Maine Technology Institute Revenue and Competitors

The Maine Technology Institute (MTI) is an industry-led, publicly-funded, nonprofit corporation that offers early-stage capital and commercialization assistance in the form of competitive grants, loans and equity investment for the research, development and application of technologies that create new products, processes and services, generating high-quality jobs across Maine. The Maine Technology Institute was established by the Maine State Legislature in 1999. MTI, working with partners across the state, “shall encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people.” MTI is one element of the State's economic development strategy to contribute to the long-term development of a statewide research, development and product deployment infrastructure. See full statute. Every $1 of MTI funds received generates an additional $14 in non-MTI funding. MTI funded companies say that MTI funding has been critical to their commercial success. Since 2000, MTI has funded 1,295 technology projects in Maine, a financial commitment of $106 million that has leveraged over $173 million in additional funding for a total of $280 million.