Maine
State Resources
With over 3,500 miles of coastline (more than California!), Maine offers rocky shores, lighthouses, and quaint fishing villages. Over 90% of Maine is forested, making it one of the most heavily wooded states in the U.S. It has a vibrant aquaculture industry, committed to adopting sustainable practices to minimize environmental impact. Maine is also home to the Portsmouth Naval Shipyard which provides the U.S. Navy’s nuclear powered submarine fleet with quality overhaul work in a safe, timely and affordable manner.
“The Maine Department of Economic and Community Development (DEDC) works with statewide and local partners, private industry and small businesses to enhance and sustain economic prosperity in Maine.” DECD and its “partners work collaboratively to support business development through available resources that Maine has to offer – from millions of dollars in tax credits, reimbursements, research and development credits, to capital loans and even direct investment.” Maine’s Research & Development grants are administered by the Maine Technology Institute (MTI). MTI’s mission is 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.” MTI administers many programs including grants, loans, equity investments, and services to businesses, organizations, and entrepreneurs to support Maine’s innovation economy.
Business Innovation Funding
Business Innovation Funding provides grants, loans or equity investment ranging from $10,000 to $250,000, depending on eligibility. Eligible companies must fit in one or more of MTI’s seven Targeted Technology Sectors and have access to minimum 1-1 matching funds. Maine’s targeted technology sectors include: (1) biotechnology, (2) composites and advanced materials, (3) environmental technologies, (4) forest products and agriculture, (5) information technology, (6) marine technology and aquaculture, and (7) precision manufacturing.
Maine Entrepreneurial Resource Corps
The Maine Entrepreneurial Resource Corps (MERC) program supports entrepreneurs and startups that need help increasing revenue. Under this program, eligible small businesses receive subsidized consulting and technical assistance to work with experienced Maine-based professionals. MERC covers 50% of MTI approved project’s fee, up to $15,000 annually or $30,000 over the lifetime of a business’s participation. The innovation must fall within the seven Targeted Technology Sectors. MERC provides grants covering 50% of the total consulting project cost, up to $20,000.
Maine Community Banks’ Launchpad
For over a decade, Maine’s Community Bank has funded the Launchpad competition. This annual pitch competition, provides a $50,000, no strings grant to the winner, as well as a $10,000 Emerging Business Award. The 2025 event takes place on October 21, at Innovation Hall in Portland, Maine. This year’s competition has just closed, but interested parties, can preview the event by reserving a seat for the pitch event.
