Business Innovation Funding is sponsored by Maine Technology Institute (MTI). MTI fuels Maine's innovation economy with grants, loans, equity investments, and support services for groundbreaking ideas that drive growth and create quality jobs.

Business Innovation Funding - Maine Technology Institute Skip to content Home / Explore Funding Programs / Business Innovation Funding Business Innovation Funding 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. Your organization or project must meet the following criteria to be eligible for business innovation funding.

Must be a Maine-based business Fits in one or more of MTI’s seven targeted technology sectors Innovative product, device, or method Clear potential to drive economic impact in Maine Able to provide validation of concept through market research and customer discovery Access to minimum 1-1 matching funds The larger the funding request, the more thorough the due diligence required — which can include a financial review, business systems review, and/or technology review.

Ranges from $10,000 to $250,000, depending on eligibility. Step 1: Fill out our Startup Questionnaire to determine whether you might be a fit for Business Innovation Funding. Step 2: Once determined you are a fit for Business Innovation funding, a link to the Online Interest Form via MTI’s blackbaud portal will be shared with you.

Complete the online interest form. This is the first step in connecting with MTI staff to discuss potential funding. Step 3: Connect with an MTI team member: Meet and review goals and next steps.

Step 4: Application: You’ll be invited to apply if your advisor determines you’re a good candidate for funding. Apply at your convenience using the link provided by your investment officer, to MTI’s blackbaud Online Application Portal. Step 5: Application review: After MTI receives your application documents online, your MTI team member will provide you a timeline for expectations regarding your application review process.

Step 6: Decision: Your MTI team member will contact you with MTI’s funding decision and any conditions associated with it Step 7: Contracting: If your application for funding is successful, MTI will prepare a contract package and email it to you for review and signature. Step 8: Ongoing reporting: Your assigned MTI team member will reach out quarterly to check in on your progress. Learn more about each step in the 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.