Rhode Island Life Science Hub: A Slow-Moving Start or a Deliberate Strategy?

Rhode Island's Life Science Hub, the state's latest effort to boost its life sciences industry, has hit a speed bump. The Hub's board recently postponed a vote on the development of a publicly funded startup space in Providence, citing 'in-the-weeds details' as the main hurdle. This decision comes at a time when other major metro areas, including Boston, are grappling with a surplus of laboratory space due to a slowdown in the industry. The Hub's chairman, Neil Steinberg, former president and CEO of the Rhode Island Foundation, remains optimistic about the project. He estimates that the incubator space, which will likely cost between $10 million and $13 million, will open in the fall of 2025. However, the location of the incubator remains uncertain, with Steinberg stating that it will be housed in 'the best place we can get. ' Despite the delay, the Hub is moving forward with its mission to act as the central entity and coordinating organization of bioscience initiatives on behalf of the state. The Hub is also tasked with investing in Rhode Island-based companies and promoting economic growth and workforce development. Steinberg also mentioned that the Hub is still searching for a permanent president and CEO, with a shortlist of candidates set to begin the next phase of interviews in mid-September. The Life Science Hub was established through legislation passed in 2023 and will oversee $45 million in state funding. The Hub's interim president, Patrice Milos, was unanimously selected in June and will not be a candidate for the permanent position. Milos, a founding member of trade organization RI Bio, is being paid $25,000 per month for the temporary role. As the Hub navigates through the challenges of developing a lab incubator, it is worth asking: Is the delay a sign of a slow-moving start, or a deliberate strategy to ensure the success of the project?