PRIORITY: ENHANCING ENGAGEMENT Increasing R&D in Maine
Proposal:
Restore the Maine Economic Improvement Fund (MEIF) for FY2004 to its original FY2003 base budget level; increase the MEIF base budget in FY2005; increase state funding for UMS R&D-related debt service in FY2005.
Public Benefits:
Increased federal investment in Maine’s universities will create research-related jobs and local spending on goods and services and increase UMS’s economic impact by millions of dollars annually; state funds will leverage federal funds at a rate of at least 1:4; technology transfer between UMS and business and industry will increase; new opportunities for spin-off businesses; continued strategic growth of UMS’s R&D infrastructure, which improves the quality of education and employment opportunities for students.
Background:
MEIF is the principal R&D funding mechanism for UMS. It is used to match federal grant and contract requirements and to help support major equipment purchases. Since its creation in 1998, state funding for MEIF has enabled UMS to leverage $100 million in federal research grants and contracts. The infusion of those federal dollars into Maine’s economy creates a tremendous amount of economic activity as well as attracts new faculty members, new undergraduate and graduate students, and new hands-on learning experience.
As has been the case in other states where state-supported university research takes place, job growth – especially in technology-oriented employment sectors – occurs most often in close proximity to universities and research parks. In Maine, the combination of MEIF, federal, and university resources have great potential to diversify and grow Maine’s economy. In the past few years since MEIF was created, new businesses and industries related to university-based research and education have been started or located in Maine.
Annual Increase Requested:
FY04
$2.0 million
FY05
$5.0 million