The Maine Technology Institute received 183 proposals seeking $45 million in funding made available to its Maine Technology Asset Fund through the $50 million R&D bond approved by voters in June.
The remaining $5 million of the bond is designated for the Maine Venture Fund, a 20-year-old revolving state venture fund intended to support early-stage companies with the potential to scale and significantly contribute to Maine’s prosperity.
MTI stated in a news release that the 183 proposals, in aggregate, sought $381 million in funding. In an initial vetting, MTI conducted a “lightning round” solicitation seeking proposals from Maine companies and organizations that would have “demonstrable, direct high impacts” on four desired outcomes:
- Gain and hold market share
- Increase revenues
- Expand employment
- Preserve jobs.
The lightning round closed on Dec. 8. MTI will complete the evaluation and review of all the proposals by Jan. 16, and will finalize a list of projects that will be invited for further due diligence at that time. All applicants will be notified of any next steps or updated timelines at that time.
For those moving forward in the application process, MTI’s board of directors plans to announce lightning round awards in mid-January and mid-February.
“The incredible demand for these funds is very encouraging and bodes well for Maine’s innovation economy,” MTI President Brian Whitney said in a news release. “This is an extraordinary example of how government can help create an environment where innovation can thrive in our state.”
Whitney said individual funding requests ranged from $18,000 to $45 million and were from across Maine, as well as from “out-of-state and out-of-country enterprises looking to establish a base of operations in Maine.”