Happy Fall and Happy Birthday to MTI!
We are looking forward to seeing all of you at our 25th anniversary event next Tuesday evening! If you have not yet registered there is still time but registration closes on Thursday the 24th. Below you will find additional information about some of the wonderful speakers we have lined up, including Patrick Breeding from Marin Skincare, Nona Yehia from Vertical Harvest, as well as Margaret Angell & Chris Wolfel from the Roux Institute, and our own Board Chair, Melissa LaCasse from Tanbark.
The event will offer wonderful networking opportunities and provide attendees with a chance to speak with some MTI portfolio companies who will be exhibiting. We’ve also developed a beautiful booklet to commemorate the event. It’s chock full of testimonial quotes from Maine organizations that have benefited from MTI funding and support over the past 25 years. We also produced a wonderful video that we will use to kick-off the program portion of the evening. The booklet and video provide a fitting tribute to MTI and the amazing organizations that it has helped foster and grow. I want to credit Visible Logic, MTI’s marketing firm, for working with the MTI team, and specifically Merritt Carey, Celina Gauthier, and Wanda McNeil, for assembling these incredible assets for the event.
With a week to go, more than 300 people have already registered for the event.
The 25th anniversary also affords us an opportunity to examine MTI’s impact on Maine’s economy. We recently conducted a survey of the organizations that received core funding awards from MTI during the past five years. Some terrific data was captured. A few highlights include:
- During the survey period (2019-2023) period, over $37M in core funding was awarded to Maine organizations.
- 67% of MTI companies learned about the organization through word-of-mouth.
- 93% felt MTI’s application process was straightforward and easy to understand.
- 98.4% said that their MTI Investment Officer was helpful, knowledgeable, and responsive.
- The Compounded Annual Growth Rate (CAGR) of MTI companies (15.7%) more than doubled Maine’s Gross Domestic Product (GDP) growth (7.1%) over the period.
- MTI-awarded companies experienced revenue growth over the period that averaged 73%.
- When examining revenue growth on a sector-by-sector basis, companies in the aquaculture and marine, biotechnology, environmental, information technology and precision manufacturing sectors are enjoying strong growth while those in the other two targeted technology sectors are experiencing a decline.
- MTI firms added close to 3,000 full time equivalent jobs during the period.
- With respect to job quality, 44% of MTI companies increased fringe benefits for employees (most offered enhanced healthcare, retirement savings, and leave benefits).
- Concerning ongoing challenges, MTI companies cited access to capital (32%) and talent (21%) as their most significant obstacles to continued growth.
So, again, there’s a lot of great news to celebrate.
On behalf of the MTI Board and staff, I hope to see you on the 29th. It will be a great occasion to catch up with old friends and to make new ones.
Happy 25th to MTI!
Best,
Brian