“Invest in Maine’s Future” will also advocate for long-term support for R&D funding for innovation and job growth to increase Maine’s economic competitiveness
AUGUSTA – The Maine State Chamber of Commerce announced the formation of the “Invest in Maine’s Future” ballot question committee and campaign supporting the $25 million Research and Development and Commercialization bond question on this November’s ballot. Through the “Invest in Maine’s Future” campaign, the Maine State Chamber and its partners will lead a conversation with Maine voters about how their investment in scientific research will strengthen Maine communities and families by spurring innovation in our state’s heritage farming, fishing, and forestry industries, accelerating Maine’s life sciences sector, and creating dynamic new industries in all corners of the state.
The committee will also advocate for long-term support for R&D funding for innovation and job growth to keep Maine competitive. Members of the ballot question committee include a growing group of organizations representing diverse industries and regions across the state. To date, committee members include The Jackson Laboratory, FocusMaine, Startup Maine, Bioscience Association of Maine, Maine Composites Alliance, Maine Forest Products Council, MDI Biological Laboratory, BioHarbor Strategies, and Aroostook Partnership.
“The R&D bond on November’s ballot is an investment in our state’s economic future,” said Patrick Woodcock, president and CEO of the Maine State Chamber of Commerce. “Maine businesses and entrepreneurs can leverage state support to invest in innovative products and new machinery and leverage our state’s competitive advantages. We look forward to having a conversation with Maine voters about the benefits of research and development and urging them to vote yes on November 5.”
Woodcock added, “Maine lags other states when it comes to R&D investments and that has a long-term cost to our economy in bringing economic opportunity to our state. Supporting this investment is a critical first step toward stable and sustained state R&D investments for our economy.”
The Maine Economic Growth Council’s 2023 “Measures of Growth” report showed that Maine lags the country in research and development spending, ranking 44th of 50 states. The Maine 2020-2029 Economic Development Strategy prominently calls for increased innovation, to be driven by investments in research and development, highlighting evidence of state returns on prior investments.
Maine voters last approved a research and development bond in 2017. According to the Mills Administration, $45 million approved at that time helped leverage more than $224 million in private sector matching investments and had an impact of more than $1 billion on the Maine economy. The investment also generated 1,770 direct new jobs and roughly twice as many indirect and induced jobs.
“It is time to invest in our evolving Research and Development industries,” said Sen. Teresa S. Pierce, D-Falmouth. “Growing these industries means supporting Maine’s economic potential and creating an environment that keeps Mainers and their talent in Maine and encourages others to come to Maine and contribute to these industries. I’m grateful for the strong bipartisan coalition of legislators, in both the Senate and the House, that supported my bill to issue this R&D bond. I encourage all voters to learn more and support this measure in November.”
During the 131st Maine Legislature, L.D. 416, An Act to Authorize a General Fund Bond Issue for Research and Development and Commercialization, sponsored by Sen. Pierce, was passed and signed by Gov. Janet Mills. Maine voters will have an opportunity on Election Day – Tuesday, November 5, 2024 – to endorse the $25 million bond.
If approved in November, the bond will support innovation and job growth in several of Maine’s key industry sectors, including biotechnology, composites and advanced materials, environmental technologies, forest products and agriculture, information technology, marine technology and aquaculture, and precision manufacturing. The Maine Technology Institute will oversee the competitive grant review and award process, which will be open to Maine-based public and private institutions and will require grantees to match state funds with at least an equal amount of private investment.“
Invest in Maine’s Future” registered as a Ballot Question Committee with the Maine Ethics Commission on June 18.
