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Report touts tech funding job impact

January 12, 2005 /

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Companies funded by the Maine Technology Institute added roughly 600 jobs over the last two years, an 11 percent growth rate that outpaced the overall state rate of about 3 percent, according to a report released Monday.

The employment statistic is among the findings by University of Southern Maine’s Center for Business and Economic Research, which evaluated MTI, a state-funded nonprofit.

Overall, the report found that state investments in entrepreneurial companies have begun to show a broad economic return for Maine. The $8.1 million in MTI seed and development grants over the past three years stimulated job growth and helped attract almost $210 million in federal government and private funding. That means that every MTI dollar leveraged $26 in external funding, the report concluded.

By MATT WICKENHEISER
Blethen Maine Newspapers

Full Story: http://business.mainetoday.com/news/050111_1283687.shtml