File Photo / Jim Neuger
MTI President Brian Whitney
Updated: January 11, 2023
$5.6M in state funding to support Maine startups, entrepreneurs
File Photo / Jim Neuger
The Roux Institute is headquartered at 100 Fore St. on Portland’s East End.
“I am pleased that these new programs will further support Maine’s amazing innovators as they endeavor to take their novel ideas from their notebooks, kitchen tables and garages to the global marketplace.” — Brian Whitney, Maine Technology Institute
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Sixteen Maine organizations helping startups and entrepreneurs will share $5.6 million in state funding from the Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund, an initiative of the Maine Jobs & Recovery Plan.
Grant recipients include the Roux Institute at Northeastern University in Portland, ProsperityME, Coastal Enterprises Inc. and Fork Food Lab.
The $39 million PRIME Fund aims to help Maine technology companies recover from the pandemic and catalyze long-term economic growth.
In July, Gov. Janet Mills announced the first round of awards from the PRIME Fund, providing nearly $23.3 million in direct financial assistance to 174 Maine businesses that were unable to access other federal pandemic-response economic recovery programs.
The latest round of PRIME grants will help 16 Maine-based organizations develop programs to support Maine’s entrepreneurs and the state's startup community to generate growth among companies engaged in seven targeted technology sectors.
“These grants will stimulate entrepreneurship and innovation in our heritage industries, helping Maine build a stronger economy,” Mills said in Wednesday's announcement. “With the support provided by these programs, entrepreneurs and startups will be able to scale and grow, creating good-paying jobs right here in Maine.”
The latest round of PRIME grants followed a competitive application process that required matching investments by applicants.
“This funding solicitation was extremely competitive, and the projects all demonstrated a great degree of merit,” said Brian Whitney, president of the Maine Technology Institute. “I am pleased that these new programs will further support Maine’s amazing innovators as they endeavor to take their novel ideas from their notebooks, kitchen tables and garages to the global marketplace.”
The governor's Maine Jobs & Recovery Plan, approved by the Legislature, aims to invest nearly $1 billion in federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create well-paying jobs, and build an economy poised for future prosperity.
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