During the past several months, my staff and I have traveled throughout Maine meeting with incredible individuals looking to develop products or services they hope will blossom into commercial ventures that will benefit them and the economic development of this state.

Many of these individuals work for companies already involved in the seven technology sectors in which the Maine Technology Institute (MTI) invests. Most of the people we meet are inventors and innovators working in one- or two-person shops. These so-called “garage inventors” are working on new products or technologies: from low-tech products to high-tech products, and everything in between.

These entrepreneurs, like their counterparts in larger companies, hope to create a product that ultimately can be manufactured and sold for a profit. For most of them, their ultimate goal is to own and operate a company to manufacture and sell the products they develop.

It’s the American dream, really, and MTI is able to assist them if the products they are developing are important for any of the state’s targeted sectors: advanced technologies for forestry and agriculture, aquaculture and marine technology, biotechnology, composites materials technology, environmental technology, information technology and precision manufacturing technology.

Since its inception in 1999, MTI has approved more than $8 million in funding to 118 different companies throughout all of Maine involved in those technology sectors. This is matched by over $12 million of co-investments by the companies themselves. To date, we have dispersed almost $4 million of those committed funds based on milestone achievements. I can assure you, MTI’s funds are being used each day throughout Maine in the research and development of new products and services.

As a former research scientist, I find that level of activity exciting and look forward to the accomplishments that are sure to result. Not only might the new technologies and products improve our lives, the formation of new companies will mean more jobs for Maine people and improve the business climate of the state.

Even with the MTI capital, we realized there was a major piece missing from the puzzle. While most of the innovators we meet through MTI are knowledgeable about researching and developing a new product, they have little or no knowledge of how to put together and operate a business.

Something needed to be done to fill that void. Fortunately, the U.S. Small Business Administration (SBA) was also aware of the problem at the national level and announced it would award a series of Federal and State Technology Partnership (FAST) grants to strengthen the technological competitiveness of small business concerns throughout the United States.

Working with representatives from 18 other organizations in the state, MTI submitted a FAST proposal. Recently, we received word that our application has been approved and Maine has been awarded $150,000 from the SBA.

Our plan is to use the grant to operate two, 10-session commercialization boot camps to teach Maine technology companies how to bring their products to market and make their company a commercial success.

These boot camps will deliver advanced intensive training through a series of modules providing in-depth guidance from recognized experts on specific facets of commercialization such as patent law, accounting, business practices, marketing, manufacturing and all the things necessary to own and operate a company.

While our boot camp plan appears to be unique in its approach, graduates will be provided the tools to design and execute a comprehensive strategy to put together a business plan and get their company up and running profitably. In order to further ensure that possibility, each graduate will be partnered with a mentor during boot camp, who will work with the participant company for a full year after the boot camp is completed.

Specifics of the boot camp will be announced as they become available, but right now we are looking to operate two boot camps during the first year – possibly in Portland and Bangor. To maximize the program’s effectiveness only 10 to 15 participants will be selected for each camp.

Of course, many more details will be released when the FAST program manager is hired to implement the program and work with the organizations and individuals who have the expertise to teach at the boot camps and to serve as mentors.

This is an exciting concept and Maine is fortunate to be one of 30 states selected to receive a FAST grant from the SBA

Gov. King has been incredibly supportive of MTI’s efforts, as has the Legislature, the Department of Economic and Community Development, and several other organizations involved in Maine’s economic development.

The concept of in-depth commercialization boot camps is already generating interest from the SBA and other states, which will be closely watching what we do here in Maine. Everyone involved in the process looks forward to that scrutiny and the challenge of making our boot camps successful.

Hopefully, they will become the model other states will follow.

Dr. Janet Yancey-Wrona is the director of the Maine Technology Institute.