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MTI Blog

9/2/11 - MTI Launches Updated Funding Program and New Locations

MTI is pleased to announce updates to its funding program for business innovation in Maine that we have been finalizing through the summer months. The changes have been motivated by the lessons that we have learned and program evaluation data from MTI's years of supporting innovation and entrepreneurship in Maine, the evolving economic and investment conditions facing Maine companies as they work to grow and innovate, and our continued efforts to be a high-performing, cost-effective organization stewarding public support in a way that best meets the needs of Maine's technology-based businesses. The goal is to create greater access to coaching and capital for growing businesses from Maine's traditional industries to Maine's emerging industries.

Here is an outline of the changes. Further details can be found on the MTI website.

NEW TechStart Grants for up to $5,000, which will be awarded on a monthly basis for concept planning, market research and tech transfer exploration.

REVISED Seed Grants of up to $25,000, which will now be available every four months for early-stage R&D activity.

REVISED Development Loans that will lend up to $500,000 as a conditional loan for later stage R&D activity.

NEW Business Accelerator Grants 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 have been awarded an MTI Development Loan.

EXPANDED Equity Capital to make investments up to $200,000 available for selected MTI recipient companies that need to achieve specific milestones to secure follow-on private investment.

A full schedule of workshops and webinars to introduce the new funding program begins on September 8 with a workshop at the Target Technology Center in Orono. Details can be found here.

In addition to the core funding updates, MTI is increasing access to businesses across the state in a number of ways. Beginning on September 8, MTI will hold monthly office days at the Target Technology Center in Orono on the first Thursday of every month. Later in September, MTI will be moving its main office in Gardiner to the Brunswick Landing in Brunswick. These will complement our periodic workshops held across the state. We will continue to offer online webinars as well. Our phone and email contact information will remain the same. Our mailing address will change. Stay tuned for open house dates! In October, you will also find us at the MaineBiz Momentum Conference in Augusta and in November, at the Juice 3.0 Conference in Camden.

We have a busy fall season ahead and look forward to seeing you!

Cheers, Betsy

 

We have a busy fall season ahead and look forward to seeing you!

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