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How Applications Are Evaluated

Loan and equity applications involve additional evaluation beyond what is described here. Your MTI team member will walk you through any additional requirements.

Your application is evaluated across all six categories at the level appropriate to your funding request. If your application demonstrates readiness at a lower funding level than requested, MTI may offer a reduced award at the level your application supports. In some cases, MTI may decline to fund the project and provide feedback on what it would take to apply again. Your MTI team member will explain the decision and what it would take to qualify for additional funding in the future. Your MTI team member can also help you determine what types of work are likely to be approved and the amount of funding to request.

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Six Evaluation Categories

Your application is evaluated across all six categories. Expectations increase at each funding tier, and MTI may adjust the award amount based on the level your application supports.

1. Innovation and Value Proposition

Is the innovation real, does it solve a significant problem, and is there evidence of customer demand?

MTI evaluates the strength of your innovation, how it differs from existing alternatives, the evidence that the problem you’re solving is real and significant, your intellectual property position, and your regulatory strategy where applicable. Innovation can be customer-facing or internal (such as a new manufacturing process). Both are evaluated using the same criteria.

• Up to $30K: The focus is on a differentiated innovation, a real problem, and initial customer discovery to validate interest.
• Above $30K: Meaningful development progress, sufficient technical detail, and documented evidence of customer demand.
• Above $60K: Well-developed innovation with documented testing, clear defensibility, comprehensive technical detail, and strong customer validation.

2. Team, Board Oversight, and Accountability

Does the team have the skills, experience, and support to execute this project and build a business?

MTI evaluates the leadership team’s business and technical skills, industry experience, the founder’s time commitment, the strength of the advisory and support network, and at higher funding levels, governance structure and ability to attract talent.

• Up to $30K: A founder or small team with relevant background, at least one engaged advisor or mentor, and enough support to avoid working in isolation. Technical expertise may come from advisors or contractors, and part-time commitment is acceptable.
• Above $30K: Defined roles, at least one member with relevant technical credentials, active advisory support, and increasing time commitment.
• Above $60K: In-house technical expertise, full-time leadership, engaged advisors with documented involvement, formal governance, and a credible plan for attracting talent.

3. Market Opportunity and Go-to-Market Strategy

Is there a real market for this innovation, and does the team have a credible plan to reach it?

MTI evaluates how well you understand the competitive landscape, the size and accessibility of the target market, the strength of the go-to-market strategy, and progress in developing commercial relationships.

• Up to $30K: A clearly defined target market with a reasonable explanation of how the applicant will reach customers.
• Above $30K: Clear strategy with specific channels and tactics, and evidence of early commercial engagement.
• Above $60K: Detailed and actionable strategy grounded in evidence, with an active pipeline and validated sales channels.

4. Business Model and Quality of Financial Assumptions

Is the business model viable and are the financial projections credible?

MTI evaluates revenue assumptions, cost structure, path to profitability, and the plan for future funding. The focus is on the quality of the applicant’s financial reasoning, not the precision of specific numbers. Pre-revenue companies are common at the earliest funding tier.

• Up to $30K: Rough but credible estimates with sound assumptions. The applicant should understand the basics of how the business generates revenue and what it costs.
• Above $30K: Validated pricing, documented cost estimates, identified growth drivers, and a credible funding plan.
• Above $60K: Comprehensive projections grounded in data, with a clear path to profitability and a detailed understanding of cost drivers and growth assumptions.

5. Impact and Connection to MTI’s Mission

Will the project generate meaningful economic impact for Maine?

MTI evaluates job creation plans, revenue growth trajectory, Maine-based presence, and long-term commitment to growing the business in Maine. For detailed information on Maine-based requirements, visit the Eligibility Requirements page.

• Up to $30K: The impact story may be aspirational – a logical trajectory toward jobs and revenue growth, supported by a plausible explanation of how the project contributes.
• Above $30K: Greater economic impact and stronger evidence supporting those projections.
• Above $60K: Significant, well-documented economic impact proportional to the cumulative investment.

6. Project Plan, Matching Funds, and Award Structure

Is this the right project, and is it well-planned?

MTI evaluates the matching funds structure (which must be at least 1:1 with a cash component at all funding levels), the budget and scope of work, whether deliverables are specific and measurable, whether key dependencies have been identified, and whether the proposed project is the right next step for the company’s stage of development.

• Up to $30K: A clear scope of work with a reasonable budget. Deliverables should be specific enough that progress can be measured.
• Above $30K: A detailed scope of work with a well-supported budget. Deliverables are specific and measurable with realistic timeframes. Dependencies identified with credible contingency plans.
• Above $60K: A comprehensive project plan that is strategically positioned within the company’s broader development roadmap. Budget is detailed and well-justified. Clear rationale for why this is the highest-impact use of MTI funding.