PORTLAND, ME – Today, U.S. Senator Angus King (I-Maine) joined U.S. Assistant Secretary of Commerce for Economic Development Jay Williams and Congresswoman Chellie Pingree to announce $640,000 in federal funding to support innovation, entrepreneurship, and job creation in Maine.

Senator King, Assistant Secretary Williams, and Congresswoman Pingree announced that the Maine Center for Entrepreneurial Development (MCED) in Portland will receive $390,000 to expand its Top Gun Program into the Top Gun Rural Accelerator Network, and that Coastal Enterprises Inc. (CEI) in Wiscasset will receive $250,000 to launch a Natural Resource Business Seed Capital Fund to support rural business development. The awards follow two October 2015 letters from Senator King to Assistant Secretary Williams in which he strongly urged EDA to fund the projects.

 “By providing much-needed capital, these awards will help MCED and CEI support Maine entrepreneurs as they innovate and create the type of new, good-paying jobs that will help drive our state’s economy,” Senator King said. “From Kittery to Madawaska, our state is filled with incredible people who have forward-thinking ideas, and with federal support like this, we’re able to bring those ideas to life and cultivate a bright economic future for Maine that everyone can enjoy.”

“This 2015 Regional Innovation Strategy cohort of grantees is truly an exciting group – the diversity in programs and regional representation proves that innovation and entrepreneurship is igniting all corners of the country,” Assistant Secretary Williams said. “From Puerto Rico to Pittsburgh, and Seattle to Blacksburg, these programs will reach all kinds of communities and help entrepreneurs gain the edge they need to succeed.”

Top Gun is an annual, five-month long program that identifies high potential entrepreneurs in Maine through a competitive application process and matches them with mentors who help them develop their innovative products, business models and companies. The funding announced today will enhance the existing program by expanding its geographic reach, the populations served, and the services provided to Maine graduates. To read Senator King’s letter to the EDA in support of MCED’s application, click HERE.

The funding to CEI will help the organization develop and launch a Natural Resource Business Seed Capital Fund focused primarily on rural Maine that will help support flexible equity investments in farm, food, fisheries, and bio-based businesses with the potential for high-growth, filling a critical gap for early-stage funding that enterprises need in order to grow. To read Senator King’s letter to the EDA in support of CEI’s application, click HERE.

The federal funding awarded today was allocated through the U.S. Economic Development Administration’s (EDA) 2015 Regional Innovation Strategies (RIS) Program, which is managed by EDA’s Office of Innovation and Entrepreneurship. It’s designed to advance innovation and capacity-building activities in regions across the country through two competitions: the i6 Challenge and the Seed Fund Support Grants Competition. MCED received its $390,000 through the RIS i6 Challenge while CEI received its $250,000 through the Seed Fund Support Grants Competition.

The i6 Challenge, which was launched in 2010 as part of the Startup America Initiative, is a national competition that makes small, targeted, high-impact investments to support startup creation, innovation, and help turn technology into jobs. The funding supports the development and expansion of new and existing Proof-of-Concept and Commercialization Centers, which help innovators fine tune and scale their innovations to bring new products and services to the market.

The Seed Fund Support grants provide funding for technical assistance to support feasibility, planning, formation, or launch of cluster-based seed capital funds that provide equity-based investments in early-stage, innovation-based, startups that have high growth potential but that often struggle to secure funding early in their lifecycles. Projects were evaluated in part on their specific outreach plans aimed at underrepresented communities.

The awards to MCED and CEI were part of a larger announcement made today by U.S. Secretary of Commerce Penny Pritzker where 25 awardees nationwide received $10 million through EDA’s RIS Program. Maine was the only state to have two awardees.

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