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3/18/13 - MTI and Blackstone Accelerates Growth Announce a New Technology Growth Prize at Maine's Business Plan Competitions


Maine Technology Institute and Blackstone Accelerates Growth have teamed up to announce the support of four local business plan competitions with an additional Technology Growth Prize awarded to the top finalist in each competition who is using technological innovation as the basis for creating a new business in Maine.

On announcing the new prize, Bob Martin, President of Maine Technology Institute, explained, “The relationship between technology and economic growth has been known for almost half a century. Research shows that a continued increase in the level of resources spent on creating new technologies leads to a continued increase in economic growth.  Businesses investing in technology, however, can encounter difficulty in obtaining the additional resources needed to resolve engineering design issues, develop prototypes, or conduct testing.  We hope this award will help with some of these needs.”

Technology Growth Prizes will be awarded for the following competitions: 

  1. 3/21/13 - Gorham Savings Bank Launch Pad
  2. 4/12/13 - Island Bizplan Contest
  3. 4/20/13 - Colby College Entrepreneurial Alliance Business Competition
  4. 4/21/13 - UMaine Business Challenge

The Technology Growth Prize includes:

-   Individual coaching from MTI to connect them to resources needed to bring their new product or service to market. 

-   Up to $2,500 in services from Maine Business Incubation System (MeBIS), or any of the University of Maine’s commercialization accelerator programs and technology laboratories.

-   A two-hour coaching session to discuss future funding options with some or all of the following:

  • Joe Migliaccio, MTI’s Director of Business Ventures (MTI offers grants and loans)
  • Don Gooding, Maine Angels Vice Chairman and Maine Center for Entrepreneurial Development Executive Director (Maine Angels offers equity investments, while MCED provides coaching to entrepreneurs including coaching on developing a pitch to equity investors)
  • Investment professional from Small Enterprise Growth Fund (SEGF offers equity investments)
  • Coaching from Blackstone Accelerates Growth

MTI selected competitions for the additional prize based on the following:

-   Competitions that allow business plans utilizing technological innovation in the seven sectors MTI serves

-   Competitions with applicants who intend to operate their business in Maine

-   Competitions that draw applicants from several communities across the state

-   Competitions whose applicants have the capacity and likelihood to achieve commercialization of their plan

As part of MTI’s mission funding Maine entrepreneurs and innovators who engage in technology to develop innovative products or services and connecting them to resources to help them grow profitable enterprises, MTI has teamed up with Blackstone Accelerates Growth to provide this stepping stone for the winner until additional resources for their business can be secured.  Blackstone Accelerates Growth is part of the Blackstone Charitable Foundation’s $50 million Entrepreneurship Initiative to support innovative programs that can be a catalyst for job creation. 

MTI funds Maine entrepreneurs and companies who engage technology to develop innovative products and connect them to resources to help them grow profitable enterprises.

Contact: Leslie Hunter
              (207) 588-1010


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