Maine Technology Institute (MTI) and Blackstone Accelerates Growth (BxG) will present a Technology Award of $5,000 worth of services to one LaunchPad semifinalist that shows the best use of technological innovation as the basis for creating a new business in Maine. The MTI / BxG Technology Award will be based on the innovativeness of the technology, the scale of the business opportunity and quality of the business plan presented.

The recipient of the award will be determined by the same independent panel of seven judges that select the LaunchPad semifinalists. As the Technology Award is based on criteria different than LaunchPad, it may be awarded to an applicant that is distinct from the winner of the LaunchPad competition. The MTI/BxG Technology Award will be presented at the live LaunchPad competition on April 10th.

TECHNOLOGY AWARD DETAILS:

The award provides a maximum amount of $5,000 in services from MTI and various partners including the University of Maine, the Maine Center for Entrepreneurial Development (MCED), the Maine Business Incubation System (MeBIS) and the following organizations:

• Campus Ventures (USM, Gorham)
• Advanced Manufacturing Center (UMaine, Orono)
• The Maine Patent Program (MPP)
• Manufacturing Applications Center (USM, Gorham)
• Laboratory for Surface Science and Technology (UMaine, Orono)
• Process Development Center (UMaine, Orono)
• Advanced Structures and Composite Center (UMaine, Orono)
• Food Science and Human Nutrition Laboratories (UMaine, Orono)
• Center for Cooperative Aquaculture Research (Franklin, Maine)

In addition to the services described above, the winner of the MTI/BxG Technology Prize will receive a two-hour coaching session to review funding options with some or all of the following individuals:

• Joe Migliaccio, Maine Technology Institute Business Innovation Program Director
• Don Gooding, Maine Angels Vice Chairman and MCED Executive Director
• An investment professional from Maine Venture Fund (formerly Small Enterprise Growth Fund)
• A representative from Blackstone Accelerates Growth

We are excited to have MTI and BxG offer these additional funds to Gorham Savings Bank’s LaunchPad program. Because technology-based businesses often encounter more challenges in the development cycle, more resources are needed to resolve technology/engineering design issues, develop prototypes, or conduct testing. This award will help address these needs.

Click for more information about Gorham Savings Bank’s LaunchPad program.