Fate of $50M R&D bond rests with voters
Measures of Growth 2017, an annual report presented by the Maine Economic Growth Council to the Maine Legislature and the governor this spring, ranked Maine 37th nationally in R&D spending, with only about 1% of the state's total Gross Domestic Product going to R&D.
Maine voters will decide the fate of a $50 million bond to boost the state’s investment in research and development, which is the only statewide issue on the June 13 special referendum ballot.
The Portland Press Herald reported that if the bond is approved $45 million would go into the Maine Technology Asset Fund managed by the Maine Technology Institute.
The fund supports competitive grants for both public and private entities for larger capital expenditures for infrastructure, equipment and technology upgrades to increase productivity, capacity, or scale potential in seven targeted sectors, including aquaculture, forestry, agriculture and composite materials. The loans, grants and investments from the fund would have to be matched on at least a one-to-one basis with corporate, federal, nonprofit or other funds.
The remaining $5 million would go to the Maine Venture Fund, a 20-year-old revolving state venture fund that’s intended to support early-stage companies with the potential to scale and significantly contribute to Maine’s prosperity, according to the MVF website. The fund is administered by the Finance Authority of Maine and the investments that are made would also need to be matched at least 1:1 by other funding sources, though MVF’s experience has been an almost 9:1 match.
The bond had wide support in the Legislature, passing 138-10 in the House of Representatives, and almost unanimously in the Senate after testimony from a wide swath of workers and corporate, academic, and non-profit institutions, MVF reported.
Gov. Paul LePage signed it into law contingent on the June 13 election.
In April, the Maine Economic Growth Council presented Measures of Growth 2017 to the Maine Legislature and the governor, an annual report that showed Maine Maine ranked 37th nationally by spending only about 1% of its total Gross Domestic Product on R&D.
The report noted that R&D supports new businesses and innovative products that typically generate 80% of all economic growth.
Most Recent
Most Recent
Comments