Maine Welcomes Venture Capital

TechMaine is pleased to announce that LD1 "An Act To Stimulate Capital Investment for Innovative Businesses in Maine" (formerly known as the Fund of Funds) has been signed into law by Governor Baldacci.

The Innovation Finance Program (www.techmaine.com/fund-of-funds), a significant Maine economic development program, was initiated by TechMaine and created by the Maine Legislature through the passage of LD1. The Maine Innovation Finance Program's mission is to increase the amount and diversity of capital funding available to assist our state's early-stage and growth companies to grow, prosper and mature in Maine.

The Program's goals are to provide more capital for Maine's venture industry by recruiting new venture capital funds from outside the state to establish a working presence here, helping start-up companies in Maine find necessary equity capital.

Thanks to Senator Peter Mills for moving our "Fund of Funds" initiative forward and sponsoring the bill, the Legislature's Business Research and Economic Development Committee, Tim Agnew of Masthead Venture Partners, John Burns of SEGF, FAME, and others for their leadership in promoting this important legislation.

You can find additional information and a video of the bill signing at www.techmaine.com/fund-of-funds.