Program pairs investors with Maine startups whose technology can help address crisis
Maine startups and early-stage technology companies with solutions for help during the COVID-19 crisis have a new opportunity to find and connect with investors.
Village Capital and the Sorenson Impact Foundation are part of a national collaboration looking to match startups with investors, and the Maine Department of Economic and Community Development is putting together a list of young Maine companies that want to participate.
The COVID-19 Coalition Startup Pipeline is especially seeking startups whose technology can be adapted or scaled with additional investment, and have a product or service that can help beyond immediate medical needs, such as managing economic disruption and recovery.
The state's list of startups that qualify will be matched with a coalition of investors outside Maine who are actively looking for new opportunities, spearheaded by Atlanta-based Village Capital and Salt Lake City-based Sorenson.
"We’re doubling down on our efforts to ensure that entrepreneurs working on impactful solutions to the problems exacerbated by COVID-19 are receiving the support they need to scale," says Village Capital on its webpage about the program.
Startups can submit a profile using the Abaca platform, which is gathering information to share with investors. The platform also allows companies to benchmark investment readiness and find matching sources of capital and other resources.
The national collaboration is identifying companies that are:
- Responding to the crisis (that is, responding directly to issues caused or exacerbated by COVID-19);
- Improving recovery to the crisis (the venture is positions to support in the recovery of groups directly affected by COVID-19);
- Improving resilience to the outbreak (the venture is working on improving the broader infrastructure to improve the region’s resilience to outbreaks like COVID-19).
The DECD is in the process of compiling information to build on the effort, once the Maine startups have completed their profiles.
Village Capital also has a list of resources for startups on its COVID-19 entrepreneurs page.
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