plan 2008 (PDF)