FREEPORT — Two decades ago, then-Gov. Angus King and members of his staff challenged Maine institutions to invest in research and development across the state; something that King said created “tens of thousands of high-quality jobs,” diversified the economy and lead to the formation of Maine Technology Institute. 

King, now a U.S. Senator, joined the celebration of the 20th anniversary of Maine Technology Institute Monday night.

To spark job growth, the state had to strengthen industries that were investing in research and development, something Maine did not have a lot of at the time, according to Evan Richert, former director of the State Planning Office. 

Working to “challenge our businesses and institutions to invest,” according to Steve Levesque, executive director of the Midcoast Regional Redevelopment Authority and then-commissioner of the department of economic and community development, was what brought Maine Technology Institute to life. 

Maine Technology Institute, a public-private partnership started in 1999,  offers grants, loans, equity investments and other services to support and diversify Maine’s innovation economy, according to its website. The Brunswick Landing-based organization celebrated 20 years on Monday. Since its inception, the Institute has invested over $270 million into Maine companies, leveraging over $1 billion in private-sector matching funds, according to President Brian Whitney.

In 2018 alone, organizers invested over $57 million in 175 projects, which in the next three years is expected to generate 5,350 new jobs and $1.4 billion in economic impact, Whitney said, adding that over the past two decades, MTI has become “a beacon for economic optimism in the state.” 

Maine Technology Institute has provided funding for companies like STARC Systems, a former resident of Brunswick Landing’s TechPlace, which builds airtight, reusable telescoping walls that can be put up to help contain the disruption of renovation projects. The company outgrew TechPlace and found another space in the Landing. The company is on track to double in size in 2019, and has had to move quickly to keep up with growth, facing 20-25% increases per month in the beginning, according to co-founder Bruce Bickford. Between 2016 and 2018, STARC Systems saw 985% growth, he said. Funding from MTI helped the company get off the ground and out of Bickford’s garage, and further development funding from the institute will help it launch a new product line next year. 

Cem Giray, a partner at Kennebec River Biosciences in Richmond, also credited MTI with spurring the company’s growth. Kennebec River Biosciences, operating out of three Richmond buildings formerly inhabited by a laundromat, a women’s clothing store, apartments and a real estate agency, creates aquatic health solutions including custom vaccines, veterinary consultation and research for “aquatic animal health problems.” The company was one of the original 37 businesses to receive grants from MTI in 2000, Giray said, and is now a leader in the aquaculture and biotechnology industry. 

According to King, Maine’s most fundamental resources are its oceans, its forests and its people. 

As a senator, he is working to revitalize Maine’s forest economy and further economic opportunities by developing new markets and strengthening existing forest product manufacturing, according to a news release. 

This also includes the “attraction of investment in emerging technology” and the use of “forest products residuals in CHP biomass plants, microgrids, modern thermal systems, and new forest product development.

Growing and forestry and other industries in Maine necessitates modernizing the state’s rural economy, according to the release. To do this, King is working to increase broadband availability across the state to encourage federal policymakers to invest in digital infrastructure. 

There is still a lot to be done to spur further economic development in the state and diversify the economy, which is why, according to Whitney, the guiding principals of Maine Technology Institute are “as relevant and needed” as they were 20 years ago. 

hlaclaire@timesrecord.com 

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