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August 2, 2010

ME tops nation for state startup investment

By The Mainebiz News Staff

Maine leads the nation for investing in startups through state-run grant programs, according to data from a firm that tracks the venture capital industry.

New York City-based CB Insights found that Maine ranked highest for investments to early-stage businesses through state innovation grant programs for the past five quarters. Of the total grants awarded in the four quarters of 2009 and the first quarter of 2010, 20% came from Maine, followed by 14% in Pennsylvania and Ohio, 11% in Texas and 8% in Michigan.

Brunswick-based Small Enterprise Growth Fund, which included the data in its recent newsletter, attributed Maine's high percentage to the Maine Technology Institute's seed grants and development awards. In fiscal year 2009, which ended June 2009, MTI awarded $910,000 in seed grants and $2.7 million in development awards, according to the organizatin's most recent annual report. 

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