As Mainers, we take pride in our resilience and unique entrepreneurial spirit; furthermore, we recognize that successful innovation requires time and resources. This November, we encourage Mainers to strengthen their commitment to our state’s growth and prosperity by voting “yes” on Question 2 in support of a $25 million bond question that will leverage, at least, an additional $25 million in private funds for research, development and commercialization.
This investment is not just a financial commitment; we believe it is a critical step to promoting innovation, fostering sustainable growth and ensuring economic prosperity for generations.
At FocusMaine, we work with partners across the state to create and deliver programs that help grow businesses and job opportunities in Maine’s food economy and bioeconomy – think agriculture, aquaculture, value-added food businesses and life sciences.
Maine’s food economy is a cornerstone of our state’s heritage and future. From our expansive coastline to farmlands, entrepreneurs in the aquaculture and agriculture sectors are driving innovation and creating sustainable practices. Take, for example, the strides being made in kelp (seaweed) farming. This practice offers a nutritious food source, jobs and revenue, including for fishermen in the offseason, all the while absorbing carbon dioxide and improving Maine’s water quality. On land, precision agriculture techniques are enhancing crop yields and reducing environmental impacts. These innovations not only strengthen our local food systems, but they are creating jobs and products and opening new markets.
Amazing work is being done in the bioscience sector as well to address real-world challenges in health care and the environment. Proudly, some of Maine’s research institutions and life science companies are contributing to world-class science and innovation. Others are emerging as players. One emerging company has developed biomedical research products from the blood of harvested farmed salmon; others are developing food packaging made from renewable and compostable materials. But so much more could be done.
Maine entrepreneurs and research institutions are hungry for investment to unlock their ingenuity and develop products that contribute to resilience, sustainability and health, positioning Maine as a relevant player in the global bioscience ecosystem. This sector is growing in Maine, and according to the Bioscience Association of Maine’s 2022 State of the Industry report, it provides nearly 10,000 jobs with an average annual income of almost $110,000. By investing in research and development through this bond, we can accelerate these advancements, increase the number of quality jobs for Mainers, attract new talent and position Maine as an innovation leader.
Maine is ranked 44th of 50 states in R&D spending. While we are experiencing momentum in various sectors right now, that momentum is not sustainable without strategic investment. Meanwhile, neighboring states are investing heavily in science and innovation, with a recent $45 million investment to create the Rhode Island Life Sciences Hub as just one example.
Maine legislators acknowledged Maine’s R&D spending deficit when they passed L.D. 416, a bill to put a $25 million bond question on the Nov. 5 ballot. If approved by voters, this funding will serve as a catalyst, providing financial support needed to drive research, development and commercialization efforts. Maine-based companies and research institutions would be able to participate in the competitive grant process administered by the Maine Technology Institute, which will match public dollars one-for-one with private investments.
The last opportunity voters had to support an R&D bond was in 2017, with an amount of $45 million. We have seen the positive economic impact of this investment. According to Gov. Mills’ administration, the 2017 bond generated $1.4 billion in economic impact throughout Maine and leveraged over $224 million in private sector matching investments. In addition, 1,770 direct new jobs and roughly twice as many indirect and induced jobs were generated from that R&D bond. Once again, voters have a chance to endorse an investment that will promote innovation, help create sustainable career paths and ensure economic stability.
On Nov. 5, let’s come together and invest in Maine’s future by voting “yes” on Question 2, the $25 million bond for research, development and commercialization. Our state’s prosperity depends on it.
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