Accelerating University Spinout Businesses
- Evan Richert
- 3 days ago
- 2 min read
The most powerful sources of a region’s economic growth are new businesses that spin out of research universities. A significant benefit of the University of Maine achieving the status of an R1 research university is the increased opportunity for spinout businesses.
These businesses leverage discovery and deep experience in a variety of technologies, moving them out of the labs and into the community. UMaine has maintained a commercialization effort for many years, leading to the establishment of Maine businesses such as Compotech, AIT Bridges, and KinoTek. Since 2022 that focus is on its Office of Strategic Partnerships, Innovation, Resources, and Engagement (SPIRE).
One of the signature programs under SPIRE is the MIRTA Accelerator. MIRTA staff dedicate themselves to helping University staff and students find the best pathway from discoveries to commercialization. It uses a 16-week accelerator model to guide teams through customer discovery, competitor analysis, financial and business planning, and developing the right business models.
This month, MIRTA completed its eighth cohort. This cohort brings the total of teams served since MIRTA’s start to 36. To date, 12 have resulted in startup ventures. External funding raised by all teams has reached $14.352 million.
The four teams that made up this graduating cohort are:
Algae Productivity Booster: Technology to boost algae productivity by overcoming fundamental constraints on algae physiology
CelluWrap: Recyclable paper using microfibrillated (MFC) fiber
Circular Composite Technologies: Wind blade recycling to create feedstock for high-value 3D printed products
Cobra-Guard: Software infrastructure to prevent AI from learning bad patterns
As an incubator, UpStart Center for Entrepreneurship is designed as a soft landing place for university spinouts that are finding their footing. With affordable office space, labs, well-equipped conference rooms, and a community of like-minded businesses, the UpStart Center is ready to welcome them.
