Mainebiz Special Editions

W W W. M A I N E B I Z . B I Z 3 M A R C H 6 , 2 0 2 3 O ne hundred and fifty-five years ago, Gorham Savings Bank was a startup itself. From those very first days, we've worked hard to help ensure that Maine's (other) small businesses would have the finan- cial tools, advice and access to cap- ital that they needed. Today we have more branches, m o re re s o u rc e s , m o re e x p e r - tise, much better technology and unmatched knowledge of the mar- kets we serve. We also have a unique understanding of the entrepreneur- ial experience, gained through our annual LaunchPad small business competition — which enters its 10th year in 2023. In that decade, we've awarded nearly $450,000 in LaunchPad grants to startups throughout Maine. And of course, our Business Bank- ing team continues to ensure that Maine business owners receive expert guidance when it comes to managing their money and grow- ing their Businesses. We are so honored to receive the U.S. Small Business Administration 2022 District Director Award. e award acknowledges all the hard work that goes into growing Maine's small businesses. In 2022 alone, GSB completed loans totaling $13 mil- lion in new money to small busi- nesses right here in southern Maine. ese are the loans that help small businesses reach that crucial "next level." We know from experience that early support is essential to the suc- cess of a small business. And we're proud to be able to fulfill our mis- sion to be a force for good in our local communities. at's why GSB began, 155 years ago, and why we plan to be here in another 155, still putting Maine first. — Steve deCastro President and CEO, Gorham Savings Bank and the GSB Business Banking Team (207) 221-8484 F RO M T H E S P O N S O R S 155 years of believing in local business C onveniently located off I-95, with the only active Foreign Trade Zone in the state, and over 200 mil- lion dollars recently invested in the downtown, Waterville's infrastruc- ture and innovation hub make the central Maine region an ideal place to do business. Together, the Thomas College- Harold Alfond Institute for Busi- ness Innovation, the Central Maine Growth Council, and the Dirigo Labs accelerator formed the Waterville Area Ventures ecosystem (WAVE) to serve entrepreneurs at every stage of business development. is unique ecosystem leverages resources from academic institutions, municipalities, a national mentor pool, a coworking space, and over 25 strategic partner organizations across the state. For early-stage entrepreneurs, the omas College-Harold Alfond Insti- tute for Business Innovation provides free assistance to early-stage entrepre- neurs from the ideation to incubation stages of their entrepreneurial journey with services such as market identifi- cation, customer discovery, moneti- zation framework, and refining their business model to find paying custom- ers. e goal is to provide the resources and guidance needed for individuals or businesses to turn their ideas into a working prototype or minimum via- ble product. Look for announcements about new entrepreneurship program- ming for summer 2023 coming soon. e Dirigo Labs accelerator helps later-stage startups gain the trac- tion they need to grow and succeed. roughout the 12-week cohort cycles, founders receive intensive mentorship and hands-on guidance from experi- enced industry leaders with access to a network of investors, advisors, and a robust, topically relevant curriculum. With dedicated office space in the Hathaway Creative Center, startup teams get help navigating the fund- raising process, applying for grants, and leveraging state and municipal incentives. e inaugural cohort cre- ated 25 jobs, raised $1.5 million in equity, and secured nearly $2 mil- lion of grant funding! Dirigo Labs also hosts the Better Maine Confer- ence, an annual diversity, equity, and inclusion event aimed at attracting and sustaining a diverse workforce. Since 2002, the Central Maine Growth Council (CMGC) has been the entry point for businesses looking to launch or expand into our region and remains a strong advocate throughout the business cycle. Funded by munici- palities and companies, CMGC serves as the economic development and plan- ning department for Fairfield, Oakland, Waterville, and Winslow and offers a range of services to businesses looking to launch or expand in the area. ese services include site selection assistance, customized data collection and analy- sis, business plan and financial model analysis, access to incentive programs, and assistance with permits and public policy. CMGC also provides access to the local talent pipeline and promotes economic growth through downtown revitalization efforts and the cultiva- tion of a technology knowledge hub. Recent successful grants have added over $12 million to project funding. e Growth Council's efforts aim to create a strong economy and a high quality of life in the region. e WAVE ecosystem partners are ready to help your company succeed, from ideation to scaling up or grow- ing your existing business. — Mike Duguay Executive Director e Harold Alfond Institute for Business Innovation — Susan Ruhlin Managing Director Dirigo Labs — Garvan Donegan Director of Planning Innovation and Economic Development Central Maine Growth Council Launch well and grow in Waterville We know that when Maine businesses thrive, Maine communities thrive too. On the move Our annual LaunchPad competition is shifting from its usual spring time frame to a new event date in October. Stay tuned for application updates and networking opportunities at GorhamSavings.Bank/ LaunchPad

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