Investing in Innovation, Economic Growth, and Job Creation
Hello, this is Governor Janet Mills, and thank you for listening.
You know, when you talk to people who are experts in business, or people who know a lot about the economy, they tell you that research and development is one of the most important things, a major force behind a strong economy.
Well, what is research and development? We talk about it a lot – “R&D” – it's basically the process of creating new products or taking things we may already have, and improving them to make them more useful. It requires a little degree of ingenuity, creativity, which Maine people have a lot of.
Our ten-year economic development plan, which I released in my first year in office, calls for us increasing investment in R&D. Well, we've made some progress. R&D spending in Maine has increased by 24 percent, and last year, I signed legislation to increase the state's share of spending on R&D until we reach the national average.
But we've got to keep at it. We already have a lot of companies and entrepreneurs in Maine who are working hard every day to improve their products and services and create new ones, and we know that supporting innovation can create economic growth and create good-paying jobs for Maine people.
That's why I endorsed a $25 million R&D bond, and why I signed legislation to send it to the voters, which they then approved.
Well this week, after a thorough process administered by the Maine Technology Institute, I was proud to announce 23 innovative Maine businesses and research organizations will be receiving awards funded by that R&D bond.
The companies who are receiving these funds are in nine different counties across Maine, they're developing new products and technology to compete on the global stage, and they're conducting groundbreaking R&D in every kind of advanced industry. Let me give you some examples.
bluShift Aerospace in Brunswick – they're going to use this grant to continue manufacturing rockets and making our state a leader in space flight.
Lyman-Morse Boatbuilding in Thomaston – a family business – they will use the grant to build an advanced composite center with state of the art manufacturing equipment.
Robbins Lumber in Searsmont will use the grant to transform low-value wood into high-value finished boards that builders need.
Marin Company in South Portland will use the grant to build a lab to keep up with the demand for its skincare products, made with chemical compounds found in lobsters.
Overall, with the $25 million dollars in state funding provided by the bond, matched by more than $718 million in private sector funding, we know these 23 companies will create and sustain thousands of good jobs and will provide economic benefits for years to come, putting Maine on the map.
I'm happy that Maine voters joined me in supporting the R&D bond – now we're distributing that funding to companies who will drive meaningful economic growth and job creation across our state.
This is Governor Janet Mills, and thank you for listening.