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V O L . X X I X N O. X X V I I N OV E M B E R 2 7 , 2 0 2 3 32 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S Previously, "We had someone on staff who had some knowledge of design, but weren't trained in it," she says. "Everything took longer." is year, Tanbark won the "Greenlight Maine" $25,000 prize. at's going to some of the tooling costs as the company brings prototyping in-house. Protoyping is currently done in China, resulting in delays and other issues. "Practical things, like their verifications, are different from ours," she says. "eir prototype is not made out of our materials or even made with our process. We used the $25,000 toward figuring out how to make pro- totype tools and make prototypes for customers out of our materials — that takes friction out of the process." e transition is mostly complete. "What's been so interesting is not only how the dollars made a difference but also the boost in cred- ibility, new connections, etc.," she says. "It got our name out and we've had people reach out to us who ended up working for Tanbark. In many ways, the money is part of a bigger picture." Equipment Kate McAleer founded Bixby Chocolate, a Rockland maker of organic chocolate bars in 2011 and last year opened a Bixby Chocolate Café in Waterville. Specializing in bean-to-bar chocolate manufac- turing, she does product collaborations with Maine companies like Split Rock Distillery and Maine Grains. Products are in major outlets like Whole Foods and L.L.Bean. Certifications include organic, non-GMO, kosher, gluten-free and vegan. In 2014, she won LaunchPad, then awarding $30,000. In 2016, the prize from the New York-based Tory Burch Foundation pitch competition at the time was $100,000, half as a no-interest loan. e 2021 "Greenlight Maine" win brought $25,000. "Every pitch I have won has gone toward equipment," McAleer says. "For example, we have 'Launchpad 1' and 'Launchpad 2,' which are our choc- olate melters that we use every single day and have been in use since we had them installed — they are utterly critical to our manufacturing process." Before LaunchPad, "I put a picture of the melter in my production area. I knew exactly what I needed." e "Greenlight Maine" money bought a cooker — fondly called "Greenlight" — for Beer Brittle production. e $100,000 bought a packaging line that enables sealing, dating, coding and taping of case pack boxes, in turn allowing expansion of the prod- uct line and innovations including seasonal items, snacks and drinking chocolate. "ese competitions are game-changers in that they help you take a giant leap forward as opposed to one step at a time," McAleer says. McAleer says she has a carefully considered business plan that lays out exactly where every dol- lar goes need to expand production. "at's always been important in how to deploy the capital in these pitch competitions," she says. "Lots of times, things can nebulous. Equipment is solid." Win or lose, competition preparation is itself a great education, she says. McAleer intended to just observe during her first Top Gun class. Instead, she was called to pitch. "I was completely unprepared," she says. "It was such an important lesson early on that kind of scared me into getting my act together, to being able to turn on a dime to talk about my business in a way that's succinct and effective." e moral? "Pitch competitions are competitions, but you need to be able to talk about your business regardless of the pitch competition," she says. "It's challenging, but worth the effort. Nothing gained if you don't try." L a u r i e S c h r e i b e r , 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 r e a c h e d a t l s c h r e i b e r @ m a i n e b i z . b i z Maine's credit unions are here for you. mainecreditunions.org Your success is our priority. Unlock financial success for your business with a Maine Credit Union. Experience personalized service, competitive rates, lower fees, and a community-driven approach to banking. Join today and enjoy tailored solutions that make a difference by empowering your business. » C O N T I N U E D F RO M P R E V I O U S PA G E F I L E P H O T O / DAV E C L O U G H Kate McAleer, founder of Rockland organic product maker Bixby Chocolate, spent several cash prizes on melting, cooking and packaging equipment.

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