Founded and funded in 1999 by the Maine State Legislature, MTI offers grants, loans, equity investments, and services to support Maine’s innovation economy. We support new ideas, products, 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.Our goal is to support and promote innovators and innovative technologies in order to generate high-quality jobs across Maine, grow and accelerate revenues, and attract and leverage additional capital or other investments. MTI plays a key part in the State’s economic development strategy and is a significant driver in expanding research and development to creating new innovative ventures. Since its founding, MTI has distributed nearly $260 million via a variety of programs to more than 2,300 projects throughout the State of Maine. The Maine Technology Asset Fund (MTAF) program, funded by a $45 million bond and distributed in 2018, will generate 5,350 jobs over the next 3 years and nearly $1.4 billion in economic impact. Consistent with our statute, we work with partners across the State of Maine to “encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State’s technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people.”
In 2018, MTI changed our Investment Process to a more fluid system in order to provide more tailored support and more customer-centric service. Potential clients are encouraged to review our guidelines for funding and to submit their application when the time is right for them.
See full statute.
See full strategic plan.