Mainebiz Special Editions

V O L . X X V I N O. X V I 64 Fact Book / Doing Business in Maine ainebiz caught up with Shorey to get the lowdown on Startup Maine, and what entrepreneurs should know about launching a business here. Mainebiz: What is Startup Maine's mission? Katie Shorey: Our mission is to serve as a convener, educator and catalyst of Maine's entrepreneurial ecosystem. In addition to creative and useful pro- gramming, our organization provides access to talent, businesses, founders, and thought leaders. We also aim to reach "startup curious" people — those who are curious about what it's like to start a company or work for one — so we hope to help grow the talent pipeline. We bring organizations and people together for curated events, and celebrate and elevate Maine's entre- preneurial community. Last year ,we brought eight companies to exhibit and attend TechCrunch Disrupt in San Francisco — arguably the coun- try's largest startup conference. It was the first time any Maine companies (let alone a cohort) had attended, and they had access to investors, potential customers and media. MB: What advantages does Maine offer to budding entrepreneurs? KS: One, Maine's mentor network is strong. From SCORE to Maine Mentor Network, to Maine Angels and serial entrepreneurs, people are accessible and genuinely willing to offer guidance (it's not purely transactional). Two, resources and access to capital (from CEI, Maine Venture Fund, Maine Technology Institute, Finance Authority of Maine — check out the Guide to Resources for Maine Entrepreneurs on our web- site at www.startupmaine.org to view a wide list). And three, it's easy to get to know the players and organizations in the ecosystem. MB:What are the opportunities and obstacles for women to start busi- nesses in Maine? KS: Access to capital within Maine — and resources such as MTI, CEI Women's Business Center and inves- tors — helps with seed funding. I think it's important to note that the Maine Angels investing group has a high percentage of women who are Angels — so it's not your old boys' club — and they care about diverse founders as well P H O T O / J I M N E U G E R As president of volunteer-run organization Startup Maine and director of engagement for Live + Work in Maine, Katie Shorey is plugged in to the fast-moving tech and startup scene — and committed to sharing its business success stories with a wide audience. M Katie Shorey, president of Startup Maine, says that Maine has a number of advantages to offer budding entrepreneurs, including a strong mentor network and financial resources. A force of nature in Maine's startup scene B Y R E N E E C O R D E S I N N OVAT I O N / R & D There are a lot of people [in the startup ecosystem] to help and provide guidance — you just have to ask. Marden's bargain store was founded in 1964 with unique methods of sourcing merchan- dise, like insurance salvage and factory overstocks. Hussey Seating Co. was founded in 1835 to make plows. In 1960, the North Berwick manufacturer turned to spectator seating, serving gymnasiums, sport fields, professional arenas and performing art centers. Uncle Henry's Swap or Sell It Guide was founded in 1970. Ocean Approved was founded in Portland as the nation's first kelp farm in 2009. J. Wesley Raye founds Raye's Mustard in Lubec in 1900 as a condiment for Maine's burgeoning sardine industry. Renys department store founded in Damariscotta in 1949. Today, the family-owned chain operates 17 stores. 200 200 IDEAS FOR MAINE'S BICENTENNIAL as solid business ideas. As for the cons, the numbers show there aren't as many women-run companies, which makes it difficult from a direct founder-to- founder mentor standpoint. In addition, less than 3% of venture funding has gone to businesses with all-female founders, so the difficulty of getting venture capi- tal financing is heightened by the fact that we're in a "rural" setting. In other words, it's hard enough to be a woman and raise capital in Silicon Valley, but add that you're coming from Maine and that seems to make it harder. Maine also has a childcare issue, in terms of afford- ability and accessibility. MB: What's next for Startup Maine? KS: We will continue to share stories about Maine's tech and startup scene outside of the state. Bringing com- panies to events like TechCrunch, Collision, SXSW [South by Southwest Conference & Festivals] and other conferences is one way to help elevate our entrepreneurial ecosystem. We want companies to continue to think bigger. We are in ongoing conversa- tions with various groups about helping entrepreneurs get access to out-of-state investment. is includes partnering with Maine Venture Fund to bring their portfolio companies on a bus tour to Boston and pitch to investors. I would also like to see us be part of collabora- tive efforts focused on recruiting more people of color to Maine, as well as encouraging business to move to — or start up in — other parts of the state (read: not just Portland). MB: To someone thinking of starting a business in Maine this year, what's your top advice? KS: It's important to share your ideas with people who aren't your friends and family, so make sure you're casting a wide net as you begin your mar- ket research. My advice would be to actively seek connections in the startup ecosystem. ere are a lot of people here to help and provide guidance — you just have to ask.

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