Do you favor a bond issue to stimulate economic development and job creation that would provide $5,000,000 in loans and grant funds and would provide $50,000,000 in research, development and commercialization funds for targeted technology sectors, awarded after a competitive process administered by the Maine Technology Institute, and will leverage at least $50,000,000 in other funds?

Maine has done much to build its research and development capacity in the last decade. Still, because of a lack of sustained investment, it lags behind other states. This bond will provide some of the funding needed to further research efforts and to turn that work into commercially viable products and services, furthering the economic benefit to the state.

Maine has seen the results from spending on R&D – expanded industries, more jobs, a huge amount of funding from outside Maine, new opportunities for college graduates leading to spinoffs and future technologies that will help carry the economy here. Despite these advances, lawmakers haven’t come close to what most states spend to support these industries.

Maine’s inconsistent growth in research and development has limited its opportunities and limited its tax base. Like many programs here that begin as good ideas, R&D hasn’t received the commitment it deserves.

This bond would not fulfill such a commitment, but it would move the state in the right direction. Research and development, whether public or private, is the means for Maine’s economy to grow, by creating industries large enough in key areas to spin off new businesses with high-value products that rely on intellectual resources in addition to natural resources. Hundreds of jobs already have been created in just the past few years in Maine through previous investments, jobs that enable Maine college graduates to build a career here.

Previous R&D investments have brought in $14 for every $1 invested, an impressive rate of return. In addition, Maine companies that receive state R&D investment are growing six times faster than the state economy as a whole. These companies also pay wages that are 25 percent higher than the state’s average per capita income.

Rather than allocating money to specific institutions and projects, Question 2 sets up a competitive process so that the bond funds would go to work with the largest potential payback. The Maine Technology Institute would manage $50 million of the bond funds. The money would be available to the state’s universities and colleges as well as independent research laboratories.

Question 2 also includes $3.5 million for the Finance Authority of Maine and $1.5 million for the Maine Rural Development Authority. Those funds would be made available to support additional economic development initiatives.

With its companion, Question 3, which would upgrade facilities at the University of Maine System, Maine Community College System and Maine Maritime Academy, a yes vote on Question 2 will continue the state’s vital research and development progress.