Guriga / Sahaminta Barnaamijyada Maalgelinta / Maalgelinta Hal-abuurka Ganacsiga / Business Innovation Funding Assessment

Business Innovation Funding Assessment

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Answer all the questions below. If you answer “no” to any question, you will receive recommendations as you progress and on a summary page with a listing of other potential resources available to help you with the recommendations. If you answer “yes” to all these questions, you may be a fit for Business Innovation Funding!

Please note: This self-assessment is designed to help organizations get a sense of whether they are likely to be a fit for MTI funding. However, organizations will need to speak with an MTI Investment Officer to confirm their eligibility and fit for the program.

Does your organization meet the basic eligibility requirements?

Does your organization meet the basic eligibility requirements?(Required)

A Maine-based organization (registered with the State of Maine’s Bureau of Corporations by the time funding is received) OR planning to relocate to Maine*

Predominantly based in the State of Maine OR have plans to establish Maine operations*

Either your organization OR your innovation connected to one or more of MTI’s seven Targeted Technology Sectors

Have matching funds equal to or greater than the MTI funding amount requested (for smaller requests, MTI may accept a portion of the match as sweat equity – founders’ uncompensated time towards the MTI project)

*Note: For organizations planning to relocate to Maine, any approved MTI funding will not be awarded or disbursed until substantial progress has been made in securing a Maine location and/or activities are underway in Maine.

Sorry

You do not meet one or more basic eligibility criteria, and will not be eligible to pursue Business Innovation Funding until your organization meets MTI’s funding criteria. There are other organizations that provide funding to businesses for growth. Please see MTI Shuraakada iyo Links list for information.

Great, you meet the initial criteria! Continue with the assessment to see if you’re a fit for Business Innovation Funding by clicking next.

Maine-Based Presence & Commitment

For funding up to $30K:

Will maintain a regular place of business in Maine AND have at least one Founder or C-suite employee living in Maine full-time for at least the contract term AND have plans to scale the business within Maine

OR participating in a Maine accelerator/university program

For funding $30K+ to $100K:

Will maintain a regular place of business in Maine AND have at least one Founder or C-suite employee living in Maine full-time for at least the contract term AND have realistic, near-term plans to grow employee count in Maine

For all funding levels (Strong preference):

Maine employee count is greater than the number in any other single state

Does your organization meet MTI's Maine-based requirements for your funding level?(Required)

Yes

Your organization may not meet MTI’s Maine-based requirements for your intended funding level. Consider strengthening your Maine presence through establishing a physical headquarters, relocating key decision makers to Maine, or increasing your Maine-based workforce relative to other locations.

Team Capability & Experience

Does your leadership team have the necessary skills, experience, and financial acumen to complete the project and build a business?(Required)

Consider whether your team has expertise in key areas like technical development, business operations, marketing, and financial management, as well as a solid understanding of your target customers and industry. If not, do you have access to advisors who can fill any gaps?

Yes

Your team may need to develop additional skills or bring on advisors with relevant experience. Consider identifying gaps in your team’s capabilities and developing a plan to address them through hiring, partnerships, or advisory relationships.

Innovation & Market Validation

Have you identified a significant problem that your solution addresses?(Required)

This could be a key customer pain point or an internal business challenge that you’re solving with an innovative approach (such as a new manufacturing technique or process improvement). Think about whether the problem is meaningful enough that people would pay to solve it.

Yes

Focus on clearly defining the problem your innovation solves. This could be a market problem affecting your customers or an internal business challenge that your innovation addresses. Conduct research to better understand the pain points and validate that there is a genuine need for a solution.

Is your solution new or substantially differentiated from competing alternatives in a way that matters significantly to your target market?(Required)

Consider whether your innovation creates a substantial competitive advantage that would enable your business to successfully compete, scale, and generate meaningful economic impact in Maine.

Yes

Your solution may need to be more innovative or you may need to better articulate your differentiators. Research your competitive landscape thoroughly and identify what makes your approach unique and superior to your target customers specifically.

Can you demonstrate that your solution solves a key pain point with reliable supporting data?(Required)

Think beyond assumptions – do you have concrete evidence like customer feedback, test results, pilot data, performance metrics, or measurable outcomes that prove your solution actually addresses the problem effectively?

Yes

Gather evidence to support your solution’s effectiveness. This could include customer feedback, pilot testing results, market research data, or other validation methods.

Can you clearly define your target market size and customer segments?(Required)

Think beyond just “everyone could use this” – who specifically would be your first customers, how many of them are there, and how would you reach them?

Yes

Conduct market research to better understand your target customers, market size, and how you plan to reach and acquire customers.

Business Model & Financial Planning

Do you have a clear vision for success and a well-defined business model?(Required)

Consider how you’ll create value, generate revenue, and grow sustainably. Can you explain how your business will make money and what success looks like in 2-3 years?

Yes

Develop a strong business model that outlines how you will create, deliver, and capture value. Include your revenue streams, cost structure, and path to profitability.

Are your revenue growth assumptions logical, reasonable, and backed by market data?(Required)

Think about whether your financial projections are based on realistic market research, comparable companies, or validated customer demand rather than overly optimistic estimates.

Yes

Revisit your financial projections with more realistic assumptions. Base your revenue projections on market research, comparable companies, and validated customer demand rather than optimistic estimates.

Do you have a funding plan to sustain your business beyond the MTI project?(Required)

Consider your strategy for future funding – whether through additional grants, investors, revenue growth, or other sources – and realistic timing for securing that capital.

Yes

Develop a detailed funding strategy that identifies potential sources of future capital (investors, grants, revenue, etc.) and timing for additional fundraising.

Project Scope & Impact

Will the MTI funds directly support development of a new or innovative product, service, or method?(Required)

Focus on whether the funding will advance your innovation through research, development, prototyping, or testing rather than just purchasing equipment or scaling existing solutions.

Yes

Ensure your project focuses on innovation and development rather than just purchasing equipment or scaling existing solutions. MTI funds should advance your innovation forward.

Does your project support Maine-based quality job creation or retention?(Required)

Think about how your project will create new jobs in Maine or help retain existing ones. The larger your funding request, the greater the expectation for measurable job impact.

Yes

Develop a plan that demonstrates how your project will create or retain quality jobs in Maine. The larger your funding request, the higher the expectation for job impact.

Can you identify specific, realistic timeframes and measurable deliverables for your project?(Required)

Consider whether you can clearly define what you’ll accomplish, by when, and how success will be measured. Think concrete milestones rather than vague goals.

Yes

Create a detailed project plan with specific milestones, deliverables, and realistic timeframes. Include performance benchmarks that relate to your overall project success.

Innovation Development Stage

Can you demonstrate your solution's feasibility through a prototype, pilot, or development plan?(Required)

Feasibility can be demonstrated through a working prototype, minimum viable product, pilot program, proof of concept, or detailed mockup. For smaller funding requests, a well-thought-out development plan with clear steps to build and test your solution is sufficient.

For funding up to $30K: Have a clear vision and plan for developing a prototype or minimum viable product

For funding $30K+: Have at least a basic prototype that demonstrates your solution works

Yes

For funding requests over $30K, you should have at least a basic low-fidelity prototype. Focus on developing a working demonstration of your concept before applying.

Do you understand your intellectual property position and freedom to operate?(Required)

Consider whether you’ve researched potential patent conflicts, regulatory requirements, and other legal considerations that could affect your ability to bring your innovation to market.

Yes

Conduct intellectual property research to understand potential patent conflicts, regulatory requirements, and your freedom to operate in your target market.

You may be a good fit for Business Innovation Funding!

Good news! The answers you provided indicate that your project may be a fit for the Business Innovation Funding program. Generally speaking, first-time applicants to MTI typically start with smaller funding requests and then use their initial project success to make a stronger case for additional funding.

Please note: This assessment provides an initial indication of fit, but final eligibility and funding decisions will be made by MTI Investment Officers during the application review process. If you’d like to find out more and talk with an MTI team member, please submit an interest form to get started.

Click here to submit an interest form

Or fill out the form below to have the interest form link emailed to you to start later.

See feedback on what you can do to improve your fit for Business Innovation Funding

Sorry, you may not be a good fit for Business Innovation Funding right now. Based on your answers, we’ve put together recommendations on what you’d need to do to be a better fit. If you would like to discuss your results with an MTI staff member or have questions, please submit an Interest form here.

Fill out the form below to receive a summary of all our recommendations in a printable format, which we will email to you as well.

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Are you a Maine based business?(Required)

Yes

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