Maine tech companies come out strong with $118K from MTI
The Maine Technology Institute approved 11 grant applications for September totaling $117,824 to Maine businesses specializing in advancements in the fields of aquaculture and marine technology, biotechnology, composite materials, precision manufacturing, forestry and agriculture, environmental technologies and information technology.
The award recipients matched that amount with a total of $259,163.
Tech Start Grant
Three companies were awarded Tech Start Grants from MTI totaling $12,500:
Portland-based Introspective Systems was awarded $4,500 with an equal match, Revolution Research of Orono was awarded $3,000 with an equal match and the University of New England was awarded $5,000 with a $14,000 match.
Tech Start Grants are awarded monthly to entrepreneurs and companies across the state looking to develop innovative products and services. They can be used for specific developmental activities such as market analysis and intellectual property filings.
Business Accelerator Grant
Four companies were awarded Business Accelerator Grants from MTI totaling $89,474 in September:
Portland-based DemerBox was awarded $25,000 with an equal match; Introspective Systems of Portland was awarded $14,994 with a $146,163 match, Augusta-based Invisible Intelligence was awarded $25,000 with an equal match and Wassail LLC dba Maine Mead Works of Portland was awarded $24,480 with an equal match.
Business Accelerator Grants are available to start-up companies that had previously been awarded Development Loans from MTI, in addition to companies that have been awarded federal Small Business Innovation Research grants, Small Business Technology Transfer grants, or any other similar federal research and developmental funding awards.
A Business Accelerator Grant is provided to increase the competitiveness of the grant recipients by providing funds directed at product and service commercialization.
Phase 0 KickStarter
Four companies were awarded a Phase 0 KickStarter Grant from MTI totaling $15,850:
Introspective Systems of Portland was awarded $1,250 with an equal match, Portland-based Seaborn was awarded $4,800 with a $5,250 match, Belfast-based Surge Hydro was awarded $4,800 with a $5,000 match and Buxton-based Vitamin Sea was awarded $5,000 with an equal match.
A Phase 0 KickStarter Grant is offered to support competitive federal proposal submissions from Maine applicants. The funds are to be used for costs associated with preparing a proposal, such as paying for grant writers and consultations with experts in a given field.
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