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."