MEASURE TO ENCOURAGE MAINE’S START-UP COMMUNITY GOES TO PUBLIC HEARING

Start Maine Up can transform Maine’s story as the “oldest state in the country”

AUGUSTA–A measure that would  establish the Start Maine Up program to encourage and promote economic development within the entrepreneurial and start-up community  had a public hearing in the state’s Labor, Commerce, Research and Economic Development Committee today.

Sen. Rebecca Millett of Cape Elizabeth

“Start ME Up is one powerful way to transform Maine’s story of ‘oldest state in the country’ and to instead broadcast loudly and clearly that Maine is about growth, taking risks, and being creative,” said Democratic State Senator Rebecca Millett of Cape Elizabeth, the sponsor of the measure. “This can be one way to leverage our world-class university and college research capabilities, incentivize start ups, and create opportunities for our students to gain real experience and post graduation jobs.”

The measure, LD 1358, “An Act To Support Innovation and Entrepreneurship in Maine through the Start Maine Up Program,” would provide tax-free economic incentives administered through the Department of Economic and Community Development (DECD) for approved businesses that operate at state university campuses or community college campuses, including the University of Maine System, Maine Maritime Academy, and the Maine Community College System.

During the public testimony on her bill, Sen. Millett said, “The stakes are high as Maine’s retired population grows. With more people retiring than entering the workforce, our state will find itself in the worrisome predicament of scarcer workers, lower GDP, increasing costs of long term care and income support. The time to alter this trend is now.”

Both the University of Maine System and DECD both expressed support for the intent of the bill and their willingness to work with Sen. Millett going forward.

The LCRED committee is expected to schedule a work session on the coming weeks.