Today, Maine Technology Institute announces significant updates to its core funding program for business innovation in Maine. The changes are designed to accelerate technology-based Maine businesses along their development cycle of bringing new products to market while simultaneously accelerating their capacity for profitability and growth. The goal is to create greater access to coaching and capital for growing businesses from Maine’s traditional industries such as precision manufacturing, forestry and agriculture as well as emerging industries such as biotechnology and information technology.
Please see September’s Calendar of Events for workshops and webinars that will detail the new program.
“We are pleased to announce these updates to help Maine’s technology-based businesses succeed over the long-term and to help Maine’s economy grow,” announced Betsy Biemann, MTI President. “During economically challenging times, we are all focused on creating and sustaining good jobs across the state. As a publicly-supported, industry-led organization, MTI makes these changes in response to changing economic and investment conditions to increase companies’ access to capital and coaching that can help them grow, adding and retaining good jobs in the process. Along with the updates to our funding, we are increasing access to MTI both online and across the state to insure that eligible businesses know about their funding options and can apply to MTI easily.”
“Over the past several years,” Biemann continued, “the environment facing Maine companies has changed. Accessing growth capital is even more competitive and investors require certain characteristics and milestones in both early-stage and later-stage businesses before investing. The hurdles are simply higher. Our updated funding program will help Maine’s tech-based businesses achieve these milestones and be better positioned to access capital and grow. Maine has globally competitive technology and MTI’s funding and support can help entrepreneurs and businesses build on these assets and take those innovations to the market.”
While continuing to require a 1:1 match for funding and to participate in a competitive application process, MTI’s Business Innovation Program will now offer:
a. A NEW TechStart Grant for up to $5000 which will be awarded on a monthly basis for concept planning, market research and tech transfer exploration
b. A REVISED Seed Grant that will make grants of up to $25,000 will now be available every four months for early-stage R&D activity
c. A REVISED Development Loan that will lend up to $500,000 as a conditional loan for later stage R&D activity
d. A NEW Business Acceleration Grant for activities that will increase a company’s chance of success such as business planning, strengthening financial management capacity, developing strategies to secure key customers, strategic partners and investors and entrepreneurship training for management. Eligible Maine companies will be those that have received federal Small Business Innovation Research grants and first-time entrepreneurs who win an MTI Development Loan
e. EXPANDED Equity Capital that makes investments up to $200,000 available to selected MTI companies who need to achieve specific milestones to secure follow-on private investment
In addition to changes in its core funding program, MTI is announcing two new office locations. Beginning September 8, MTI will hold monthly office days on the first Thursday of each month at the Target Technology Center in Orono. Later in September, MTI will move its main office to the Brunswick Landing, the new Maine Center for Innovation and former home of the Brunswick Naval Air Station.
MTI staff will be available at Target Technology Center the first Thursday of each month to meet with businesses, entrepreneurs and researchers who are interested in bringing their technologies to market. “Establishing scheduled Orono office days will give businesses throughout Central Eastern and Northern Maine a regular opportunity and a shorter drive to meet with MTI staff,” explained Biemann. “In the last 10 years, we have funded start-up companies and significant research projects in northern and eastern Maine. We know that if you’re in Bar Harbor, Eastport or Presque Isle, or even here in Orono/Bangor area, it simply takes valuable time and resources away from your business to travel extensively.”
“Relocating our main office to Brunswick creates several new opportunities,” continued Biemann. “Brunswick Landing seeks to attract new technology-intensive businesses to Maine and by locating MTI there, we will be able to contribute to Maine’s business attraction success by introducing these new businesses to Maine’s statewide innovation assets and MTI funding programs. In addition, our move enables us to lower our overall costs of operation and increases access for businesses.”
“After ten years of funding Maine’s innovation economy, we believe these changes will only strengthen the base we have established. What remains consistent every day,” continued Biemann, “are MTI’s mission and commitment to stimulate and support research and development that brings new products to the market, and our core goals to accelerate the formation and growth of Maine’s innovative companies and grow and retain good jobs across Maine.”
MTI is a publicly financed, private nonprofit organization created by the Legislature to stimulate research and development activity leading to the commercialization of new products, processes and services in the state’s seven technology-intensive sectors. Programs are designed to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and create quality jobs across Maine. More about MTI at: www.mainetechnology.org.
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