In this time of economic uncertainty, the person who has a fabulous idea to build a better mouse trap and build it successfully may find it difficult to procure the necessary funds to get a business off the ground. But if that person lives in Maine, there's one venture capital source that might well be of help.
The Small Enterprise Growth Fund was formed by an act of the Maine Legislature in 1995 and seeded with a $5 million bond approved in statewide voting two years later. A venture capital fund, its goal is to invest exclusively in promising growth companies based in Maine. As of now, there is roughly $9 million in the fund.
Fund manager John Burns said the fund acts in many ways as a typical venture capital investor, coming in after funding from what he called "the four 'f's'" have been exhausted: the founder, the founder's family, the founder's friends and "foolhardy" strangers.
To read the full, original article click on this link: Growth fund a boost for Maine ideas | SeacoastOnline.com
Author: Deborah Mcdermott
