The Gulf of Maine Research Institute has launched an accelerator program for “bluetech” startups whose innovations could positively impact the Gulf of Maine. ​

The nonprofit research institute has partnered with SeaAhead, a Boston-based bluetech startup platform, to launch a 12-18 month program coined the “Gulf of Maine Seafood SPRINT,” a new initiative to support, accelerate and invest in innovative companies operating in the “blue economy” as they recover from the impacts of COVID-19.

“The Gulf of Maine Seafood SPRINT is an exciting step toward GMRI’s longer term goal of establishing Portland, Maine, as the region’s center of the emerging blue economy,” Blaine Grimes, GMRI’s Chief Venture Officer, told Maine Startups Insider. Grimes is the leader of Gulf of Maine Ventures, a strategic initiative of GMRI tasked with combining the organization’s technical expertise with business formation to support ocean entrepreneurship.

GMRI and SeaAhead will select 16 bluetech startups and seafood-related businesses with operations and impact in the Gulf of Maine to join the SPRINT. Selected companies will receive free membership for one year to SeaAhead, join its growing community of bluetech innovators, and gain access to a network of advisors and digital resources. GMRI will also select a subset of this group for immersive business development support by the Gulf of Maine Ventures team. Companies are encouraged to apply now and will be accepted on a rolling-basis.

The program is supported by a nearly $750,000 federal grant that GMRI and SeaAhead received in April. The funding was awarded through the U.S. Economic Development Administration’s Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge.

The blue economy, also known as bluetech, is an emerging sector that is generally thought of as the sustainable use of ocean resources for economic growth, improved livelihood and jobs, and ocean ecosystem health. It includes a broad spectrum of industries and innovative technologies focused on promoting sustainable ocean activities.

As an emerging sector that spans many different industries, it is hard to put a figure on the contribution the blue economy makes to overall economic activity. The most recent data available is from 2014 and comes from the Coastal and Ocean Economic Summaries of the Coastal States. That year, the report estimated Maine’s ocean economy generated $2.3 billion or 4.2% of the state’s GDP, provided 46,319 jobs, and $1.5 billion in wages and salaries.

“Seven-year-old data is a lifetime ago in the context of the emerging blue economy,” said Grimes. “GMRI is actively seeking updated data to better estimate the current size and scope of Maine’s ocean economy.”

Investing in the blue economy

The EDA grant will also be used to support and enhance angel investing activity in the sector.

“Gulf of Maine Ventures would eventually like to create a dedicated investment fund to make direct investments in bluetech companies,” Grimes said. “Bolstering the region’s angel investment community is an important step toward setting the stage for a robust investment continuum for blue economy startups.”

SeaAhead also recently formed an angel group, Blue Angels, that solely focuses on startups in the ocean sector.
​
“Our thesis is that bluetech is where cleantech and food and agtech was 10+ years ago, where those are now $10B+/year startup investment markets,” the Blue Angels’ website states.

Local Maine investors also see the blue economy as a promising investment sector. Maine’s local angel group, Maine Angels, created a special blue economy interest group for those members who are specifically interested in learning more about bluetech investment opportunities.

“Investing in the blue economy is a good fit for Maine,” Barbara Lamont, membership chair of Maine Angels, told MSI. “However, the emerging industry is often viewed as very high risk. While angel investors often find the social impact attractive, additional education is needed for investors and startups around de-risking and assessing the financial risk of the blue economy investments.”

Lamont said her interest in investing in the blue economy comes from a lifelong interest in the ocean, concerns about sustainability, and interest in innovations that are coming together to keep oceans healthy and working waterfront active and vibrant.

Both Lamont and Grimes stressed that building bluetech innovations into attractive investable businesses requires balancing the financial risk and reward with the prospective social and ecological benefits. Successful ocean sector business will need to access a broad set of resources and partnerships. Grimes said the Gulf of Maine Ventures team is working hard to mobilize such resources and build the partnerships and connections to support the bluetech sector in the Gulf of Maine region.

Maine Startups Insider is currently following some exciting emerging news out of Maine’s bluetech sector. Stay tuned for upcoming articles that highlight some recent successes and the growing promise of Maine’s bluetech companies.

 

If you value this source of original Maine startup news, please consider supporting Maine Startups Insider with a monthly pledge on Patreon.