Compotech Inc., a defense contractor in Brewer, is one of five small businesses across the nation selected as a finalist in a U.S. Small Business Administration pitch competition.
Finalists will compete in Washington, D.C., on Sept. 18 to compete for a share of a $1 million cash prize pool funded by Sunnyvale, Calif., fintech firm Clover Network Inc.
Compotech was founded in 2011 by Jacques Nader and Paul Melrose with help from the University of Maine’s Advanced Manufacturing Center, where both founders studied engineering. The company’s first employee, Tyler Jolicoeur, has since become a part-owner.
“Jacques Nader and Paul Melrose and their entire team at Compotech have proven that New England’s small businesses are not just participating in America’s industrial comeback — they are leading it,” said Peter Steele, the SBA’s New England regional administrator.
The competition spotlights small businesses that leveraged SBA capital products.
The other four finalists hail from Iowa, Wyoming, California and Georgia.
Contestants were evaluated on their ability to strengthen U.S. competitiveness, demonstrate strong small business performance and innovation, create economic impact and quality jobs and show sound business fundamentals and execution readiness.
In July, Compotech was one of 10 small businesses selected as semifinalists out of 1,182 entries across the country. SBA support has been key to supporting Compotech product development, Melrose has said.
Compotech has two business units. Expeditionary Solutions is at its Brewer headquarters and Digital Solutions operates at the UpStart Center in Orono. Staffed by 80 employees, Compotech has been on the Inc. 5000 list of fastest-growing companies for three straight years.
Earlier this year, the company was named SBA’s New England Small Business Manufacturer of the Year and hosted an SBA visit.
