4 Reasons Why Maine is the Next Big Startup Hub
Although Maine might be known for endless lobster and sublime summers, the pine state has been growing as a destination for start-ups. From 2012 to 2015 “the growth of SBA loans per 100,000 people grew 67% and the number of small businesses per 100 residents ranked at no.7 with 2.91.”
Maine is ranked as the 11th most entrepreneurial state and there are many reasons why you should make it your base. On the entrepreneurial front, Maine is seen as “a place that people who left [Maine] to create successful businesses elsewhere are returning to, and a magnet for young go-getters looking for the perfect place to start a new business and raise a family.”
1) Established Community: We all get by with a little help from our friends.
When starting your business, it is very important to have a supportive community willing to share their knowledge and resources with you, and that is especially important for startups. A strong startup community is important because it signalizes funding options and the existence of incubators or accelerators. It also means that city and state policies are aligned with startup goals and needs, or at least on their way to be. Also, this gets overlooked often, but keeping a startup afloat requires many stressful days and sleepless nights and just having someone around to listen and relate to your problems, can be invaluable.
As a state, Maine has several startup communities. When searching for an overview of those communities, Startup Portland is a great place to start.
When you visit Maine, there is automatically a homey feel to the atmosphere where ever you go. Even when you’re doing business in Maine, this cozy vibe is also existent. The Maine Mentor Network is there to help by fast-tracking success of Maine businesses and give you access to people who have been in your shoes before and are willing to share their experience.
Looking for events to inspire you? Maine has that too! There are several start-up weekends and event, such as Portland Startupers or PubHub, throughout the year that you can attend to gain knowledge and talk with other startupers. Maine Startup & Create Week is a spectacular choice to participate in with more than 75 events. One of the best ways to learn is from others!
2) Office Space: Looking for up and coming?
Maine has been ranked as one of the top ten states for Quality of Life. Although it’s not the least expensive choice, it is definitely lower that NYC or California. The greater Portland area is an up and coming neighborhood to live in and the spaces that are for rent are a fourth of the cost in NYC. If you’ve been dreaming of finding a trendy loft for an office space, Portland, Maine is the place for you and your new venture.
Youngsters today, generally individuals from Generation Y (ages 11-25) “want it all”. Meaning, they are looking for a good life with a standard amount of money and work-life balance is an imperative – 85% of Gen Y wants to spend 30-70% of their time working from home. What’s a better place than Maine to live that work-life balance to the fullest?
3) Funding: Money, oh money…
Money always seems to be a barrier, but Maine offers lots of funding opportunities. Since 2003, Maine Angels has invested in new companies during their early stages to help them hurdle over monetary obstacles. So if you’re new, jump on that opportunity.
Need VC funding? There are several firms that are looking to help in Maine depending on what category your start-up is within. Just to mention a few, Black Point Group, North Atlantic Capital and Masthead Venture Partners seek to help those in the fields of science, technology, and public service. CEI Ventures attracts companies who are contributing to the economic and social well-being of communities in Maine. These are just four of your endless options for investments. Get googling!
4) Fun: Create a life you don’t need a vacation from.
Work-Life balance can be argued to be a necessary aspect of life and living. Moving to Maine might be an adjustment if you aren’t used to the long winters but, thankfully, Maine gives you the opportunity to embrace the work-life balance and each season to its fullest. Skiing at SugarLoaf or Sunday River, Kayaking on the Saco River, and beaching on the coast is definitely worth the adjustment.
Maine is headed in the direction of becoming one of the top innovative and entrepreneurial states in the U.S. If you’re considering relocating to a state where your dreams and goals can unfold, make sure to not overlook Maine, as it will always be Open For Business.
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