Maine Technology Institute and Blackstone Accelerates Growth have teamed up to announce the support of our business competition with an additional Technology Growth Prize awarded to the top finalist who is using technological innovation as the basis for creating a new business in Maine.
The Technology Growth Prize includes:
-Individual coaching from MTI to connect them to resources needed to bring their new product or service to market.
-Up to $2,500 in services from Maine Business Incubation System (MeBIS), or any of the University of Maine’s commercialization accelerator programs and technology laboratories.
- A two-hour coaching session to discuss future funding options with some or all of the following:
- Joe Migliaccio, MTI’s Director of Business Ventures (MTI offers grants and loans)
- Don Gooding, Maine Angels Vice Chairman and Maine Center for Entrepreneurial Development Executive Director (Maine Angels offers equity investments, while MCED provides coaching to entrepreneurs including coaching on developing a pitch to equity investors)
- Investment professional from Small Enterprise Growth Fund (SEGF offers equity investments)
- Coaching from Blackstone Accelerates Growth
The Maine Technology Institute (MTI) is an industry-led, publicly-funded, nonprofit corporation that offers early-stage capital and commercialization assistance in the form of competitive grants, loans and equity investment for the research, development and application of technologies that create new products, processes and services, generating high-quality jobs across Maine.
The Maine Technology Institute was established by the Maine State Legislature in 1999. MTI, working with partners across the state, “shall 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.” MTI is one element of the State’s economic development strategy to contribute to the long-term development of a statewide research, development and product deployment infrastructure.
Every $1 of MTI funds received generates an additional $14 in non-MTI funding. MTI funded has been critical to their commercial success.
To date, MTI has funded nearly 2000 technology projects in Maine with an investment of $142 million. Of those companies funded 37% have commercialized. MTI’s current portfolio is $94 million.
Thank you for your generous support MTI!!