QUESTION 2: An Act to Authorize a General Fund Bond Issue for Research and Development and Commercialization, Do you favor a bond issue of $25,000,000 to provide funds, to be awarded through a competitive process and to leverage matching private and federal funds on at least a one-to-one basis, for research and development and commercialization for Maine-based public and private institutions in support of technological innovation in the targeted sectors of life sciences and biomedical technology, environmental and renewable energy technology, information technology, advanced technologies for forestry and agriculture, aquaculture and marine technology, composites and advanced materials and precision manufacturing?
“Our state is at an inflection point,” Sen. Teresa Pierce, D-Falmouth, the sponsor of the legislative bill that became Question 2, said in testimony last April. “If we are to remain competitive in a rapidly growing economy, the time to invest in and expand our industries is now.”
Our editorial board stands in firm agreement with Pierce on this point. Question 2 is the first of three questions pertaining to bond issuances on the November ballot. If approved, Question 2 would make $25 million in grant funding available to deserving research and development, or R&D, and commercialization projects in seven named sectors (listed in the wording above), each of them more relevant and meritorious by the day.
We’re able to take stock of valuable precedent here, too: In 2017, Maine voters approved (61% voted “yes”) a bond of twice this size for grants to be awarded by the Maine Technology Institute. According to that body, $45 million was invested in 18 projects (183 proposals for funding were submitted, with every county in the state accounted for). Per an independent economic analysis, the investment will generate more than 5,000 jobs and $1.4 billion in overall economic impact for the state.
Too often we hear about how hard it is to do business in Maine. A well-timed grant can change everything for an entrepreneur with the will to succeed. With the potential for such cold, hard return on investment, and for the good of Maine’s reputation as a place for small and medium enterprise, Question 2 should be a open-and-shut case for voters.
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