Issue link: https://nebusinessmedia.uberflip.com/i/1485578
W W W. M A I N E B I Z . B I Z 15 N OV E M B E R 2 8 , 2 0 2 2 B A N K I N G / F I N A N C E / I N S U R A N C E "Instead of dealing with multiple people every month or every quarter, I'm dealing with updating the NIH [National Institutes of Health] or whoever we receive competitive grants from on our progress." e other reason for the strategy: "e most expen- sive money for an entrepreneur to take in is the earliest money," he says. "As a company is able to prove itself and reach milestones, the less money it needs but also the less value a company has to give up. It's unfortu- nate that so many companies don't look at the oppor- tunity that's available not just through the NIH, but almost every branch of government." Prapela's funding sources include the federal Small Business Innovation Research and Small Business Technology Transfer programs, which are often collectively referred to as America's seed fund. Prapela was also a finalist in the 2021 LaunchPad emerging business category. Back at North Spore in Portland, anhauser jokes about pitch contests as a distant memory, saying that "my nightmares keep evolving." A musician who plays guitar and mandolin and writes indie folk country songs, he likens pitch-offs to performing a song, and encourages budding entrepreneurs to take a stab even without a formal business background. e former organic farmer has the track record to prove that's possible - he teamed up with two college friends to start a mushroom business that today has close to 60 employees and looks to its next fundraising chapter. "We are now ready to take on equity investors," he says. Renee Cordes, Mainebiz senior writer, can be reached a t r c o r d e s @ m a i n e b i z . b i z a n d @ r s c o r d e s Looking for a bank you can trust to be here now and in the future? Bank with a neighbor. During our 170 years in Maine, we've seen our share of banks come and go, merge, change names or close their doors. In all that time, Bath Savings has been here. We're your neighbors. We live and work in your communities. We know and care about the people who walk through the door, and we strive to provide exceptional service in everything we do. Bank with a neighbor. Call or visit us today. MEMBER FDIC EQUAL HOUSING LENDER 1-800-447-4559 | bathsavings.bank P H O T O / T I M G R E E N WAY John Konsin is the principal founder and CEO of Prapela, a Biddeford-based medical technology startup that has raised $4.64 million in grants and awards since 2017. F O C U S