Maine Technology Institute Awards $65,120 in Five Grants to Maine Companies

Awards support innovative technology projects in three targeted technology sectors and three counties

BRUNSWICK, MAINE – The Maine Technology Institute (MTI) approved 5 new grant applications in June 2015, totaling $65,120 in awards to entrepreneurs from across Maine to advance new product and process development in biotechnology, environmental technology, and information technology.  This round of MTI awards leveraged over $87,850 of matching contributions from the award recipients.

Awards from this round include:

• Two (2) TechStart grants totaling $6,500
• Three (3) Business Accelerator Grants totaling $58,620

“These five MTI investments are emblematic of the exciting innovations that are springing up all across Maine,” said Brian Whitney, MTI’s President.  “And, MTI isn’t the only organization noticing . . . Three of these projects will also be featured in the GreenLight Maine television competition – Maine’s own version of the popular television show “Shark Tank.”  Sustainability Metrics (Rapport), CourseStorm and Double Blue are all vying this fall for the $100,000 grand prize.  It’s really thrilling for these entrepreneurs and, indeed, the State of Maine.”

Summary of awards:

TechStart Grants – Two companies received TechStart Grants totaling $6,500

TechStart Grants are available to entrepreneurs and companies across Maine who are seeking to develop their inventive ideas into new, innovative products or services.  Grants are awarded monthly and may be used to support specific activities such as business plan development, intellectual property filings, market analysis, or technology transfer activities out of research institutions.

Business Accelerator Grants – Three companies received Business Accelerator Grants totaling $58,620

Business Accelerator Grants are available to start-up/early stage companies that have been awarded MTI Development Loans (DLs) and to companies that have recently been chosen for a federal Small Business Innovation Research /Small Business Technology Transfer (SBIR/STTR) Phase I or Phase II grant and/or a Broad Agency Announcement (BAA) award.  Funds are to be used to advance the new technology to market and to firmly establish or increase the scope and sustainability of the business enterprise.   The grant is intended to increase the competitiveness of the company by providing funds directed at product/service commercialization, business and management team development, and company organization.

The next application deadline for MTI’s TechStart and Business Accelerator Grant programs is August 4, 2015.  Applications are due by 5 PM.

For more information on MTI funding programs, please visitwww.mainetechnology.org.

MTI is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development activity leading to the commercialization of new products, processes and services in the state’s seven targeted technology sectors. MTI programs are either loans, equity investments, or grants designed to enhance the competitive position of those sectors and increase the likelihood that one or more of these sectors will support clusters of industrial activity and create quality jobs across Maine.