May 3--Entrepreneurs face some high hurdles

Speakers at the grand opening of the Rhode Island Center for Innovation and Entrepreneurship tried to be upbeat, hailing it as the future birthplace of the next Slater Mill, CVS or GTECH. But the backdrop of Rhode Island's economic troubles was hard to ignore. Brown President Ruth J. Simmons told the overflow crowd that she was nervous about potential backlash over the university's investment in the center, given its recent decision to lay off 31 employees. "In some ways, I sort of dreaded this day," Simmons said. "We are in the middle of deep budget cuts."

Textron concludes a rough year

Frederick K. Butler, chairman of The Providence Foundation and corporate secretary for Providence-based Textron, seemed a bit shell-shocked from Textron's annual shareholder meeting, held in Providence on April 22. The company's shares lost about 81 percent of their value over the past year, and in February, Textron cut its quarterly dividend to 2 cents a share from 23 cents. "2008 was tough for us," Butler said at the Tuesday ceremony to open the Rhode Island Center for Innovation and Entrepreneurship. "Our stock price had been beaten down."

A few days after he spoke, Textron announced another cut of 2,100 jobs worldwide, or 5 percent of the work force, as demand for its corporate planes continues to weaken.

Struever Bros. is scrambling

The struggles of Baltimore developer Struever Bros. Eccles & Rouse should be worrying for all Rhode Islanders.

After all, its high-profile projects are in some of the state's most downtrodden areas, such as the Royal Mills in West Warwick and the Rising Sun Mills in Providence's Olneyville neighborhood.

But the company's troubles are a particular black eye for the state's already embattled Economic Development Corporation, which moved its headquarters in January 2007 to Struever's American Locomotive Works, even though the project was far from complete at the time.

At the EDC board's recent meeting, Governor Carcieri was asked if the project would be finished in time for United Natural Foods to move its headquarters into the building. "Struever has been getting a lot of bad press lately," Carcieri said. "They're scrambling."

Historian keynotes Business Expo

The annual Business Expo will be held Tuesday and Wednesday at the Rhode Island Convention Center. The keynote speaker, historian Doris Kearns Goodwin, will deliver her address at 10:30 a.m. on Tuesday. George Vecchione, president and CEO of Lifespan, will address the 2009 economic outlook luncheon Wednesday at noon.

Small-business survey is mixed

The Rhode Island Chapter of the Smaller Business Association of New England conducted a survey of its members that showed 40 percent believe the Rhode Island economy has bottomed out and is stabilizing. Another 44 percent believe the Rhode Island economy is decreasing slowly and the remaining 16 percent believe it is decreasing rapidly.

Washington Trust hails a 'solid year'

First-quarter earnings at most local banks suffered because of the recession.

John C. Warren, chairman and chief executive officer of Washington Trust Bancorp, in Westerly, told 150 shareholders and guests who attended the bank's annual meeting, "Despite all of the turmoil in 2008, including a national recession, a federal banking crisis and a precipitous decline in the financial markets, Washington Trust had a very solid year."

Warren added, "Washington Trust survived all of this turmoil and market unrest by following the same guiding principles that have driven our company for more than 200 years: trustworthiness, commitment to excellence, sound judgment and a willingness to help."

After the bell ...

--Michael D'Ambra, president of D'Ambra Construction Co., was elected to the board of directors of Blue Cross & Blue Shield of Rhode Island.

--The 24th annual World Trade Day at Bryant University will be May 21.

John Kostrzewa is the Journal's business editor and can be e-mailed at pjbiz@projo.com.

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