The quarterly award shows the strength of technology innovation in Maine.
(MTI Press Release, May 6, 2014) BRUNSWICK – In the first quarter of 2014, the Maine Technology Institute (MTI) made thirty-seven (37) awards to thirty-four (34) companies and organizations including grants, loans and equity investments totaling $1,967,357. These awards include $576,073 in Development Loans, $255,433 in Seed Grants, $71,167 in TechStart grants, $85,000 in Business Accelerator Grants, $5,000 in Phase 0 KickStarter (SBIR) grants, $200,000 in Equity Investments and $774,684 in Cluster Initiative Program awards. In addition to MTI’s investment these companies and organizations obtained matching funding totaling $4,120,549 resulting in a total investment in Maine through these MTI programs of $6,087,906. This represents a significant increase in the number and amount of awards over Q4 2013, and a testimonial to the strength of innovation and entrepreneurial community in Maine.
“We congratulate these entrepreneurs and businesses who are developing innovative technologies and creating new wealth and opportunities for Maine,” said MTI President Bob Martin. “We are pleased with the number and amount of awards granted in this last quarter particularly as it reflects such a strong innovative technology economy in Maine,” he said. Studies show that investing in technology leads to development of good paying jobs and a significant increase in long term economic growth. “A recent survey of MTI portfolio companies indicated an average annual wage of $68,500,” said Martin. The portfolio companies surveyed also indicated they increased employment by approximately 35% over the last three years, and are planning to increase employment by 42% over the next three years. “These awards are a key ingredient to building a stronger economy,” said Governor Paul R. LePage. “Our precious resources need to generate a positive return for Maine taxpayers. Playing a role that leads to the commercialization of innovative ideas will provide us greater opportunities for new private investment leading to more jobs for Maine people. I wish all of these organizations and entrepreneurs the best of luck in getting their innovations to market.”
TechStart grants up to $5,000 are awarded to companies and entrepreneurs who are investigating new technologies and formulating business plans. Seed Grants up to $25,000 are given to companies for advanced product design and development. Development Loans up to $500,000 are awarded to companies to help them develop and commercialize their products. Business Accelerator Grants up to $50,000 are available to awardees of Development Loans and SBIR Phase I and Phase II grants and are intended to help companies commercialize their product or service. Phase 0 KickStarter grants up to $5,000 assist companies with preparing applications for federal SBIR/STTR grants. All grants and loans are awarded on a competitive basis, require a minimum 1:1 financial match and are subject to rigorous technical and financial review. Since its inception in 1999, MTI has invested over $178,000,000 in Maine companies, organizations and institutions resulting in thousands of good paying jobs and building a foundation of economic prosperity in Maine.
Summary of awards:
Development Loans – Three companies received Development Loans totaling $576,073 with a matching investment of $1,058,399.
Seed Grants – Twelve companies were awarded Seed Grants totaling $255,433 with a matching investment of $394,317.
TechStart grants: There were fifteen TechStart grants awarded during the first quarter of 2014 totaling $71,167 with a matching investment totaling $84,278.
Business Accelerator Grants: Companies and organizations that receive Development Loans or SBIR/STTR Phase I or Phase II awards are eligible for Business Accelerator Grants. Two grants were awarded in Q1 2014 totaling $85,000 with matching funds of $1,035,000.
SBIR TAP and Phase 0 KickStarter awards: MTI relaunched its Phase 0 program in Q4 2013 and the first Phase 0 KickStarter award was granted in Q1 2014 totaling $5,000. In addition, MTI’s Technical Assistance Program (TAP) team helped thirteen companies evaluate opportunities and prepare applications for federal SBIR/STTR program grants.
Cluster Initiative Program: MTI’s Cluster Initiative Program (CIP) provides funds up to $50,000 for feasibility and planning and up to $500,000 for collaborative initiatives that boost the strength and scale of Maine’s high-potential technology intensive clusters. Two awards were made in the first quarter of 2014 totaling $774,684 with total matching investment of $1,023,555.
The awards made in the first quarter of 2014 represent thirty-four (34) different companies and organizations in Maine. These companies and organizations are located in eight (8) counties and nineteen (19) different cities and towns across Maine.
The Maine Technology Institute is the state’s industry-led, publicly-funded technology venture fund. MTI invests in entrepreneurs and companies engaged in developing innovative technology products, services and processes. MTI offers a variety of early-stage and mid-stage funding programs to help startup and established companies develop and commercialize new technologies. For more information about MTI funding programs including eligibility requirements and business resources visit www.mainetechnology.org.