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March 4, 2024 Edition

Growing pains: Maine life sciences, biohealth startups hustle to raise capital in a tough environment

Renee Cordes

Even during good times, early-stage life sciences and biohealth businesses in Maine frequently have to work harder than their peers in bigger markets to woo investors.

Today's Poll

Does your company plan to add staff in the next 6 months?
Poll Description

Sponsored by Kennebunk Savings Bank

Next year will bring a host of new challenges for businesses looking to add employees to the payroll. 

Maine's Paid Family and Medical Leave law will go into effect, which will allow an employee to take paid leave for up to 12 weeks to care for an ill family member or new child, for instance.

The state's minimum wage will increase by 45 cents an hour, to $15.10 (a separate minimum wage provision was approved in Portland that will raise the hourly compensation to $19 within three years).

And rising health care premiums will continue to be a struggle for employers.

For companies that plan to grow, all of these factors will have to be managed.

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