Greater portland startup community
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An overview of the Greater Portland, Maine startup and innovation community.
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Greater portland startup community
- 1. Hitchhiker’s Guide to the Greater Portland (PWM) Startup Community Jess Knox Maine Accelerates Growth July 20, 2017
- 2. Greater Portland (PWM) Startup and Innovation Community Approximately 475,000 residents
- 3. Positive Trends Old & Tired Paradigm • Locally, since 2011 – a 611% increase in print media coverage of key words cloud terms. • “4th Best New City in America to start a Startup” – Popular Mechanics (Jan 15) • “How This Tiny East Coast Town of 70,000 people is churning out fast growing startups” Inc. Magazine (Nov 15) • “9th best area in the country for female entrepreneurs” -- Nerd Wallet (Oct 15) New Paradigm • “Maine is not a good place to do business because of the lack of capital and lack of talent” – President of the Maine Association of Commerce 1971 • Multiplied by 876 (thru 2013) • “We must do more to find ways to keep and attract young people to Maine” – Gov. Joshua Chamberlin, 2nd Inaugural Address • Multiplied by every parent and every Blue Ribbon Commission millions of time
- 4. Uniquely Positioned to Grow Capacity
- 5. PWM Startup Community Values • Entrepreneur & entrepreneurial organization-led • Adopt a “Give first, get later” approach to interactions • Be 100% inclusive – everyone encouraged & welcome to contribute • Think Big! • Showcase PWM & Maine, not just the Startup Community • Give Back to the Community – Especially Once You Make it Big • Aggressively Embrace New Ideas and New People • Don’t Talk, Don’t Study. Do!
- 6. The process of solving an existing or new problem from a new and different perspective What is “innovation”? What do I mean by “startup”? A startup is NOT a phase of company, a startup is a company with an attitude for high-growth or high-impact over a compressed period of time (i.e. average of 40% growth of 3 years)
- 7. 7
- 9. 2 co- working spaces 2015 2016 10 co- working spaces “There’s considerable evidence that co-working spaces are the key connection points for, and, often on the leading edge of, the growth of a tech community.” --Mulas, Victor, Michael Minges, and Hallie Applebaum. "Boosting Tech Innovation: Ecosystems in Cities: A Framework for Growth and Sustainability of Urban Tech Innovation Ecosystems." There are more than 871 people using co-working spaces in the area and more than 275 companies. Co-working & Collaboration
- 10. College Entrepreneurship In 2016, more than 560 students across Maine took part in classes on entrepreneurship and innovation There were 41 different courses offered to college students. There were 8 degree tracks or concentrations There are 8, very active, student entrepreneurship clubs.
- 11. Incubators & Accelerators More than 75 different companies served in 2016
- 13. #SOEMe17 Exits In 2016, there was more than $300 million in major company exits in Maine (another $150 million so far in 2017) .
- 14. Early-Stage Funding Total Deals Total Invested Exits Slow Money Maine 26 $4,283,000 Maine Angels 26 $3,430,624 (Approx. 50% Maine companies) Bangor Angels 4 $364,948 Maine Venture Fund 10 $1,175,424 3 o 6 Seed Investments - $613,624 o 4 Growth Investments - $561,800 Other Funding Sources (Loans/Grants/ Later Stage) Coastal Enterprises, Inc. Maine Community Foundation Finance Authority of Maine Maine Technology Institute Small Business Innovation Research Program (SBIR) Maine Investment Capital Trends 2016 – Almost $10 million in early stage capital was invested. PWM companies raised more than $310 mill in ’16 -’17
- 15. Thank You
Editor's Notes
- This is just a selection of some of the great programs that are happening in Maine.
- Maine Colleges and Universities are playing a pivotal role. In 2016, almost 550 students across the state of Maine took part in classes about entrepreneurship and innovation. There were more than 41 different courses offered to students, with 8 degree tracks or concentrations available to them. There are even 8, very active, student entrepreneurship clubs. More classes and programs are being added every year and we’re excited to see where that effort goes in the future.
- Last year, Maine had 9 number of pitch competitions and 6 major exits. competitions like GreenLight Maine has been critical to creating connections for companies. After the first year of Greenlight Maine, company participants leveraged their appearance to get more than $1.6 mill investment - some investor discussions began when investors were able to see the companies and hear their pitch in the competition. In all of the competitions, there was more than more than $180,000 in prize money distributed.
- For company exits it was a big year for Maine. We had more than $300 million in company acquisitions from companies like Kepware, Putney Vet and Delorme. But also for the first time we had other companies grow so that the Maine Venture Fund could realize an exit, actually two, and have the opportunity to put that capital back to work with other investments. This is part of the cycle of high-growth companies – when there is an exit talent and capital usually become available to be re-invested in the ecosystem.
- The good news is that early stage funding is happening in Maine, and not just in Portland. As this slide illustrates, there were 66 transactions by Maine's angel investor groups and others, totaling over $9 million in 2016. The Maine Angels network alone has a membership of 60 qualified investors. As you can see from the slide, the Bangor Angels and Slow Money Maine have also been active. From the dollar amount here, Slow Money Maine's "No Small Potatoes" Investment club has been really living up to their name! Maine Venture Fund continues to do an outstanding job with the resources they have available as they serve a current portfolio of twenty-five companies. Since their start in twenty years ago, they've invested over $16 million in sixty Maine companies and as you can see here, they had a very good 2016 with ten deals completed and three successful exits. Beyond the early stage funding, our entrepreneurial ecosystem is fortunate to have a number of other very powerful organizations involved in funding small businesses. These organizations, MTI, FAME, Maine Community Foundation and CEI provide access to much needed business loans, grants and other support. FAME, as an example, provided $36 million in loan insurance to banks for loans to 237 Maine businesses, leveraging $67 million in financing. And now I'd like to have Brian Whitney, President of the Maine Technology Institute to come up and say a few words about why they host the MxG network.