Report: Technology grants lead to jobs

A recent evaluation of the Maine Technology Institute’s award programs concludes that the organization is helping to grow jobs statewide.

The evaluation, conducted by Charles Colgan, a professor of economics at the University of Southern Maine, evaluated MTI-funded companies that had completed their projects prior to June 30, 2004.

According to the report, employment in those companies increased by an average of 300 jobs in both 2003 and 2004.

MTI also showed an ability to leverage outside research and development money, thus helping a large percentage of MTI-funded companies to anticipate intellectual property rights protection.

“This evaluation demonstrates how valuable a little state money can be in helping Maine’s small businesses, entrepreneurs and innovative economy,” said Janet Yancey-Wrona, director of the state Office of Innovation.