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October 7, 2011

Foundation to invest $3M for innovation

By The Mainebiz News Staff

A $3 million initiative from New York-based Blackstone Charitable Foundation will support the growth of Maine's innovation economy and entrepreneurship.

At a press conference this morning, officials from the foundation said the goal of the Blackstone Accelerates Growth initiative is to add more than 10,000 jobs over the next 10 years, and establish regional hubs of innovation within the state. The grant is part of the foundation's $50 million entrepreneurship initiative. Blackstone plans to partner with a handful of organizations, including the University of Maine as well as its Innovation Engineering/Jump Start program, a coaching program; the Maine Center for Enterprise Developments' Top Gun program, a venture development program for early-state startups; and the Maine Technology Institute. The program expects to add an additional $664 million in new revenues to Maine's economy. In three years, 250 companies will be served, and more than 400 students will be prepared for work with innovative companies in regional centers, according to a press release.

"New hubs of innovation will help start-ups get off the ground and existing companies increase profitability by connecting entrepreneurs who are focused on developing markets, innovating technologies and growing access to capital," said Stephen Schwarzman, Blackstone CEO, in the release.

The Maine project is the most recent commitment in the foundation's five-year Entrepreneurship Initiative announced in the spring of 2010, which aims to foster entrepreneurship in places with high unemployment. Previous initiatives targeted Los Angeles and North Carolina's research triangle. Foundation Executive Director Amy Stursberg told Mainebiz the foundation selected Maine as the first location for its rural model after the U.S. Small Business Administration's Karen Mills, who is from Maine, recommended she consider the state.

Joining Schwarzman in announcing the grant were Mills; all four members of Maine's congressional delegation; University of Maine President Paul Ferguson; Maine Technology Institute Chairman Jim Detert; and Peter Vigue, president and CEO of The Cianbro Cos.

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