Courtesy / Maine Center for Entrepreneurs
The U.S. Small Business Administration awarded Maine Center for Entrepreneurs $50,000 to support startups and entrepreneurs researching and developing STEM-related innovations.
Updated: September 27, 2019
Startups are the focus of a grant to Maine Center for Entrepreneurs
By Staff
The Maine Center for Entrepreneurs has been awarded $50,000 by the U.S. Small Business Administration to support startups and entrepreneurs developing innovations related to science, technology, engineering and mathematics.
MCE was one of 60 winners in the SBA’s 2019 Growth Accelerator Fund Competition, according to a news release. The recipients, representing accelerators and incubators across 39 states and territories and covering a variety of industries, will receive a total of $3 million in awards.
“Over the past five years, the competition has provided awards to innovative and promising accelerators and incubators,” acting SBA Administrator Chris Pilkerton said in the release. “This includes entrepreneurs located in Opportunity Zones, where job creation and investments are moving forward to revitalize communities.”
The Growth Accelerator Fund Competition will provide the accelerators and incubators with additional operating capital for assisting entrepreneurs. The help includes support for company formation as well as awareness and education on the Small Business Innovation Research and Small Business Technology Transfer programs. The prizes are not for direct investment in the entrepreneurs’ businesses.
Currently, Maine is underrepresented in these programs. But with increased focus, MCE plans to enhance access to these funding streams. The goal is to accomplish this by using the existing network of MCE’s Top Gun graduates and partnerships with organizations like the Maine Technology Institute.
“With this award, MCE will identify companies eligible for federal R&D funding through the SBIR/STTR programs and coach them through preparing to submit an application,” said Tom Rainey, executive director of MCE, in the release.
“This initiative will further establish MCE’s new Emerging Technology Group aimed at commercializing innovative technologies. Whether they began in an inventor’s garage or through work conducted at one of Maine’s research-performing institutions, we are here to help them.”
Applicants to the competition submitted a brief presentation deck and an optional two-minute video outlining their approach, experience working with the targeted entrepreneur group, and key metrics to evaluate the success of their proposals. Applications were judged by panels of experts with entrepreneurial, financial and academic backgrounds from the public and private sectors.
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