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It was a bright idea to create four accessible Riverfront parks that have connected millions of people with the Connecticut River. It was a bright idea to start a community rowing program that has become one of the largest and most successful in New England. It was a bright idea to host a fireworks display that has become the region’s signature summertime event. Our most recent bright idea is the Riverfront Innovation Fund that allows us to get your bright ideas off the ground. So…what’s your bright idea?
The Riverfront Innovation Fund (RIF) is designed to provide seed money for new Riverfront Recapture projects/programs. It seeks to support innovative ideas that will generate revenue to sustain our mission, attract additional people to our parks and enhance our image. The fund was established as a part of the organization’s 2017-2020 Strategic Plan. The Board of Directors has earmarked up to $200,000 in reserve funds for RIF to be distributed between 2018 through 2020. Funds may be used to invest in, pilot, assess, and potentially expand revenue-generating enterprises and infrastructure ideas to support non-Riverfront funded activity. The RIF committee may consider funding more than one project per year, depending on project budget. Proposals should not exceed $50,000. Smaller projects are encouraged as Riverfront may choose to approve one large or multiple small projects. If no appropriate match for the RIF’s criteria is found, Riverfront reserves the right to not invest in any project/program.
Criteria and Application
Riverfront is seeking income-generating projects/programs proposals that support our mission to connect people with the Connecticut River and capitalize on our organization’s strengths. Projects can offer the opportunity for a one-time return of revenue or an ongoing revenue stream. Proposed income producing enterprises may be operated by Riverfront or a separate entity. Where applicable, applicants must affirm they have proprietary rights for the project/program. Associated budget detailing expenses, revenue and revenue share must be submitted along with proposal.
You must submit your budget using this template.
RIF plans to support projects that include many of the following elements:
A RIF Committee has been established to provide guidance, consider new project/program ideas, evaluate proposals and make recommendations to Riverfront Recapture’s Executive Committee of the Board of Directors. Finalists will be invited to make a 15-20 minute presentation to the RIF Committee followed by questions. Riverfront’s Executive Committee will be responsible for all final decisions. Winners will be required to submit regular reports, budget updates, and enter into a contractual agreement with Riverfront Recapture, Inc. and will be responsible for securing all required permits necessary for their project/program.
The RIF Application is found below. Proposed projects/programs must be submitted by Thursday, February 21. Finalists will be informed and presentations scheduled in March.
Questions about the application? Contact Martha Conneely at (860) 713-3131 ext 316.