King, Assistant Commerce Secretary Announce $640,000 to Support Entrepreneurship and Job Creation in Rural

Portland, Maine - On February 8th, 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.

"Entrepreneurship for Development"

Amb Prosor on UN resolution "Entrepreneurship for Development"
Israel Ministry of Foreign Affairs - The State of Israel
8 Dec 2012

By a vote of 129 in favor, 31 against and 9 abstentions, the UN General Asembly adopted an Israeli-sponsored resolution on Entrepreneurship for Development in the developing world.

The resolution is designed to advance entrepreneurship as a catalyst for development, and calls for the creation of conditions favorable to entrepreneurs, education, and removing bureaucratic impediments to the establishment of businesses.

This is the first time that the United Nations adopted a resolution on the subject of entrepreneurship as a new means to meet the challenges of poverty and to create growth and jobs. Israel initiated and presented the resolution as the head of a group of almost 100 nations.

A growing consensus on the critical role of entrepreneurship in economic development is emerging. Studies from around the world are consistently linking entrepreneurship with stable, sustainable job creation and GDP growth. But the benefits of encouraging entrepreneurship go beyond pure economics. As individuals become more self]sufficient, and more empowered, they are more likely to seek higher levels of education and better living conditions for themselves and their children. As President Kagame of Rwanda has said: "Entrepreneurship is the surest way for a nation to meet its goals and to develop prosperity for the greatest number of people."

If we are to achieve the Millennium Development Goals, we must work towards developing human capital in all countries and societies, and across sectors. Entrepreneurship has the power to help build societies in which people have the confidence, skill and desire to solve problems they see around them. By creating new businesses that provide desired goods and services, or by using entrepreneurial principles to create social ventures, entrepreneurs around the world have a unique ability to find solutions to poverty, improve social conditions, and confront environmental degradation.

Around the world, particularly in developing countries, aspiring entrepreneurs often face overwhelming challenges when starting up their business. This may be because of difficult regulatory frameworks, high administrative burdens, a lack of financial support, or entrenched social barriers.

Governments, civil society, academia and the private sector all have an important role to play in supporting entrepreneurship and enabling people to exercise their talents. A multi-stakeholder approach to promoting entrepreneurship is necessary to prepare future entrepreneurs and leaders to solve more complex, interlinked, and fast-changing problems.