As you know, MTI was created by the Maine Legislature 25 years ago. Our statutory mandate dictates that – – in addition to providing direct funding support and services to Maine innovators, companies, research organizations, and universities – – we ensure that a complementary system of supports exists to foster a robust innovation ecosystem. We work to develop the ecosystem by supporting and funding the advancement of mentoring and counseling programs, business accelerators and incubators, science fairs and festivals, aspirational STEM programs, pitch competitions, hack-a-thons, etc. Historically, we have supported those initiatives through a number of different means.
Recently, the MTI Board of Directors gave the green light to an MTI staff proposal to launch a new pilot funding approach to supporting ecosystem development – a Competitive Ecosystem Funding Program. Later this month, we will begin soliciting proposals. The competition will allow applicants to seek up to $500,000 in MTI funding. Like all MTI programs, applicants will need to match the request with an equivalent amount of additional funding. The funding application and scoring rubric have been designed to tightly align with MTI’s mission to ensure that we only award funding to projects that have a strong fit to our strategic goals. The initial 2025 pilot competition will be open to organizations within any of MTI’s seven technology sectors. Future competitions may have a sector specific focus.
Again, we will begin soliciting proposals soon with an eye towards making funding decisions by the end of the summer. Look for more information on this exciting pilot program in the coming weeks.
Also coming up soon is Startup Maine Week, May 19-22 in Portland. As part of this larger event, MTI will host a dynamic networking gathering featuring 15 of our innovative portfolio companies as exhibitors on May 21 from 4:30-6:30 in Portland. The MTI networking event is free, but we ask that you please register in advance (please scroll down to the MTI tickets if you plan on just attending our networking event). Maine Accelerates Growth (MxG) will also hold an in person meeting on May 22 as part of Startup Maine Week. For a full schedule of events please visit the Startup Maine website.
Finally, MTI’s Board Chair, Melissa LaCasse, recently published an article in Mainebiz relating to sustainable supply chains. In this piece, Melissa offers strategic advice, drawn from her own experience, on how businesses can position themselves to take advantage of consumer preference for sustainably sourced goods and services. The article is well worth a read if you have not had the chance to see it yet.
I look forward to seeing you all in Portland on May 21!
Best,
Brian