Created in 1997 by Governor Lincoln Almond and the General Assembly, the Slater Technology Fund is backed by approximately $3 million in annual public funding.

The Fund seeks to create high-paying jobs and attract technology-based business development to Rhode Island by providing seed stage capital to innovative companies committed to remaining in Rhode Island. To be considered, companies must locate more than 50% of their full-time employees in Rhode Island.

In addition to funding, Slater's "deep" industry knowledge and network of partnerships helps companies work through business plan options and attract outside financing.

The Slater portfolio features nearly 30 companies in biomedical, IT & telecommunications, and ocean, energy & environmental areas. Since its creation, the Slater Fund has financed more than 90 technology ventures.

Like any other venture capital fund, Slater takes equity shares in the companies it selects. Slater's 2007 return was nearly $1 million, double that of the previous year.