Photo by Ramona du Houx
The Maine Technology Institute (MTI) and the University of Maine (UMaine) are launching a startup program—Scratchpad Accelerator—for up to three startups that have "high-growth potential."
The pilot program, in Bangor, called starts Aug. 31 and will require the four participating businesses to work long days for the following three months. Scratchpad is accepting applications online through Aug. 14, 2015.
Scratchpad will choose up to four businesses that will receive seed funding, mentoring guidance and daily lessons. The program will also help the businesses fast-track ideas.
The program's staff will consist of Jason Harkins, associate professor of entrepreneurship at the Maine Business School; Jennifer Hooper, mentor and entrepreneur coordinator at the UMaine Foster Center for Student Innovation; and Joe Migliaccio, MTI's director of business development.
To be qualify, Scratchpad applicants must be a current or potential MTI portfolio company and have a team of two-to-three people working on the business full time. In addition, business ideas must have "high-growth potential" over the next decade and "address a market that has total value of more than $100 million.