One of us grew up in Maine. The other chose it. Both of us believe in its future.

Maine is one of the most remarkable places in the country. We believe in its people, its promise and its power to lead — not lag — the next chapter of American growth. But we need to think bigger and act faster — much faster.

We are entrepreneurs and investors, and we’ve seen how private market innovation can spark transformation. We believe in business as a force for good, a vehicle to create prosperity, expand opportunity and strengthen communities.

And we both chose Maine — because it’s a place of beauty, independence and grit. But it’s also a place that is losing ground.

Too many young people leave because they don’t see an opportunity. Too many who want to stay — or move here — can’t find professional ecosystems to support their growth. For all our charm, we face hard realities: declining lobster catches, high energy prices, population stagnation (despite a pandemic bump) and a small population and workforce that’s spread thin across a rural geography.

We can’t wish these challenges away. And we certainly can’t solve them by imagining a return to a long-gone era of manufacturing. We owe it to future generations to solve them now.

We must do what other states have done successfully — invest and put real capital behind a vision of what Maine can become. North Carolina envisioned a Research Triangle in the 1950s — an ambitious, coordinated effort to attract technology firms, universities and research labs. They didn’t get lucky. They built it. Today, the Triangle contributes more than $190 billion annually to North Carolina’s GDP and is home to over 300 companies and 60,000 tech jobs.

Colorado created a thriving aerospace and tech corridor through targeted infrastructure and incentives. Utah turned Salt Lake City into a national innovation hub through workforce programs and tax reform. These successes weren’t accidental — they were bold, deliberate and deeply strategic.

Maine, in contrast, has often hesitated. And we’ve paid the price. Take Burt’s Bees. It was founded here by Roxanne Quimby and Burt Shavitz. But it grew and ultimately relocated to North Carolina, where a supportive business environment enabled it to scale. Today it employs hundreds — but not in Maine.

It’s time for Maine to act with a similar purpose and urgency.

That’s why we’re proposing the Maine Transformation Fund — a $250 million state-backed credit facility that uses concessionary financing (below-market-rate debt) to attract high-growth companies to move operations, and jobs, to Maine. Think of this as a way to strategically de-risk private equity-backed business expansion — if, and only if, those businesses commit to hiring here, building here and staying here.

Private equity already uses credit to grow, but a more cost-effective approach can be a game-changer. For instance, a $25 million loan with a 4% savings means $1 million in annual savings — directly boosting profits. That kind of impact could be enough to attract businesses to Maine.

This isn’t a handout. It’s a smart, results-based investment that leverages the power of private markets. Concessionary loans — below-market-rate debt with strict performance metrics — would be issued only to companies that meet high standards for job creation, wage levels and Maine-based employment. It’s how we level the playing field with metro regions that already have the gravitational pull of capital and talent.

Here’s how it could work:

A professionally managed $250 million fund — financed through a state bond issuance — would offer financing at 3-4% below market rates to companies that commit to basing a substantial portion of their workforce in Maine office space within two years. That could be 10 new high-paying jobs for every $1 million in state-backed credit — jobs in sectors like technology, software, biotech and advanced manufacturing. Jobs that don’t exist here today.

Let’s run the numbers. Over five years, this fund could conservatively create 2,500 direct jobs and an additional 1,000 indirect jobs. If the average salary of those new positions is $75,000, Maine would see over $262 million in new annual payroll. That level of economic activity could add $350 million to $500 million to the state’s GDP and generate tens of millions in new tax revenue — more than enough to offset the cost of the fund and service the associated bond.

That revenue can be reinvested in housing, broadband, energy infrastructure and workforce training — creating a massive cycle of growth and opportunity.

This matters because capital follows talent, and talent follows ecosystems. A single job offer or a remote job doesn’t necessarily convince a young family to relocate. But a growing innovation cluster — with multiple employers, career paths and forward momentum — does.

We hear it often: “Maine is already supportive of entrepreneurs.” That’s true. We’re among the most founder-friendly states per capita. But start-up incubators and pitch contests alone don’t create fast scale or stability. They’re important — but they’re not enough.

We need employers. And employers need reasons to come.

This isn’t about compromising what makes Maine special. It’s about preserving it — by ensuring that future generations can build a life here. That our natural assets can fuel innovation, not just recreation. The next wave of companies sees Maine not just as a great place to visit, but as a smart place to invest and grow.

This is not only viable, it’s urgent. The opportunity cost of inaction grows every year. Talent is mobile. Capital is fast. If we don’t act, someone else will.

A well-structured public-private fund, governed by clear metrics, rigorous diligence and independent oversight, can be the catalyst Maine needs. If companies fall short, they repay. If they overperform, we all benefit. Maine has everything it needs — except the mechanism to make it happen. This fund can be that mechanism.

We believe in this state’s future. And if we build it, the rest of the country will believe in it, too.