Mainebiz

V O L . X X X I I N O. X X V I N OV E M B E R 1 6 , 2 0 2 6 28 O N T H E R E C O R D B Y R E N E E B Y R E N E E C O R D E S C O R D E S ainebiz: What prompted your path from entrepreneurship to the funding arena? Joe Powers: I grew up in Vermont. My parents supported us kids in enterprising hustles like bottle drives, lawn mowing, tag sales, etc. I can't recall whether they endorsed our fresh-caught fish stand. In my teens, I ran a painting company and a stor- age company that eventually acquired our football team-staffed competi- tion — a win for the nerds! In my 20s I moved to San Francisco and joined Tesla as the 121st employee. I helped build the company's U.S. and European sales and service network, then left to earn an MBA focused on entrepreneurship at Tuck. In my 30s, I joined two other startups, one of which brought me back to Silicon Valley and was later acquired by Amazon. I finally moved to Maine in 2016 to try my hand at my own tech project, which didn't survive con- tact with paying customers. As I was shutting the business down, I saw an MVF job posting in Maine Startups Insider and was interested to learn "the other side of the table." Now solidly in my 40s, I've really come to enjoy investing. MB: How has VC fundraising changed since your days as an entrepreneur? JP: e VC fundraising process has changed very little since I first encountered it during my time at Tesla. at said, investors' willing- ness to part with their capital is cyclical, largely following broader market sentiment. Right now, investors are generally nervous and founders have an uphill battle but deals are still happening. MB: Where does Maine Venture Fund fit into the state's startup funding landscape? JP: Founders often start with our sister organization in the state, Maine Technology Institute, for early-stage grants and loans. If rais- ing equity is required, companies tend to find MVF and partners like Corsair, Alchemy, Maine Angels, CEI Ventures and others both in- state and beyond for seed and Series A funding. MB: What stages of growth does Maine Venture Fund typically invest in? JP: We seek evidence of product- market-fit (generally once a com- pany is generating $250,000-Plus in annual revenue), though we do make exceptions for experienced founders. We also back earlier-stage compa- nies more systematically through partner funds. MB: How many potential investments are on your radar right now? JP: We're tracking 60-plus Maine companies. MB: What criteria does Maine Venture Fund look for in a startup? JP: MVF is industry-agnostic, but companies must be Maine-based and oriented for aggressive growth. We also weigh impact; we're proud that one in three of our portfolio CEOs is a woman, versus roughly one in 50 industry-wide. MB: How do you assess a startup's potential for success? JP: We look for strong teams with a strong plan. Of course, our full assess- ment is more complex. We investors earn our keep by reading the tea leaves - risks and opportunities that could shape the company's future. MB: What emerging sectors in Maine are you most excited about and why? JP: Innovations are happening in life sciences (both people and animals), climate, blue economy, manufacturing, food and beverage, etc. e diversity of industries in Maine makes our economy that much more resilient. MB: What's next for Maine Venture Fund in 2027? JP: In 2024, the MVF board set an ambitious goal of growing about three times in size within 10 years. We'll have a more fulsome announcement regarding progress in that direction early next year. We'll also host the 5th annual Maine Startup Challenge busi- ness plan competition for all ages this coming April. In general, we're increas- ingly excited about the companies we see emerging in the state. P H O T O / J I M N E U G E R Joe Powers, senior managing director at Maine Venture Fund, says the fund is tracking more than 60 potential investments at the moment. He was photographed in Portland at Orange Bike Brewing Co., a company in MVF's portfolio. Right now, investors are generally nervous and founders have an uphill battle, but deals are still happening. Since 1997, Maine Venture Fund has invested more than $57 million in over 100 Maine companies. Today, it has an investment portfolio of 35 companies and two funds. To find out more about the organization, Mainebiz checked in with Senior Managing Director Joe Powers. M

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