Business Innovation Funding

Business Innovation Funding is sponsored by Maine Technology Institute (MTI). MTI offers grants, loans, convertible notes, and equity investments to businesses, organizations, and individuals to support Maine's innovation economy across its seven targeted technology sectors, including Aquaculture & Marine.

Business Innovation Funding - Maine Technology Institute Skip to content Home / Explore Funding Programs / Business Innovation Funding Business Innovation Funding (BIF) We fuel groundbreaking ideas with grants, loans, and equity investments. Our seasoned team backs scalable businesses that drive Maine’s growth and diversify our industries.

Take Our Startup Questionnaire See if Your Innovation Is Aligned with MTI Criteria Our short assessment will walk you through the criteria for Business Innovation Funding. After answering a few questions, you’ll know whether or not you’re a good fit for funding and can reach out to us for application support.

If the assessment indicates that you’re not a good fit for the program right now, we’ll provide a list of next steps you can work on to improve your chances. Take the Startup Questionnaire Your organization or project must meet the following criteria to be eligible for business innovation funding. Maine-based business: Your company must have leadership based in Maine.

Technology sector: Your business or innovation must fall within one or more of MTI’s seven technology sectors: Biotechnology, Composites & Advanced Materials, Environmental Technologies, Forest Products & Agriculture, Information Technology, Marine Technology & Aquaculture, and Precision Manufacturing. Technical or scientific innovation: Your innovation involves solving meaningful technical or scientific challenges.

This includes internal innovations such as new manufacturing processes. Substantially different: Your innovation is substantially different from existing alternatives. Customer validation: Evidence that you’ve talked to potential customers and researched the market need for your innovation.

Economic impact: Clear potential to drive economic impact in Maine through quality job creation and revenue growth. Matching funds: Access to minimum 1:1 matching funds. Cash match is required, though in-kind contributions may be accepted for a portion of the match at lower funding levels.

For detailed eligibility requirements, including MTI’s full innovation standard and Maine-based requirements, visit the Eligibility Requirements page . Learn About Eligibility Requirements How MTI Structures BIF Support MTI’s Business Innovation Funding supports companies along a continuum, from early-stage innovators to more established businesses scaling their operations.

Most BIF awards are grants, typically starting between $10,000 and $30,000 for first-time applicants. Cumulative grant funding can reach $100,000 per company as the business progresses. For companies with a track record of growth and the financial capacity to take on repayable funding, MTI may also offer loans or equity investments , which involve additional review.

Learn About Loans and Equity Investments MTI structures its grant funding in three tiers based on cumulative grant funding to the company: Pre-revenue or very early revenue Solo founder or small team with relevant background and at least one advisor or mentor Developing your product or service with a plan to reach a working prototype Initial customer conversations beyond your immediate circle to validate the need Basic understanding of the competitive landscape and target market A credible path toward jobs and revenue growth in Maine, even if aspirational at this stage Documented customer interest through conversations, pilots, or commitments At least two team members with differentiated skills, increasing time commitment Working prototype or proof of concept with documented testing Clear go-to-market strategy with specific channels Financial projections backed by evidence Economic impact projections for Maine supported by credible evidence and data Approaching Commercialization Strong customer validation through sales, commitments, or significant pilots Full-time leadership, formal governance Product or service tested and approaching or in market Detailed go-to-market strategy with active sales pipeline Well-developed financial projections with a path to profitability Significant economic impact projections for Maine supported by detailed evidence These are the minimum expectations at each tier.

Stronger applications will exceed them. Funding tiers are based on cumulative BIF grant funding, not the individual request. If a company previously received $25,000 and requests another $25,000, cumulative funding is $50,000, placing the application in the above-$30,000 tier.

How Cumulative Funding Works Your funding tier is determined by total BIF funding over time, not a single request. Note: MERC funding and SBIR/STTR support do not count toward your BIF cumulative total. First-time applicants typically start with smaller funding requests and use their initial project success to build a stronger case for additional funding.

Your MTI team member will help you determine what size request is appropriate for your stage. MTI funds projects that develop, commercialize, and scale innovative products, services, and processes. This includes both customer-facing innovations and internal innovations such as new manufacturing processes or methods.

Common project activities include: Prototyping and product testing Process development and manufacturing innovation Intellectual property protection Commercialization efforts such as sales and marketing Regulatory work and certifications The project should be the right next step for your company’s stage of development. Your MTI team member will work with you to determine what project makes the most sense for your business.

For information on what does and does not meet MTI’s innovation standard, visit the Eligibility Requirements page . MTI is bound by its governing statute to maintain confidentiality in all dealings with clients. Learn more in our FAQ .

Learn About Eligibility Requirements How Applications Are Evaluated MTI evaluates all grant applications across six categories, with expectations that increase at higher funding tiers. Innovation & Value Proposition Is the innovation real and validated? Business Model & Financials Are projections credible?

Will it grow Maine’s economy? Is this the right project? For a detailed breakdown of what MTI looks for in each category, visit the How Applications Are Evaluated page .

How Applications Are Evaluated Step 1: Fill out our Startup Questionnaire to determine whether you might be a fit. Step 2: Complete an Online Interest Form via MTI’s Blackbaud portal. Step 3: Schedule an initial meeting with an MTI team member.

Step 4: Meet with your MTI team member to discuss your project and funding options. Step 5: Apply at your convenience using the materials provided by your team member. Step 6: Application review, typically around two months.

Step 7: Decision and any conditions associated with it. Step 8: Contracting: contract package for review and signature. Step 9: Ongoing reporting: quarterly check-ins on your progress.

Learn About the Application Process Get Started on the Funding Process Take the first step by filling out our Startup Questionnaire. If you are a new user, you’ll be asked a few quick questions to determine the best path forward – whether that’s completing our self-assessment questionnaire or connecting directly with an MTI Investment Officer after filling out an Interest form.

If you’ve already connected with MTI about Business Innovation Funding you will be guided back to the MTI interest form. Please visit our FAQ page if you have questions or need guidance on using the online portal for submitting your interest in MTI support.