Courtesy / Maine State Chamber of Commerce
Patrick Woodcock is president and CEO of the Maine State Chamber of Commerce.
Updated: July 23, 2024
State Chamber urges voters to support ballot question to fund Maine's R&D investment
The Maine State Chamber of Commerce said Monday it supports a ballot initiative, Invest in Maine’s Future, that would raise $25 million in bond funding for research and development as well as commercialization of products created in Maine.
Maine voters will have their say on Nov. 5.
LD 416, "An Act to Authorize a General Fund Bond Issue for Research and Development and Commercialization," was proposed by state Sen. Teresa S. Pierce, D-Falmouth. The ballot measure was passed in the Legislature and signed by Gov. Janet Mills.
The Chamber said a fund would spur innovation in the state’s biotech, composites and advanced materials sectors, as well as legacy farming, fishing and forestry industries.
“The R&D bond on November’s ballot is an investment in our state’s economic future,” said Patrick Woodcock, president and CEO of the Maine State Chamber.
“Maine businesses and entrepreneurs can leverage state support to invest in innovative products and new machinery and leverage our state’s competitive advantages. We look forward to having a conversation with Maine voters about the benefits of research and development and urging them to vote 'yes' on Nov. 5.”
A committee helped draw up the ballot question.
Supporters of the measure, the chamber said, include Jackson Laboratory, FocusMaine, Startup Maine, Bioscience Association of Maine, Maine Composites Alliance, Maine Forest Products Council, MDI Biological Laboratory, BioHarbor Strategies and Aroostook Partnership.
Maine 'lags' on R&D
Woodcock said “Maine lags other states when it comes to R&D investments and that has a long-term cost to our economy in bringing economic opportunity to our state. Supporting this investment is a critical first step toward stable and sustained state R&D investments for our economy.”
He cited the Maine Economic Growth Council’s 2023 “Measures of Growth” report, which showed that Maine's R&D investment ranks No. 44 nationwide.
Maine voters last approved an R&D bond in 2017.
The $45 million approved at that time helped leverage another $224 million in private sector investment and had a $1 billion impact on the Maine economy, according to the Mills administration. The investment also generated 1,770 direct new jobs and roughly twice as many indirect and induced jobs.
“It is time to invest in our evolving Research and Development industries,” said the ballot measure's author, Pierce.
“Growing these industries means supporting Maine’s economic potential and creating an environment that keeps Mainers and their talent in Maine and encourages others to come to Maine and contribute to these industries."
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