Mainebiz

V O L . X X X N O. I JA N UA R Y 8 , 2 0 2 4 18 E C O N O M I C F O R E C A S T F O C U S E C O N O M I C D E V E L O P M E N T Maine's 'readiness for anything' has galvanized in recent years B y P e t e r V a n A l l e n L ee Umphrey, president and CEO of Eastern Maine Development Corp., says Mainers have always used Yankee ingenuity. But it's increased in recent years. "Maine's readiness for anything has increased tenfold," he says. "is past year, we faced violent tragedy in Lewiston, increasing weather chal- lenges caused by the climate crisis and remnants from pandemic-related business stress." Economic development depends on that resilience, but it also relies on partnerships between the federal government, state and nonprofits like Eastern Maine Development Corp., which is based in Bangor and focuses on Hancock, Penobscot, Piscataquis and Waldo counties. "Having additional resources with a pulse on our region's needs helped us leverage resources to make things better for businesses, communities, and workers. By establishing and further expanding this collaborative approach, we will grow the economy, increase cooperation, and together make our state a better place to work and live. is temporary influx of federal funds was targeted and aimed to establish systemic business practices to be sustainable," he says. He urges leaders to continue to look for new ways to work together in 2024. "As a state, we get along on grit and resolve but we need to do more. Next year is the time to embrace opportuni- ties and innovation," he says, citing three necessary pillars: 1. First, affordable broadband for all is essential, Umphrey says. 2. Second, with the university and community college systems, "we need to focus on training people for the jobs of the future that pro- vide services or produce goods that are environmentally friendly and keeps Maine's natural beauty." 3. ird, "we need to assist new Mainers in succeeding in the workplace and our communities." "Here in Maine," Umphrey says, "we need to remember President Roosevelt saying during hard times. 'A smooth sea never made a skilled sailor.'" B I O T E C H N O L O G Y Maine's life science industry is poised for further growth, 'domino effect' B y W i l l i a m H a l l W hile its technologies might seem exotic, the challenges fac- ing Maine's life science industry are familiar ones. Finding the right employees. Finding housing for them. Building financial support for new companies as they grow. Meeting those challenges in the year ahead is a high priority for the industry — and should be for the state, accord- ing to the Bioscience Association of Maine, known as BioME. "With bioscience companies consistently expanding and generat- ing high-paying jobs, sustaining this growth requires Maine's dedicated attention," says the trade group's exec- utive director, Agnieszka Carpenter. Once confined to clusters of companies and academic labs around Boston and San Francisco, the life science field has more recently been thriving in Maine. ere are more than 9,500 biosci- ence jobs at roughly 500 compa- nies throughout the state, BioME reported in 2022. Over the previ- ous five years, the number of jobs soared 42% — not only outpacing job growth among all Maine industries, but growth in life science positions anywhere else in New England. With an average salary of $109,000, the industry added $2.2 billion to the state's gross domestic product, or 3.5% of the total. Carpenter, a 2023 Mainebiz Woman to Watch, believes Maine is now poised to become a life science hub in its own right. "e increasing interest of out-of-state entrepreneurs establishing or moving their operations to Maine should be considered," she says. "Attracting more companies to the state will contribute to sort of a domino effect that will provide organizations an increasing workforce of, continuing the trend for a developing cluster of bioscience organizations in Maine." Digital advances, such as the use of cloud platforms and artificial intelli- gence, will help fuel that growth. Many of the technology innovations were made in response to the pandemic, but "the digital solutions are here to stay," Carpenter says. Investments in the industry's tal- ent pool and R&D efforts will pay off, she believes. "Innovations in the life sciences are going to transform everything from agriculture to personalized medicine in the next few years and we as a state need to invest in the technologies and human capital nec- essary, for the economy and health of our people." » C O N T I N U E D F RO M PA G E 1 6 F I L E P H O T O / WO J C I E C H B E D N A R C Z U K Agnieszka Carpenter, executive director of the Bioscience Association of Maine, says recruiting is a key goal for 2024. P ROV I D E D P H O T O Lee Umphrey, president and CEO of Eastern Maine Development Corp., cites Maine's "readiness for anything," which has increased in the wake of recent challenges. Maine's readiness for anything has increased tenfold. This past year, we faced violent tragedy in Lewiston, increasing weather challenges caused by the climate crisis and remnants from pandemic- related business stress. — Lee Umphrey Eastern Maine Development Corp.

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