Physician-led formation

Clinician equity plus formal KOL advisory—aligned with the RI Clinician-Entrepreneur Network and typical RI early-stage match requirements.

Early-stage seed policy (summary)

RI institutional seed equity commonly requires a third-party financing match; the lead check is usually one component of a larger seed round, not the full close. Confirm current fund terms directly with the manager before relying on this atlas for term-sheet work.

Early-stage state seed programs equity requires a third-party financing match; practical state seed seed checks are typically institutional seed, not the full round.

External fund policy (official site) →
Definition

A Rhode Island life-science venture is physician-led when (1) one or more licensed clinicians hold equity (founder, co-founder, angel/SAB equity, or documented cap-table allocation tied to clinical leadership) AND (2) the company maintains formal KOL advisory roles (paid SAB, clinical advisory board, or RI Clinician-Entrepreneur Network match) that shape indication, endpoints, and trial/site strategy.

Trial site only, uncompensated informal advice, or physician consulting without equity does not qualify for this atlas label.

18-month gates (universal)

  1. G0

    RI anchor

    Company HQ or exclusive OTL license with RI FTE commitment

  2. G1

    Physician equity

    Cap table or term sheet showing clinician equity (≥0.25% typical angel/SAB; higher if co-founder)

  3. G2

    KOL advisory

    ≥2 named KOLs (SAB/CAB) with charters; ≥1 via Clinician-Entrepreneur Network or Brown Health/RIH letter

  4. G3

    Technical proof

    Modality-specific PoC (see per-asset)

  5. G4

    Non-dilutive + match plan

    Federal SBIR/STTR plus Innovate RI (STAC) match and/or RI Commerce Innovation Voucher; RILSH Growth Catalyst or Lift when eligible; documented third-party co-investor(s) for institutional seed match

  6. G5

    Follow-on

    Institutional seed close (with required match) or syndicate Series A with physician-validated clinical plan

Ecosystem stack

Non-dilutive state programs (Commerce, STAC, Hub) often bridge federal SBIR/STTR to matched institutional seed.

Per-asset formation notes

Research synthesis from public sources (NIH RePORTER, ClinicalTrials.gov, PubMed, USPTO, company press). Not investment advice, legal opinion, or clinical guidance. Verify cap tables, license chains, and trial status in data rooms before term sheets.