It seems apt that I am writing this blog post in February as it’s the month we celebrate Groundhog Day and, much like the movie of the same name, I feel like I repeat myself blog post after blog post by espousing all the marvelous things that have been occurring in Maine’s innovation economy. Well, here I go again . . .
I was enormously pleased to see the report recently that revealed that 12 Maine companies raised $88M in equity financing in 2015 – a five-fold increase over 2014. It was gratifying to see a couple of MTI portfolio companies named in the report. Immucell of Portland received MTI funding early in its formative years and attracted nearly $6M in new equity investment in 2015 that will help facilitate the construction of a new $17.5M production facility. Academic Merit, also of Portland, has received loan and grant funding from MTI to help grow its company. The private investment community also recognized the company’s potential and invested over $1.24M in equity in 2015.
2016 is off to a good start too. Pika Energy of Westbrook just closed a $2.23M equity round earlier this week. MTI has played a central role in helping this company develop its innovative energy products and was pleased to participate in this week’s equity raise to help the company launch its newest advancement and significantly grow its top notch workforce.
And, there is more good news to report. The Assistant Secretary of the U.S. Department of Commerce and the Director of innovation for the U.S. Economic Development Administration held an event in Portland to announce the selection of the Maine Center for Entrepreneurial Development (MCED) and Coastal Enterprises Inc. (CEI) as winners of federal I6 Challenge awards – $640,000 to support Maine’s entrepreneurial ecosystem through the expansion of the Top Gun accelerator model (MCED) and the development of a natural resources based seed capital fund through CEI.
But the money for the programs is only a small part of the story. So too is the fact that Maine was only one of two states to receive more than one I6 award. Of the 126 applications that were submitted for funding, only 24 were awarded and Maine received 2. This is the usual story of Maine punching well above its weight class.
The amazing and perhaps unnoticed aspect of the announcement was the make-up of sixty-plus people in the room at the event. Of course, board and staff members of the recipient organizations were there. So were members of Maine’s Congressional delegation and their staff. It was, however, the others in the room that signaled a sea change in Maine’s entrepreneurial ecosystem. In the room were the organizational partners of Maine Accelerates Growth (MxG) – an initiative to build the community and culture of entrepreneurship and innovation in Maine; a network of organizations who have committed to working together to
better align activities and to more effectively support each other and the entrepreneurs and innovators we serve. There to support MCED and CEI were MTI, the University of Maine, Engine in Biddeford, Lewiston Auburn Economic Growth Council, Maine Startup and Create Week, Maine Venture Fund, Thomas College, and the Maine Community Foundation. Each organization is committed to helping the recipients make the most of the federal investment, and was there to help celebrate Maine’s success.
As you know, MTI is committed to a more vibrant and effective support system for Maine’s entrepreneurs and innovators, and recognizes the need for alignment and communication among the various providers. MTI’s critical support for MxG and its growing, deliberate organizational partner network is one way we are creating this movement. When the I6 Challenge request for proposals was issued, MTI and MxG convened a meeting of all organizations considering submitting an application to discuss their ideas and to find places to collaborate and add value to those applications being submitted by Maine entities. This approach led to fewer but better aligned applications that complemented rather than duplicated. MTI is proud to be a founding partner of MxG and continuing to support the entrepreneurial ecosystem in Maine.
See, there are many new and exciting things occurring in our innovation ecosystem each day. Like the characters in the movie Groundhog Day, this sense of déjà vu is astounding and the combination of these occurrences builds momentum in our emerging innovation economy and attracts much-welcome attention from investors, entrepreneurs and talented workers.
Best,
Brian