Your organization or project must meet the following criteria to be eligible for Business Innovation Funding. Expand each criteria for more information!
You must be a Maine-based organization
To qualify as a Maine-based organization, you must:
- Be registered with the State of Maine’s Bureau of Corporations.
- Be predominantly based in the State of Maine.
- MTI looks at a number of factors when making this assessment, including but not limited to: whether an organization has a physical headquarters in Maine, whether key-decision makers for the organization are based in Maine, and the ratio of full-time employees in Maine to employees in other locations.
MTI occasionally receives applications from organizations with plans to establish a presence in Maine. Typically, any investments approved by MTI will not be disbursed until substantial progress has been made in securing a location and/or activities are underway in Maine.
Your innovation must fall within one of the seven targeted technology sectors
- MTI has a comprehensive approach to investing within and across seven Targeted Technology Sectors. Your innovation must fall within one or at the intersection of two or more sectors.
- The seven targeted technology sectors are:
- Composites & Advanced Materials
- Environmental Technologies
- Forest Products & Agriculture
- Information Technology
- Marine Technology & Aquaculture
- Precision Manufacturing
Your organization must have an innovation
- MTI defines innovation as an effort to create something new, or improve an existing product, service, or process. Innovations should be substantially differentiated from existing alternatives. We support new or substantially improved products, processes, or methods with the potential to grow and diversify Maine’s economy and increase the number of quality jobs throughout the state.
- MTI helps applicants assess their strengths and weaknesses to maximize their chances of successfully commercializing their innovation.
- MTI invests in activities or initiatives that move innovation forward and use a systematic approach to the innovation process.
- MTI recognizes the six stages of innovation. We support projects in all phases of the innovation process—research, development, commercialization, and sustainability—as long as a sound methodology is applied.
Your innovation must enable your organization to create additional Economic Impact in Maine
MTI funds projects that grow and create economic impact in Maine via new jobs or additional tax revenue. If you’re not sure if your project or organization contributes to economic growth in Maine, start an interest form and we can help you assess whether your project is the right fit.
You must have access to matching funds
MTI requires a matching investment equal to or greater than the amount of MTI funding requested. All MTI funding requires a concurrent cash investment by the client. In some cases we will consider “sweat equity,” in-kind services or costs for existing equipment or facilities for part of the match, but the cash match is weighted higher than other match in the application review process. Learn more about matching co-investment funds here.