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V O L . X X I I N O. V I I I A P R I L 1 8 , 2 0 1 6 28 B A N K I N G & F I N A N C E F O C U S environmental footprint, whether it is making products that are harmful or that help to protect the environment. " ere's a huge amount of interest in this type of investing," he says. He adds that this also responds to the other big need we have in the United States, to address some fairly signifi cant infrastructure issues like energy, because he believes oil is so cheap now, but it's a blip and is beginning to bubble back up. "We know that the issue of global warming is signifi cant," he says. " is suggests two things." One is the need to pursue the development of alterna- tive energy, which is an area where Maine has a pretty good position in in terms of technology development and people who are keenly interested in it. "What we do not have is an accep- tance of that at all levels of our state government," he says. Martin says there are half a dozen companies in Maine that are doing some pieces of this [distributed energy], and so the challenge to them is to get on the radar of those investors interested in funding them. One is PTT Distributed Energy Systems of Wiscasset, a subsid- iary of Peregrine Turbine, which recently raised $100,000 of a $4.5 million debt and equity off ering. Other related parts of the company have cobbled together earlier fi nancing, including equity rounds and SBIR funding. "But by the same token, they have to build up enough scale to be attrac- tive to investors," Martin says. "ESG investors are not interested in early stage companies that are small. So the idea of collaboration and being in an area where it is easy to fi nd others who are like you is one of the reasons Silicon Valley is so successful. "So why aren't we taking more advantage of it with Massachusetts nearby? Part of it is the political atmo- sphere is kind of a barrier." " e other thing is what have as outputs from the university community that would help sustain that kind of growth. What is the fi rst thing people ask about when they think of relocat- ing to Maine? How do I get people to work for me?" he says. "It's going to get solved, but not overnight. You have to change the culture so that your uni- versity and college environment is rich and deep and that it has some scale in terms of graduates who want to stay." He says that's the theory behind the new Maine Center for Graduate Professional Studies now being built up at the University of Southern Maine in Portland. Martin also works at the center, and will focus on experiential learning based on relationships with Maine's business, legal and public ser- vice communities. e key, he says, is to get more interdisciplinary education so that lawyers, for example, know business issues in dealing with clients once they are in the working world. "You still are stopped with some of the basic, non-sexy infrastructure issues that are going to be an issue for the state as long as we have as few belly buttons as we do," says Martin. Other issues include high-speed broadband, which can keep companies and students from coming to Maine. Another area of growth related to renewable energy is climate migration. Global warming eventually will make places like Boston uninhabitable, and Maine will start looking pretty good as a place to live and locate a business. "I think Maine has a challenge in terms of land-use planning, infrastructure development … [and other things] that are going to be necessary to increase the population. I think the fact that we're losing population due to age is a transitory thing. From a public policy standpoint we need to think of how to address these issues on a collaborative basis in terms of providing the right and necessary infrastructure for the state ... fi guring out ways to address those issues can attract the right kind of funders." Burns says Maine's innovation problems aren't just about the money. "Companies go where the money is," he admits, "But Maine Angels shouldn't be considered an economic development tool. Investors are looking to assess companies with high return on invest- ment." He advocates for angel groups in diff erent areas like Maine and Boston to forge stronger ties among themselves and with small venture capitalists that invest smaller amounts and may join a syndicate of investors. Says Burns, "We need to build companies to get them to scale." L V , 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 @ . a n d @ L V » C O N T I N U E D F RO M P R E V I O U S PA G E network cabling / audio visual / security / wireless / telephone connectivity point design & installation / ME-NH-MA / 866-782-0200 / connectivitypoint.com Connectivity Point designs and installs camera systems to protect assets, deter threats, and increase safety. Plus, get real-time data with remote viewing capabilities. We have solutions for all applications and all price levels. Contact us today for a custom solution. access control video surveillance intrusion detection 24/7 monitoring system design risk assessment PROTECTION YOU CAN BANK ON PROTECTION YOU CAN BANK ON PROTECTION YOU CAN BANK ON THE FINANCIAL INDUSTRY IS COMPLEX AND EVOLVING. And we've been proudly serving fi nancial institutions for more than 40 years. THE FINANCIAL INDUSTRY IS COMPLEX AND EVOLVING. And we've been proudly serving fi nancial institutions for more than 40 years. nhdlaw.com • Portland (207) 774-7000 • Lewiston (207) 777-5200 Maine continues to Maine continues to Maine continues to Maine continues to Maine continues to Maine continues to Maine continues to Maine continues to Maine continues to experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of experience a lack of scale in enterprises that are worthy of significant investment. — Bob Martin Strategic Equity Partners LLC

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