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W W W. M A I N E B I Z . B I Z 21 N OV E M B E R 2 9 , 2 0 2 1 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E "Women like coming to Maine angels because we have women in the room," says Stone. Along similar lines, Maine Angels member Susan Morris says it's just as important to have enlightened men on board and attending gatherings focused on women: "Until the men equally show up, then we have not even cracked the surface because we're preaching to the choir." While Maine Angels members make their own investment decisions, Robert Kelley of Port Clyde says he's pleased that the group prioritizes diversity on a startup's management team — which also guides him in deciding where to put his capital and expertise. "I've turned my focus to exclusively funding and mentoring women and BIPOC entrepreneurs, helping them access capital, knowledge and man- agement experience often historically denied them," says Kelley, an investor in companies including Atlantic Sea Farms, Sara Rademaker's American Unagi eel-rearing venture and Dream Local Digital, whose board he chairs. Catherine York Powers, of Portland-based fin- tech startup Constant, recently recognized on the Forbes Next 1,000 list of entrepreneurial heroes, also has a mission-driven approach to her invest- ments in small companies, but for personal reasons. "Being a woman of color, I also look for oppor- tunities to invest in folks like me, because it's one thing to have hurdles as a woman, but those hurdles are even higher for women of color," she says, thankful she didn't encounter those hurdles in rais- ing $7 million for her own startup. Women helping women Elsewhere in Maine's startup ecosystem, Maine Venture Fund has a number of women-led firms in its portfolio with plans to add more, according to the fund's new investment manager, Nina Scheepers, a former Unum product manager. "When you look at returns, women-founded start- ups, or at least startups that have diverse representa- tion, return more dollar per dollar of funding to their investors," she says. "Analytically, you would want to be funding more women because those businesses are returning better capital." Her tip to capital-seeking entrepreneurs: "Talk to us early." e same goes for Karin Gregory, co-founder and managing partner of Biddeford-based Blue Highway Capital, who urges female entrepreneurs to reach out to female investors. Gregory notes: "As Madeleine Albright once said, 'ere's a special place in hell for women who don't help other women.'" R e n e e C o r d e s , M a i n e b i z s e n i o r w r i t e r, c a n b e reached at rcordes @ mainebiz.biz and @rscordes While some doors close, ours remain open. During our nearly 170 years in Maine, we've seen our fair share of banks come and go, merge, or close their doors. When that happens, it can leave many good people and local businesses with important financial questions, like... "Should I switch my bank?" If you have a question, Bath Savings is here to help. Our doors are open. MEMBER FDIC EQUAL HOUSING LENDER 1-800-447-4559 | bathsavings.com Kay Aikin of Dynamic Grid — a Portland- based startup that designs intelligent energy for electrical grids — is having a tough time in her effort to raise funds for a solar project in Maine. We need more women investors, and we need more women tech investors. — Kay Aikin Dynamic Grid P H O T O / T I M G R E E N WAY

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