The Rhode Island Life Science Hub has launched the Founders Compass Program, committing $250,000 to provide up to eight early-stage life science companies with free laboratory and office space for one year.
The program is being offered in partnership with Portal Innovations and will operate at Ocean State Labs, Rhode Island’s first dedicated life science incubator.
Each selected company will receive as many as two wet lab benches and a dedicated desk at no cost for 12 months.
Participants will also gain access to shared facilities, specialized laboratory equipment, advisors, educational programming, potential capital connections and Portal Innovations’ broader network of life science facilities and industry resources.
Importantly, companies do not need to be based in Rhode Island when they apply.
Founders and researchers from elsewhere in the U.S. and internationally are eligible, provided selected companies commit to establishing, maintaining or expanding operations in Rhode Island during the award period.
Applications opened August 24 and close September 24, 2026.
Awards are expected to be announced approximately four weeks later.
Applicants will be evaluated based on scientific and technical merit, commercial potential, team strength, residency readiness, financial readiness and prospective impact in Rhode Island.
Eligible companies can operate across biotechnology, therapeutics, diagnostics, medical devices, biomanufacturing, genomics, cell and gene therapy, research tools and other regulated human health technologies.
Applicants must generally have raised no more than $5 million in dilutive capital and generated less than $1 million of revenue during the preceding 12 months.
Ocean State Labs opened in May 2026 in Providence’s Innovation District.
The fully equipped facility can accommodate as many as 30 companies and sits within a building containing additional laboratory and office space for businesses that grow beyond the incubator.
Portal Innovations operates more than 110,000 square feet of laboratory and office space across its network and has invested in access to more than $12 million of laboratory equipment.
KEY QUOTES:
“Founders Compass helps lower those barriers so promising companies can focus on advancing their science. Our goal is to make it easier for good science to move forward, and for companies to build their future here in Rhode Island.”
Bob Cormier, President And CEO Of The Rhode Island Life Science Hub
“You don’t have to be from here. You have to want to build here.”
Bob Cormier, President And CEO Of The Rhode Island Life Science Hub
