MTI offers grants, loans, equity investments, and services to businesses, organizations, and individuals to support Maine’s innovation economy. While there are exceptions, these are our general guidelines for qualifying for MTI funding. MTI defines innovators as individuals or groups who introduce ideas that create something new or improve an existing product, service, or process. We support new ideas, devices, or methods with the potential to grow and diversify Maine’s economy and increase the number of quality jobs throughout the state through direct support of innovators and through support of programs and infrastructure that encourage innovation.
MTI also supports Maine’s innovation economy through event sponsorships that promote innovation and entrepreneurship in Maine.
MTI supports and promotes individuals, businesses, and organizations within Maine’s innovation economy who share our goals. All successful proposals need to address one or more of these as either short-term or long-term goals.
- Creation or retention of quality jobs statewide;
- Growth and acceleration of revenues;
- Attraction and leveraging of additional capital or other investments.
We support the innovation process
MTI helps applicants assess their strengths and weaknesses to maximize their chances of successfully commercializing their innovation.
- Anyone applying to MTI for funding will start with a VIRAL assessment. Generally, MTI considers investment proposals once an applicant has achieved Level 1 across each of the 8 categories/columns.
- MTI invests in activities or initiatives that move an idea forward and use a systematic approach to the innovation process. We support projects in all phases of the innovation process—idea, research, development, commercialization, and sustainability—as long as a sound methodology is applied. We also support organizations, service providers and collaborations that accelerate the innovation process in Maine.
Are you a Maine-based organization? You should either:
- Be a registered Maine business
- Have a significant presence in Maine, or
- Have 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.
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 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.
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. Generally, your company is not necessarily required to be in one of these sectors but your innovation, project, product or market must.
- Composites & Advanced Materials
- Environmental Technologies
- Forest Products & Agriculture
- Information Technology
- Marine Technology & Aquaculture
- Precision Manufacturing
MTI funds shall not be used to support projects involving the cultivation, possession, distribution or use of cannabis or industrial hemp products. Please see our cannabis policy