Maine Technology Institute Releases FY19 Annual Report

December 31, 2019 | President’s blog

$9.3 Million in Awards Issued to Maine Organizations, across 191 different projects, and that funding leveraged almost $33 million in private sector matching investment

It’s hard to fathom but MTI has been providing early stage capital and commercialization assistance, as well as entrepreneurial guidance and mentorship, for 20 years now. Created by the Legislature and Governor in 1999, MTI has now disbursed over $270 million across 2,800 distinct projects throughout the State of Maine, and that funding has leveraged well over $1 billion in private sector matching investment.

And, as many of you know, 2019 has been an extraordinarily busy and eventful year for MTI. To fully illustrate and celebrate the year that was, MTI publicly issued its Fiscal Year 2019 annual report earlier this month. The report summarizes the impacts associated with the organization’s investments and services across the State of Maine. The report is linked here.

I am so pleased with how it turned out and want to convey my appreciation to MTI’s marketing partner, Visible Logic, with helping to develop the meaningful success story content, great graphics and photography, and an overall design that suitably conveys MTI’s impact and stimulus.

As you’ll discover when flipping through the pages, the work we accomplished this past year has built on our 20-year legacy of supporting and growing innovation here in Maine. In this most recent fiscal year (ending June 30), MTI disbursed over $9.3 million across 191 different projects, and that funding leveraged almost $33 million in private sector matching investment.

But behind the immense and impactful numbers is a broader story of how we approach innovation. After years of planning and strategizing, FY19 was the first full year with our new operational system in place. This fluid approach to investing allows us to tailor services to the innovation and allows us to better meet the needs of our clients, our ecosystem partners and the people of Maine who benefit from a diversified economy.

We hope this shift in perspective shows the same extraordinary foresight and vision lawmakers demonstrated in 1999 when they created MTI. Twenty years later, it’s clear that the organization has exceeded all expectations and has truly become a beacon for economic optimism in the State of Maine. Similarly, our hope is that our efforts today echo into the future and set our State up for the next 20 years of innovation.

This has truly been another wonderful year for MTI. I couldn’t be more pleased with the efforts of the entire MTI team and the many entrepreneurs, companies and partner organizations that are working diligently each day to grow Maine’s innovation economy and provide quality employment opportunities for Mainers.

So, as 2019 draws to a close and gives way to 2020, I want to take a moment to express my appreciation for all the support MTI has received throughout the year and to convey my very best wishes to you and yours for a happy and healthy New Year.


Brian Whitney