The Maine Technology Institute awarded roughly $108,000 in grants to nine Maine companies in March 2016.
This round of funding includes six TechStart grants totaling $28,063, two Business Accelerator grants totaling $74,978, and one Phase 0 KickStarter grant of $4,890.
Brian Whitney, MTI’s president, said the grants were leveraged by roughly $590,000 in private funds and represent “a win-win proposition for Maine.”
TechStart grants are designed to help defray a company’s startup costs, such as developing a business plan, IP filing fees, etc. Six companies received a TechStart grant:
- Anchorpak in Portland; grant total: $4,563; matching funds: $4,563
- Biome Management Systems in Harpswell; grant total: $3,500; matching funds: $3,500
- CryptoMedix in Harpswell; grant total: $5,000; matching funds: $10,400
- InSphero Inc. in Brunswick; grant total $5,000; matching funds: $6,335
- Penobscot East Resource Center in Stonington; grant total: $5,000; matching funds: $5,807
- Revolution Research Inc. in Orono; grant total: $5,000; matching funds: $5,000
Two companies received Business Accelerator grants, designed to help companies ramp up and commercialize their products:
- Blue Ox Malthouse in Lisbon Falls; grant total: $24,998; matching funds: $49,535
- Eldertide in Dresden; grant total: $49,980; matching funds: $499,991
One company, FoodHEALTH in South Portland, received $4,890 via the relatively new Phase 0 KickStarter grant program, which helps companies prepare SBIR/STTR federal funding proposals. FoodHEALTH matched the grant with $6,000 in private funds.
MTI, created by the Maine Legislature in 2000, provides funding to Maine entrepreneurs operating in one of seven target industries: aquaculture and marine technology, biotechnology, composite materials, environmental technologies, forestry and agriculture, precision manufacturing, and information technology.