Mainebiz

W W W. M A I N E B I Z . B I Z 47 FA C T BO O K / D O I N G B U S I N E S S I N M A I N E I N N OVAT I O N / R & D TechPlace's tenants have access to shared bio lab and manufacturing spaces in addition to offi ce and industrial spaces, according to administrator Kristine Schuman. " ere's an opportunity to help grow a small busi- ness whether you've scratched out an idea on a paper or worked out of your home for a year," Schuman told Mainebiz during an interview earlier this year. "We off er support and education to run a business." Funding strategies Most of Maine's businesses are small. e U.S. Small Business Administration estimates that three-fi fths of the state's private workforce is em- ployed at small companies. Start-ups typically fi rst look to family and friends for fi nancing, then to banks or institutions like MTI, where they can get anything from seed capital to proof- of-concept loans. ose that are further along with their product or service can look locally to the Maine Angels, whose activity has increased in recent years to be acknowledged nationally by the Halo Report. e group saw a record year in 2012, when its members invested $3.35 million in 21 deals, ranking it in the top 10 most active angel groups in the United States that year by Halo Group. e group's members also have seen at least two exits, one involving Weston, Mass.-based cor- porate catering company exCater Inc., and a Norwood, Mass., company, Corbus Pharmaceuticals Inc., that went public. Maine Angels has invested more than $16 million since it was founded in 2003. Venture capital investment in the state's ven- tures is on the uptick, with companies raising nearly fi vefold the amount from 2014 to 2015, though the total deals remained the same, indicating a rise in the average amount raised per deal, according to fi gures released in January by the MoneyTree Report from PricewaterhouseCoopers LLP and the National Venture Capital Association using omson Reuters data. When the data were released, Tom Ciccolella, U.S. Venture Capital Market Leader at PwC, told Mainebiz, " e number of deals shows there's more appetite [for investing]. e deals have almost doubled since 2012 and 2013." e Maine Venture Fund also is a source of funding for Maine companies with a potential for high growth and public benefi t. Another avenue is seeking equity and debt investments, with U.S. Securities and Exchange Commission Form D fi l- ings increasing both in numbers and amounts. Most recently, the new federal crowdfunding law, which went into eff ect on May 16, is expected to spur more fundraises using securities rather than sending out products like Kickstarter or Indiegogo. It also is expected to spur activity for the state's Fund-Me crowdfunding rule, which has been in eff ect since Jan. 1, 2015, but has had no takers. e Maine Offi ce of Securities is currently revising it. Visitors who stay Locals will often say people come to Maine for va- cation, then move here to work or retire. Ironically, some 35-40 million people visit Maine during the summer, turning it into one of the most populated states in America. Texas-based Tyler Technologies, which sup- plies public-sector software and services, set up an offi ce in Yarmouth when it bought local company Munis in 1999, drawn in by a well-trained work- force, one manager said. And Massachusetts-based health care information technology company athenahealth expanded to Belfast because it is less costly than getting more space along Route 128 in Boston, experts say. Internationally, insurer Toronto-based Sun Life Financial, whose U.S. headquarters are in Wellesley Hills, Mass., set up a satellite offi ce in Scarborough to tap the local workforce, which includes a clus- ter of disability insurance companies, including UNUM Inc. And fi nally, Eimskip of Iceland moved its port of call for its own vessels to Portland from Norfolk, Va., in 2014, and the following year es- tablished the New England Ocean Cluster House between Portland offi cials and investors in Iceland and Portland to help Maine companies develop high-value, ocean-related products. In an interview with Mainebiz just after the company had located to Portland, Eimskip's Managing Director Larus Isfeld said that, "Because Eimskip off ers direct transatlantic services between the United States, Canada and Europe as well as services between Iceland and other major ports in Europe, it's important to remember that shipping to Iceland can provide [an opening] into other North Atlantic markets." Lori ValiGra, Mainebiz senior writer, can be reached a t l v a l i G r a @ m a i n e b i z . b i z a n d @ LVa l i G r a If you haven't seen Oxford Networks lately, you haven't seen Oxford Networks! • 1-800-520-9911 • oxfordnetworks.com • New 2,000-Mile Fiber Network • New Managed Cloud / Backup & Recovery Solutions • New Hosted Phone Solutions • Colocation at Five New England-wide Data Centers Oxford Networks! • New 2,000-Mile Fiber Network Phone • Colocation at Five New England-wide Data Centers See for yourself at OxfordNetworks.com / WhatsNew Do I sell my business to a competitor? Or to my employees? As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services, which are separate and distinct and differ in material ways. For information, including the different laws and contracts that govern, visit ubs.com/ workingwithus.©UBS 2016. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. 31.00_Ad_4.375x5.5_MH0524_TenS a b You worked hard building this business, but it's time to start a new chapter in your life. We know it's complicated. Our team can help you begin the conversation around transition planning and all of the responsibilities that come with running a successful business. For some of life's questions, you're not alone. Together we can find the answer. Family Wealth Management Partners UBS Financial Services Inc. One City Center, 7th Floor Portland, ME 04101 866-791-5512 ubs.com/team/fwmp

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