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July 17, 2019

MTI opens Waterville office

MTI office Courtesy / Central Maine Growth Council Maine Technology Institute is opening an office in Waterville to help meet the needs of the city's expanding technology industry.

Brunswick-based Maine Technology Institute will launch a remote office in Waterville to meet the growing needs there of technology companies and entrepreneurs, the organization and local development officials announced Wednesday.

The office will be at 50 Elm St., co-located with several economic development and business support organizations, including the Mid-Maine Chamber of Commerce, Central Maine Growth Council and a Small Business Development Center counselor of Coastal Enterprises Inc. MTI, which is headquartered at Brunswick Landing, also has a Portland office.

“With the addition of MTI, 50 Elm St. is truly a one-stop shop for business development, whether an operation is in its infancy, maturity, or still only a concept,” said Kim Lindlof, president and CEO of the Mid-Maine Chamber and executive director of the Central Maine Growth Council.

“Between the four organizations, businesses have access to a wide range of resources, including business plan development, site location identification, funding opportunities and capital resources, marketing and networking, and more.”

A nonprofit corporation funded by the state of Maine, MTI provides financial and business development support to assist innovative businesses in converting and scaling their concepts into new products, processes and companies through loans, grants, equity investments and business development services.

In 2018, MTI awarded over $57 million, in large part due to the Maine Technology Asset Fund 2.0 bond funding, to generate $1.4 billion in economic impact and 5,350 jobs across Maine, according to the release.

“MTI is pleased to establish a remote office in Waterville to better facilitate meetings with clients and partners and to amplify MTI’s profile in the region,” said Brian Whitney, MTI’s president. “MTI’s funding resources, services and connections are extraordinarily valuable to entrepreneurs, businesses and industry clusters and this new satellite office should help us magnify our impact in the broader Mid-Maine region of the state.”  

The launch of MTI’s new office coincides with strong economic growth in the mid-Maine region. With more than $100 million invested in downtown Waterville, more than 20 acquisitions of commercial properties, and several new businesses including MTI-funded GenoTyping Center of America, the area attracts organizations looking to scale, the release noted.

“Over the past year, we have observed a significant uptick in businesses visiting 50 Elm St. to establish and grow their operations in the greater Waterville region,” said Garvan D. Donegan, director of planning and economic development at the growth council.

“The addition of MTI to our building, within the downtown’s growing technology and innovation landscape, completes the technical assistance team that start-ups, entrepreneurs, and business owners need to succeed, providing pathways to investment at critical junctures to propel firms’ operations to the next level.”

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