How innovation will change Maine

Earlier this semester it was announced that the University of Maine would be receiving a $3 million grant from Blackstone Charitable Foundation to start the Blackstone Accelerates Growth program in Maine.

Blackstone is a global investment company who has started this Charitable Foundation to establish innovative solutions for economic and social growth and well-being in communities.

This $3 million grant will be divided up into 400 scholarships throughout the next three years for students in Innovation Engineering courses. The scholarships will encourage students to use innovation in their professional lives and to keep that innovation growing throughout Maine businesses.

The Foundation donates to multiple organizations and communities annually. According to the Blackstone Charitable Foundation, the program was “influenced by the urgent need for job growth in the United States […] the Foundation changed its mission and committed $50 million to fostering entrepreneurship.”

The $3 million grant will enable students taking courses in the Innovation Engineering program to apply for scholarships. Next semester recipients of the scholarship will be eligible to receive enough funding to cover their selected three-credit course in Innovation.

According to the Blackstone Accelerates Growth program, “it will help Maine tackle the challenges that a rural geography and historically slow growth present its existing companies.”

The goal specifically for the Blackstone Accelerates Growth program in Maine is to “Ignite rural economies.”

“Blackstone Accelerates Growth will help turn Maine’s historically resource based economy into an innovation economy that fosters entrepreneurship and economic growth for years to come,” said Stephen A. Schwarzman, Chairman, CEO and Co-Founder of The Blackstone Group.

Margo Lukens, professor of English and Innovation Engineering, encouraged her students to apply for the Innovation Engineering scholarship. “They’ll pay you take this course,” she said to entice the students. “It’s a great opportunity,” she added.

The grant will not only be going to the Foster Center for Student Innovation, but the University of Maine as whole will be receiving part of the grant as well.

Back in late October President Paul Ferguson addressed the student body, faculty, and community alike to discuss his first impressions since starting presidency this fall. Ferguson went on to discuss his strategic plan for UMaine in the upcoming months and years.

Ferguson highlighted the importance of bringing UMaine where it needs to be as a flagship campus. “I think it’s critical to embrace the role of flagship, to be proud of the role of flagship because there is no place like the University of Maine in this state,” he added.

“The University of Maine in 2011 has not reached it’s potential of what it could be,” said Ferguson. “What we have to embrace and figure out is […] can we get it where it needs to be and should be in 2012?”

Together with the Innovation program and the University of Maine strategic plan— combined with the Blackstone grant—will give way to Maine becoming a leader and hub for innovation and strong business.

As the program rolls on throughout the next three years, Blackstone Accelerates Growth is predicting to expect over 10,000 more jobs in the upcoming 10 years, over 200 new start up companies, and $664 million in revenue for the state of Maine.

Sitting down with an Innovation Engineer

Sitting down with Mechanical Engineer, Matt Strong was an enlightening experience. Strong plans to minor in Innovation Engineering and believes it will give him the leg up he needs in the ever changing and competitive world after college.

As a Mechanical Engineer, Strong believes that the Innovation Engineering minor appeals more to students in the Engineering college solely due to the name. Strong says the name is where it may turn people away because they don't actually know what the courses consist of.

Strong believes it won't be until students start seeing graduates using their Innovation minor and seeing what they do with, "that people will understand it's full potential."

Growing with innovation

The Innovation Engineering program has made the buzz around campus. People have heard of it, but few know what the courses actually in tale. Innovation Engineering is offered as a minor for UMaine students, a unique opportunity that has just now expanded to the other University of Maine System schools.

As the program grows, so should its awareness. The awareness will come with time however, says Matt Strong third year Mechanical Engineering major with a minor in Innovation Engineering. "It's once kids see alum leave here with the minor, and hearing about what they're doing with it," then will people conseptuailze that innovation increases profit in business.

In the words of Doug Hall, life long innovator, UMaine alum, and founder and CEO of Eureka Ranch!, "if you're not meaningfully unique, you better be cheap."

UMaine business plan in progress

This January, the Maine Business School and the Foster Center for Student Innovation will join forces to assist the Maine Business Challenge, the brainchild of three recent University of Maine graduates.

The Maine Business Challenge will enable students to compete using their entrepreneurial spirits, as well as their original ideas for business. The winner will receive a $5,000 cash prize and $5,000 worth of consulting services.

2010 graduates Owen McCarthy, Matt Ciampa and James Morin teamed up to start the competition at UMaine and are investing $5,000 of their own money.

“We had great experiences at UMaine and are interested in giving back,” Ciampa said.
Owen McCarthy, a 2010 graduate with a degree in biological engineering, said his inspiration came from competitions at other universities, questioning, “Why wasn’t this at UMaine?”

Although the program is inspired by competitions at other universities, including Rice University in Houston, Texas, it is “not directly modeled after any of them,” Ciampa said.

“We are trying to put our own spin on it and make it unique to the University of Maine,” he said.
The university was willing to get on board and assist the program when McCarthy, Ciampa and Morin approached the Maine Business School and Foster Center for Student Innovation.

“They were very enthusiastic about our idea, and both were willing to go far beyond what we were expecting in terms of assisting our program,” Ciampa said. “We would not be able to make this a success without their help.”

“Owen wanted to make a big difference in students’ lives,” said Jesse Moriarty, coordinator for the Foster Center for Student Innovation. “It’s a labor of love for them.”

For now the three graduates remain the sole investors, but the team hopes that “the endowment available for future winners only increases,” according to Morin.

Rice University, with a more-established business challenge, gives away more than $1 million in prizes. “Seeing as we still have student loans to pay off ourselves, we are capped for now,” Morin said. “On that note, the funds are run through the Alumni Foundation and do count as a tax deduction for those willing to help in our efforts.”

Although the details of the competition are still being worked out, there are no intentions to have this competition be grueling or draining for any student.

“It will not seem like an extra assignment or project for student participants. Overall, we want this to be fun,” Ciampa said.

Students from all majors are encouraged to participate. McCarthy anticipates business students will be the best fit but is excited to see students from varying backgrounds participate. The competition is open to both undergraduate and graduate students of the university.

“Hopefully it will encourage students and give them an incentive to think about ideas they have for a business and […] enable them to actually take it to market,” Ciampa said. Maine is “predominantly comprised of small businesses,” Ciampa said.

He hopes people from this generation can start successful businesses to make a significant step in for Maine’s future. McCarthy hopes this will affect the future of Maine by driving innovation in business. According to a 2010 Forbes report, the state of Maine was ranked 50th in nation on its Best Places for Businesses and Careers list.

“The way Matt, Owen, and I look at it, […] there is no place else to go but up,” Morin said.
The success of the competition at Rice University inspired the team, hoping to help jumpstart businesses in Maine. Morin stressed the fact that the Rice Business Challenge has helped start 120 businesses and helped keep them in business. The hope here is that similar results will come from the Maine Business Challenge.

As of now, most details have not been worked out. Who will judge and choose the winners is still undecided. The main focus lies on “spreading the word, [and] marketing to get interest,” said McCarthy. The center offers free business counseling and coaching for students with business ideas or ideas for new inventions.

Moriarty said “a dozen students have already stopped in to get business counseling on their ideas,” and she believes that the competition has been well-received. Her main focus in helping the three alumni on their program is to market the idea.

Although not everyone who competes can win, McCarthy claims it will benefit all who enter.
“Everyone will get a little something out of it,” he said.