The Maine Technology Institute (MTI) is a publicly-funded, nonprofit corporation established by the Maine State Legislature in 1999. Based in Portland, Maine, MTI is an industry-led organization that provides early-stage capital and commercialization assistance to support Maine's innovation economy. The organization employs 33 people and operates as a 501(c)(3) public charity.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$29.2M
+31.0% YoY
Annual Giving
$17.0M
-44.7% YoY
Grant Count
129
-46.9% YoY
Avg Grant Size
$132K
+4.2% YoY
Mission & Focus Areas
MTI's mission is to "encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people."
The organization funds research and development projects across Maine's seven technology sectors, with a focus on generating high-quality jobs and supporting the development of a statewide research, development, and product deployment infrastructure.
Grantmaking
MTI offers competitive grants, loans, and equity investments to businesses, organizations, and entrepreneurs. Funding levels range from less than $25,000 to over $250,000.
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Geographic Focus
Where this funder awards grants
MTI primarily funds projects in Maine, with some activity in Massachusetts and New York.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent (Fiscal Year 2024):
- Total Assets: $29.2 million
- Total Revenue: $22.5 million
- Total Expenses: $22 million
- Total Liabilities: $26.1 million
- Total Giving: $17.8 million
Historical Context: The organization has maintained substantial assets and annual revenue of approximately $26 million.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $29,202,613 | $22,300,505 | $19,619,742 |
| Revenue | $22,492,763 | $36,158,450 | $14,853,693 |
| Expenses | $21,984,308 | $35,498,648 | $15,091,479 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $696,274 | $392,679 | $166,670 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Open Grants
1 open opportunity from Maine Technology Institute
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Jake Ward | Secretary | 2 | — |
| Amberlynn Esperanza | Treasurer | 2 | — |
| Melissa LaCasse | Chair | 2 | — |
| Jed Beach | Director | 2 | — |
| Dan Belyea | Director | 2 | — |
| Michael Cassata | Director | 2 | — |
| Heather Johnson | Director | 2 | — |
| Meredith Mendelson | Director | 2 | — |
| Rob Pierson | Director | 2 | — |
| Ian Swanberg | Director | 2 | — |
| Susan Tapley | Director | 2 | — |
| John Pavan | Past Director | 2 | — |
| Brian Whitney | President | 40 | — |
| Gregory N Lee | Director of Finance & Administration | 40 | $115,233 |
Recent Activity
Recent developments and announcements
MTI has announced multiple rounds of awards to Maine companies and continues to fund research and development projects across the state. The organization remains active in supporting technology commercialization and economic development initiatives in Maine.
Governor Mills Announces $25 Million in Awards by ... - Maine.govSubject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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