April Updates: MTAF 3.0 Celebration, Startup Maine Week, and More

As we inch toward spring, I am pleased to share some exciting events and news.

Recently, business leaders, innovators, and state officials gathered at the Maine State Capitol to celebrate the Maine Technology Asset Fund (MTAF) 3.0 and the proven impact of the Maine Technology Institute (MTI), one of the most successful economic development initiatives in Maine’s history. The Maine Department of Economic & Community Development (DECD), Maine Technology Institute (MTI), and the Maine State Chamber of Commerce coordinated the press conference to tout the recently announced MTAF award. In addition to DECD Commissioner Mike Duguay and Maine Chamber CEO Patrick Woodcock, a handful of MTAF awardees attended and spoke about the impacts the funding will have on the growth of their respective companies. Speakers included representatives of bluShift Aerospace in Brunswick, Bold Coast Seafood in Gouldsboro, EME Biofuels in Millinocket, Lyman Morse Boatbuilding in Thomaston, Peregrine Turbine Technologies in Wiscasset, and the Jackson Laboratory in Bar Harbor & Ellsworth. 

MTAF funds must be used for infrastructure investments supporting the continuum of research, development, and commercialization for innovative products and services that can fuel quality job growth for Mainers. Of the $25 million awarded, $21.1 million was issued to 19 private companies that will utilize the funding as interest-free loans with the potential for partial loan forgiveness of up to 50 percent, based upon the company’s performance against economic impact projections. The remaining $3.9 million was awarded as grants to four Maine non-profit research institutions. A full summary of awards is available here (PDF).

I also want to remind you that we are eagerly anticipating Startup Maine week in May, and our own networking and portfolio event that is scheduled for Tuesday, May 19, from 4:30-6pm at The Maine Center in Portland. Our networking event is free and open to the public, but an RSVP is required. You may register here. If you are an MTI Portfolio company and would like to exhibit at the networking event, please apply to be an exhibitor here.

Startup Maine week is a fabulous opportunity to connect with fellow entrepreneurs, established business owners and others in the startup ecosystem. This year Startup Maine has a founders’ focus and throughout their programming you will find an excellent portfolio of business founders leading the charge, sharing their stories as well as trials, tribulations and best practices.

We look forward to seeing all of you in person in May, until then, be well.

BW