Maine’s economy is often the tale of two economies. On one hand, the state has strong legacy industries — fishing and seafood processing, logging and paper making and manufacturing. On the other, we’re seeing the growth of companies in fields as varied as veterinary science, credit card processing and water testing.
The startup culture is vibrant, with mentorship programs, pitch contests and financing networks.
Maine is full of industrious, innovative and caring people. Maine is also a wonderful place to live and to raise a family. We have easy access to the outdoors and world-class culinary and cultural amenities. All of that makes it a great place to attract a highly skilled workforce.
This edition of Fact Book: Doing Business in Maine has a heavy emphasis on CEOs. They talk about why they’re based in Maine and why they’re investing in their operations here.
Here are some of the quotes from CEOs:
“We would say that we have progressed from being a small company to a medium-sized company, which is a nice position to be in,” says John Stiker, CEO of Stonewall Kitchen, the York-based food manufacturer and retailer. He cites the state’s authenticity, which is intertwined with its branding. “It’s why we keep manufacturing here,” he says. “Maine is not necessarily the lowest-cost state to operate in, but it’s an important part of who we are.”
Aaron Moser, second-generation CEO of Thos. Moser Handmade American Furniture, points to Maine’s “maker” culture, of which founder Thomas Moser was a modern pioneer. The state has also sharpened the company’s innovative side: “We have customers who enjoy Moser. We’re feisty. We’re entrepreneurial. We’re hungry,” says Aaron Moser.
John Hafford, CEO of Designlab, a graphic design firm, chose as its base Millinocket, which is making the transition from a paper mill town to a broader range of industries. Broadband has made it possible to work anywhere. “We are a case study in how broadband can enable entrepreneurs and their families to locate in far flung corners of Maine,” he says.
Melissa Smith, president and CEO of WEX Inc., a publicly traded company that provides corporate payment solutions, is overseeing the company’s expansion, which includes a new headquarters building in Portland. “Maine is full of industrious, innovative and caring people. Maine is also a wonderful place to live and to raise a family. We have easy access to the outdoors and world-class culinary and cultural amenities. All of that makes it a great place to attract a highly skilled workforce,” she says.
Curtis Simard, president and CEO of Bar Harbor Bank & Trust, says many people return to Maine after getting experience elsewhere. “While terms like ‘from away’ continue to exist, we have realized the need to grow in order to attract additional talent. Many of us have experienced bigger markets and now want to build businesses and reverse the more challenging growth trends in much of northern New England.”
