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Fact Book: Doing Business in Maine — 2018

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W W W. M A I N E B I Z . B I Z 103 FA C T BO O K / D O I N G B U S I N E S S I N M A I N E B Y G W E N D O L Y N J O N E S S tudies have shown that becoming an entrepreneur in your late career can boost your quality of life. Transitioning to entrepreneur- ship in late career increases quality of life signifi cantly more compared to staying in the same job or switching to a new organizational job, despite being associated with a lower income. Further, the number of older adults who are self-employed outweighs that of young adults. is trend is also a reality in Maine, where more than 40% of the population is 50 or older. Older Mainers represent 39% of the work- force. Of those aged 50 to 64, 16% are self-employed entrepreneurs, versus 12% for those aged 25 to 49. How to fi nd support Edward Rogoff , author of " e Second Chance Revolution: Becoming Your Own Boss After 50" and dean of the LIU Brooklyn School of Business, off ers this advice: "Take advantage of the help you can get for free from organizations such as SCORE and entrepreneurship centers at universities." In addition to Portland SCORE, there is a wealth of free resources in Maine and a strong initiative to support entrepreneurship. "Maine is the most unique place I lived in so far and has many people that genuinely want you to be successful. It also has the most active group of business angels in the country," says Martha Bentley, director of innova- tion at the Maine Technology Institute. "MTI programs are open to every- one, but we do fi nd that we have quite a lot of entrepreneurs that are more seasoned folks taking advantage of them. eir deep industry experience is a real diff erentiator for them. Also interesting to the 50-plus age group is that the University of Maine has a center of excellence for aging and there are several local networks specifi c to encore entrepreneurs," she adds. Veena Dinesh, director of busi- ness incubation at University of Maine, highlights the opportunity for those with a scalable business idea to apply for Top Gun, a program to accelerate the progress of entrepreneurs. e program concludes with a pitch contest in front of panelists that may include potential investors. "We have three entrepreneurs who are above the age of 50 in this year's class," Dinesh says. Applications for the 2019 class open in November. Talk to other people in Maine "When you have an idea, talk to other people," says Michael Lessard, co- founder of WingsRealityEDU, the world's leader in the development and delivery of web-based aviation training programs and incubator tenant at the Upstart Center for Entrepreneurship in Bangor. Lessard started the business when he was 49. "Our business model would have allowed me to locate any- where, but we chose Maine," he says. "It has a solid support system and the lifestyle really stands out." G J is a journalist and writer based in Austria. With a Ph.D in animal sciences f rom the University of Aberdeen and an MBA from the Tippie College of Business at the University of Iowa. She is also head of communications at Anco Animal Nutrition Competence, an Austrian startup. She can be reached at @. Take a leap: Starting a business at 50 plus in Maine H OW TO I N F R A S T R U C T U R E / D I S T R I B U T I O N TAO Greenhouse — Brunswick Trend-setting PM Construction has been working with the owner and architect to create a visually-interesting and multi- functional facility. This project aspires to be a trend-setting development within an urban environment. It is a unique facility which encompasses all aspects of farm-to-table, from agricultural production to consumption. When you need help bringing your next project to fruition contact Laura Blanchette 207.282.7697 Trend-setting Maine Small Business Development Center www.mainesbdc.org Maine Technology Institute www.mainetechnology.org Upstart Center for Entrepreneurship www.upstartcentermaine.com Maine Center for Entrepreneurs www.mced.biz University of Maine business assistance www.umaine.edu/econdev/ business-assistance Start Up Maine www.startupmaine.org Maine is the most Maine is the most Maine is the most Maine is the most Maine is the most Maine is the most Maine is the most Maine is the most Maine is the most unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so unique place I lived in so far and has many people that genuinely want you to be successful. It also has the most active group of business angels in the country. — Martha Bentley Director of innovation, Maine Technology Institute

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