Business Innovation Funding (BIF)
Business Innovation Funding (BIF) supports Maine businesses developing and commercializing innovative products, services, and processes to build competitive advantages, create jobs, and drive economic growth.
Funder: Maine Technology Institute
Due Dates: Rolling (Applications accepted at any time)
Funding Amounts: Typical first-time grants: $10,000–$30,000; cumulative grant cap: $100,000 per enterprise; loans and equity available beyond $100,000
Summary: Supports Maine businesses developing, commercializing, and scaling innovative products, services, and processes that create jobs and economic growth.
Key Information: Requires at least 1:1 matching investment, with a mandatory cash portion that increases with cumulative funding.
Description
Business Innovation Funding (BIF), administered by the Maine Technology Institute (MTI), supports scalable businesses from early-stage development through commercialization and growth. It funds customer-facing innovations and internal innovations, including new manufacturing processes, that help companies create competitive advantages, quality jobs, and revenue growth in Maine.
Supported activities include research and development, prototyping, product testing, process development, manufacturing innovation, intellectual property protection, sales and marketing, regulatory work, certifications, and hiring key team members. Projects should represent the next step in a company’s development, with defined goals, timelines, budgets, and measurable deliverables—not general operations. MTI prioritizes meaningful scientific or technical challenges, while non-technical innovations require particularly compelling evidence of defensibility, customer demand, and market opportunity.
