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Business Innovation Program

The Maine Technology Institute announced 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.

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 Accelerator 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

Business Innovation Program Workshops and Webinars:

Learn how to apply to the TechStart Grant, Seed Grant, Development Loan and SBIR/STTR Programs. Reservations are strongly encouraged to help MTI assure adequate space and seating. Walk-ins are welcome, space permitting. Please contact Linda Adams, Program Assistant at ladams@mainetechnology.org or 207-582-4790 x206.

Webinars:

TechStart Grant and Seed Grant, November 17, 2011, 10:00AM-11:30AM  FMI and to register, click here.

Read more about MTI's first decade of investing in Maine's innovation economy here.

Read about some of the many MTI award-recipient success stories here.