First, let Hasbro’s relocation function a clarion name to reimagine how Rhode Island approaches financial growth. Too typically, our methods prioritize large-scale recruitment efforts over reciprocal, long-term dedication.
When Hasbro’s potential departure surfaced, the state responded swiftly with a package of incentives reportedly nearing $100 million, together with land, personalized workforce applications, and prolonged tax abatements. In the meantime, many small companies impacted by the I-195 bridge closure waited far too lengthy for significant help.
Second, we must always take this chance to protect native companies and increase worker possession. Nationally, one in six jobs is with a enterprise owned by somebody more likely to retire or exit that enterprise within the subsequent decade. In Rhode Island, that interprets to 74,000 jobs. (Examine that to the two,400 individuals Hasbro employed right here.)
The place is the $100 million for making certain that these companies keep sturdy and native? Worker-owned companies are considerably extra more likely to keep the place they’re, have better pay fairness (in keeping with Salary.com, Hasbro’s CEO made $16.8 million in 2024, 160 occasions the median worker wage), are extra resilient in financial downturns, supply increased comparative salaries than non-employee-owned firms, and are higher at constructing staff’ long-term wealth and safety, particularly amongst individuals of shade. Briefly, they provide just about each kind of social and monetary return our state ought to anticipate for its financial growth investments.
Third, let’s get proactive. What’s the plan for the Hasbro property in Pawtucket? As an alternative of leaving it vacant, let’s repurpose it in a approach that has monetary and neighborhood returns for the neighborhood. Maybe Hasbro could be prepared to show the property over to a neighborhood belief, giving residents of Pawtucket an fairness stake in a neighborhood asset. One firm grew to become exceedingly profitable on this constructing; going ahead, it might nurture the soundness and development of dozens of small companies.
If there’s a silver lining in Hasbro’s departure from Pawtucket, it’s this: Rhode Island has a chance to recalibrate its financial growth technique — shifting focus from short-term recruitment wins to long-term, resilient relationships. From incentives to significant investments. From press releases to problem-solving. From chasing silver bullets to nurturing the strong companies, entrepreneurs, and employees who already name Rhode Island dwelling.
Small businesses make use of half of our personal sector workforce. They’re the spine of our communities, and our financial growth priorities ought to mirror that. Fairly than designing transportation options tailor-made to a single firm, we will construct a public transit system that serves all Rhode Islanders. Fairly than courting executives drawn to glitzier markets, we will meet the on a regular basis wants of our present companies — with instruments like grants for property enhancements, versatile working capital, and fairness infusions that don’t hinge solely on credit score scores or collateral. And somewhat than providing our most respected land to giant firms, we will empower actual property entrepreneurs rising from inside our neighborhoods.
These sorts of investments don’t simply help companies — they construct generational wealth and stability for 1000’s of Rhode Islanders.
Admittedly, we now have one thing at stake right here. We’re Rhode Islanders, by and thru. Our households are rooted right here, and we’re invested in our state’s future. We love our neighborhoods and the locals that make them fascinating, real, and vibrant.
We’re additionally literal neighborhood traders. Our group constructed Rhode Island’s first-ever community investment fund, a automobile for each Rhode Islander to have a stake in our state’s financial future. Designed to supply “risk capital” for initiatives which have monetary and neighborhood returns, the fund is simply one of many various fashions of financial growth that we all know are attainable.
We’re by no means going to be the Boston Seaport (and we’d not need to be). We’d like a resilient financial system that provides each Rhode Islander an opportunity to thrive. We’d like vibrant locations the place individuals really feel linked. We’d like relationships of mutual care. Let this be the second Rhode Island commits to an financial growth technique that makes these items a precedence.
Josh Daly and Jessica David are co-founders of Native Return and the Rhode Island Group Funding Cooperative.
