Looking to do business in the U.S.? Try soft landing in Rhode Island

Between market volatility and sustained economic uncertainty, companies looking to scale in today’s business climate have many things to consider. But if you’re a global business leader looking to land or expand in the U.S. market — while mitigating the many risks of a new market and the current economic conditions — consider soft landing in Rhode Island, the Ocean State.

The Ocean State is a nexus of endless supply chain possibilities and offers an unmatched convenience of location, being a stone’s throw away from the talent and resources of Boston and New York City — all while maintaining a high standard of living at a more affordable cost.?The North East forms a $4.08 trillion economic corridor that would represent the 5th highest GDP in the world if the region was its own country. As the ‘biggest little state,’ Rhode Island’s modest size is a significant asset for local businesses. Companies here benefit from unparalleled access to the state-level and private sector resources, paired with our clear focus on supporting specific industries that have a proven track record of success in this market. Let’s dive into how you can soft land in Rhode Island and why this could be the strategic move your company should consider.

Why your company should expand to Rhode Island

Picture this: your company is more than 5 years old and you’re looking for ways to continue to grow revenue. You’re looking at expanding your business and are assessing a number of economies, including the United States; access to, retaining and growing your workforce will be key to growth; your products and services may or may not be right for the U.S. market and your industry continues to innovate globally. Expansion is the only way to ensure the company’s continued vitality, but you don’t know where to make your move. Enter: Rhode Island.

Unlike larger states in which businesses big and small must navigate resources through a dense layer of bureaucracy, Rhode Island’s size and consolidated locality allow greater accessibility to the resources available for business owners. In Rhode Island, small businesses are big businesses, making up 98.9% of all businesses in the state. Cost of living is lower than neighboring major metropolitan areas, while the quality of living is high. Rhode Island maintains a clear understanding of and focuses on the industries that can best thrive in the state by investing in their development. While the Blue Economy is a stronghold in the Ocean State — home to various maritime industries — Rhode Island offers opportunities across many high-profile sectors. Whether your business is driving innovation across life sciences, renewable energy, software, defense, finance, food, manufacturing, or hospitality, Rhode Island has a business ecosystem where your company can flourish. The state is full of economic opportunities and is located in the middle of the North East United States, making a day trip to Washington D.C., New York and Boston easily possible. From a time zone perspective, access to Europe in the morning, the West Coast of the U.S. in the afternoon and Asia in the evening make the East Coast an ideal place for a global business.

“Rhode Island’s strong leadership, positive business climate, and innovative spirit are exactly what Infosys looks for in a host community. We are excited to increase our commitment to the State and continue nurturing design-focused specialists, as well as tech talent to serve the needs of our clients in the U.S.” - President, Infosys

What does soft landing in Rhode Island offer?

So you’ve decided that Rhode Island is a solid contender for your company’s expansion, but you’re unfamiliar with the state’s business ecosystem and where you would begin to plant roots. That’s where Rhode Island’s soft landing program can fill the gaps.

Soft landing programs assist companies in expanding to new places with access to quality resources. According to an analysis by Harvard Business Review, it takes most companies up to 10 years in a new market before they reach a one percent return on investment. Most businesses need to see an earlier return while minimizing the risk of an expansion investment. Soft landing programs catalyze this market introduction and can expedite your return on investment. Much of this assistance has to do with finding a place to work. Newly landed companies usually start small, looking for commercial office or lab properties, as a way to break into a new market. But whatever the size or scale, Rhode Island provides companies with the governmental, legal and financial connections needed when selecting a site. Rhode Island offers companies a great way to “test the waters” — no pun intended, though we do relish our 400-miles of pristine coastline — before making a bigger investment in a new geography.

Rhode Island has made significant investments to support and incentivize tech companies, particularly with a $20 million bond for innovation hubs. Each of the four hubs — 401 Tech Bridge, RIHub, RI Agricultural Innovation & Entrepreneurship Campus, and RI/URI Blue Tech Innovation Center — has a slightly different focus, but they work together to create opportunities for innovative companies looking to land in the state. Rhode Island is also making strides when it comes to its key industries, making commitments and investment in 100% renewable energy, small business, port infrastructure, digital twin infrastructure, and life sciences laboratories and programming to activate these industries, innovation, collaboration and commercialization. These investments, together with a connected ecosystem, provide the accessibility to the right connections, which are more difficult in larger cities.

Soft Landing programs provide flexible spaces to work without long term commitments. Access to consultants who have experience with global companies and understand U.S. specific considerations help navigate the U.S. legal, accounting, talent and immigration systems. Mentors, industry associations and chambers of commerce help navigate regional and industry specific policies, markets and networks. Support to navigate these systems lowers the risk of expansion and shortens the time to seeing a return.

Join a community that wants to help.

Now that you know you have the support needed to expand to Rhode Island, it’s time to execute. While driving your expansion and innovation plans always comes with a heavy dose of uncertainty, people in the Ocean State will be partners; a state with a proven track record of business success. Businesses ready to move beyond the soft landing, find the extra space, time and support to research and tweak their products, test the market, find and build sites for manufacturing, and hire the right talent.

Soft landing in Rhode Island is an opportunity to join a thriving and collaborative business ecosystem. Just as a rising tide lifts all boats, the business community in Rhode Island understands that the state’s overall success benefits all Rhode Island companies. By expanding to Rhode Island, companies can also leverage the state’s robust university population and fuel their talent pipelines with recent graduates trained in industry-relevant curriculum. Companies located in Rhode Island access 70 colleges and universities within a 60 mile radius. Soft landing will help your company navigate the wealth of business opportunities Rhode Island offers and ultimately thrive as you work to scale your business. Beyond the soft landing, Rhode Island Commerce Corporation brings a host of services and incentives to grow here including site selection services, access to tax incentives, opportunities to partner with research institutions and matchmaking services.

Take Flux Marine, a producer of electric outboard motors, for example. The company moved its operations to Rhode Island after COVID-19 shut down the incubator they were working out of in a neighboring state. In turn, Rhode Island never shut down manufacturing operations during the pandemic, and continued to provide the resources and support for budding businesses like Flux. The company has since raised a $15.5 million Series A funding round and continues to build momentum, recently receiving more than $1.8 million in tax credits to bring an additional 88 jobs to the Ocean State.?

“We’re proud to have found a home in Rhode Island. With the state’s central location, strong leadership, and true, statewide commitment to unlocking the potential of the global Blue Economy, we cannot think of a better place to grow our business.” – Benjamin Sorkin, CEO, Flux Marine

As you look to expand, don’t be fooled by size — Rhode Island is a state that punches above its weight, providing no shortage of incentives to land and expand.

If you’re looking for new opportunities for your business, I’d love to connect.