While Mainers have somewhat emerged from pandemic hibernation, significant federal and state economic investment programs aim for a full recovery in the short term and a vibrant economy in the longer term. Maine Venture Fund, the state’s venture capital fund for scaling ambitious startup companies, is a primary force in that effort.

I joined Maine Venture Fund two years ago and am thrilled to be leading the organization now as managing director towards what promises to be a bright future. With the potential for additional funding, we anticipate expanding the breadth and depth of our impact through collaboration with existing and new partners to serve even more diverse company founders and stages.

For our own part, MVF’s board composition is increasingly diverse and these varied perspectives are important to shaping our direction. The board recently appointed its first African-American board chair, Dr. Brien Walton, who brings an extensive background in leveraging federal funding for local economic impact. Our board also includes more female members than ever representing more counties than ever. With Dr. Walton’s leadership and that of our 10 other highly capable board members, we expect to enhance our role beyond direct investment to attracting and retaining talent, and strengthening regional and national ties to bring additional outside capital to Maine-based companies. I believe we can do this while preserving our beautiful natural resources and way of life here, which are, after all, Maine’s primary competitive advantages.

A myriad of new and emerging programs across the state are accelerating this vision. On the community level, game-changing philanthropic gifts from David and Barbara Roux and the Alfond Foundation; on the state level, bonding proposals that include heavy investment in research and development; and on the federal level, over $1 billion in stimulus funding described in the Mills administration’s comprehensive Maine Jobs & Recovery Plan and, in parallel, Sen. Angus King’s ambitious New Business Preservation Act — not to mention a potential bipartisan infrastructure bill.

These programs and proposals are incredibly important for Maine and tremendously exciting. The challenge will be effectively allocating these resources. Fortunately, because a group of Maine lawmakers had the foresight to establish the Maine Technology Institute, the Finance Authority of Maine, and the Maine Venture Fund decades ago, the state is well positioned to allocate capital quickly and effectively.

Over the last 20 years, MVF has invested in nearly 160 deals, growing in sophistication and scope over that time. We actively support 30 companies today in an “evergreen” model that recycles returns from successful investments back into the Maine economy. We’re proud to work with iconic Maine brands like Sea Bags, Hyperlite Mountain Gear, and Atlantic Sea Farms, as well as lesser known but equally innovative companies like Defendify, HighByte, and Gulf of Maine Sashimi.

My history with MVF began two years ago after growing up in Vermont and dabbling in a number of early entrepreneurial ventures. I built my career in California, where I led teams at startups in the clean technology sector. I worked at electric vehicle makers Tesla and Zoox during their early growth years; joined Clean Marine Energy at the founding stage; and then moved to Maine to resettle more permanently and start my own company. Now at MVF, I get to tie these experiences together with the explicit charge of growing Maine jobs and benefitting Maine people.

After more than 20 years at the helm, my colleague and mentor John Burns stepped down as managing director. I am grateful for John’s steady and capable leadership and the tremendous groundwork he painstakingly laid. I’m humbled to build on his legacy, and I look forward to doing it alongside my team, our board, our partners, and the entrepreneurs pioneering Maine’s bright future.

Joe Powers is managing director of the Maine Venture Fund.