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W W W. M A I N E B I Z . B I Z 11 J U LY 2 4 , 2 0 1 7 Get engaged, inspired and connected with a print + digital subscription to Mainebiz. You'll receive bi-weekly issues, special publications and full online access! F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion $2.00 $2.00 $2.00 July 10, 2017 July 10, 2017 July 10, 2017 VO L . X X I I I N O. X V VO L . X X I I I N O. X V VO L . X X I I I N O. X V www.mainebiz.biz www.mainebiz.biz www.mainebiz.biz Know Maine Business. Or call: 845.267.3008 Subscribe online: mainebiz.biz/knowmainebiz F O C U S F O C U S F O C U S S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E Southern Maine builds Southern Maine builds Southern Maine builds on diverse industries on diverse industries on diverse industries S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in in in Economy in Economy Economy Economy in Economy in Economy in Economy Economy Economy in Economy motion in motion motion motion in motion in motion in motion motion motion in motion F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H RO O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N W AY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H R O O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N WAY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz WE'VE GOT MAINE* COVERED ALL DAY AND EVERY DAY *with nightly and weekend routes to New Hampshire and Massachusetts with nightly and weekend routes to New Hampshire and Massachusetts WE WANT TO BE YOUR COURIER! CALL 800-427-7547 For sales and information CALL 848-7546 For service and dispatch FIRST TIME CUSTOMER? Mention this ad for 50% off of your first pick-up and delivery order. Want funding? Here's what fi nanciers want to see in your pitch deck B y L o r i V a l i g r a T he days of entrepreneurs sketching out a business plan on a napkin and getting enough Route 128 or Silicon Valley investor money to start a company are long gone. Nowadays, venture capitalists spend an average of three minutes looking at a company's pitch deck — the outline of their business plan in a PowerPoint, Keynote or Prezi docu- ment — that aims to raise money. That's according to Angela Lee, founder of 37 Angels in New York and a speaker at the recent Maine Startup and Create Week. "There aren't as many differences in angels versus ven- ture capitalists now," Lee told Mainebiz recently in a phone interview. Angels used to be considered patient investors, and some still are, but she said the pace of growth angels and venture capitalists require for a company is fast. Before even seeking outside investment, companies should ask what success means for them, how many hours they are willing to work and how fast they want to grow, she said. "It's all about hustle," she said. And she knows about hustle. She founded 37 Angels fi ve years ago, with "37" standing for the gap between the 13% of investors who are women and the goal of 50% she'd like to see. 37 Angels comprises 70 angels who have invested $4 mil- lion in 42 companies, with an average investment of $50,000 to $150,000. It also has had fi ve exits and invested in nine Series A and two Series B rounds. Lee said preparing to attract an investor is all about boots on the ground. To learn about investors, she recommended talking to other entrepreneurial companies that took on out- side investment, attending startup events to meet investors and other companies and looking at online resources like gust.com, angellist.com and crunchbase.com. One question to ask, she said, is whether the investor is entrepreneur-friendly or a predator. Once the company decides to approach an investor for- mally, 37 Angels offers up recommendations for the 10 slides investors want to see. It's website, 37angels.com, notes that only eight of the 300 companies that apply get to pitch to 37 Angels every other month. In its Pitching 101, it recommends using a tagline of 10 words that is immediately understandable. Other best practices include keeping the presentation simple, knowing the audience to whom you are pitching, pitching the company and not just the product, disclosing any "warts" as they'll be found during discovery anyway and testing your pitch on 10 people you don't know and seeing if they under- stand what your company does. "Companies talk too much about products and not enough about the company and its people," Lee said. She encouraged Maine entre- preneurs to not worry whether they many be thought about as being "lesser" just because they aren't in a big city. "I heard a lot of apologies when I was in Maine about being unso- phisticated compared to New York," she said, adding that she's inter- ested in looking at Maine for pos- sible investments. "Take that out of the equation." B I Z M O N E Y 37 Angels' 10 steps to Pitching 101: 1. What problem are you trying to solve? 2. How is your company going to fi x this problem? 3. Why is your team the right team (include names, titles, relevant experience)? 4. What is the market opportunity? 5. Who is your customer? 6. How are you acquiring customers? 7. How will you make money? 8. Traction to date and what metrics matter to your business? 9. Why is your company special? 10. What are the terms of the fund raise? P H O T O / 3 7 A N G E L S or TV white space, to beam internet service to last-mile areas. Maine Public reported that 20,000 rural Maine households lack inter- net service. "And many more are underserved," Axiom President Mark Ouellette told the sta- tion. In a white paper posted on the company's website, Microsoft President Brad Smith announced a national initiative to close the broadband gap, which hampers economic growth in rural America. "As a country, we should not settle for an outcome that leaves behind over 23 million people living in rural America," Microsoft said in its white paper. e Bangor Daily News reported Axiom previously received a $72,000 Aff ordable Access Grant from Microsoft, which helped Axiom to deploy TV white space service for $9.99 per month for the fi rst year, as well as to off er digital literacy training. Axiom was one of 10 recipients in all, spanning the globe from India and Africa to South America. On MDI's 'quiet side,' residents oppose cruise ship e prospect of a 310-foot, 210-pas- senger ship in Southwest Harbor garnered overwhelming opposi- tion among more than 90 people attending a recent harbor commit- tee meeting. e Mount Desert Islander reported that Pearl Seas Cruises wants to anchor the ship outside the town on Sept. 21 and bring passengers aboard a 36-foot tender to a privately owned pier, where they would board buses to Angela Lee, founder of 37 Angels, said venture capitalists look at a company's pitch deck an average of three minutes.

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