Business Innovation Funding

About this funding opportunity

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 Criteria for Application 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: TIER 1 Up to $30,000

Early Stage 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 TIER 2 $30K, $60,000

Growth 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 TIER 3 $60K, $100,000

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…

Topic areas: General and Cross-cutting R&D.

Funding amount

This other provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Business Innovation Funding is administered by Maine Technology Institute (MTI), listed via Maine Technology Institute.