In 2014 I was approached by a good friend, “Corky” Ellis, then CEO of Kepware, an industrial software company in Portland. He was chair of a governor-appointed, volunteer board,  Small Enterprise Growth Board. The board oversees the Small Enterprise Growth Fund, which is commonly known today as Maine Venture Fund. Corky asked if I would entertain becoming a board member.

Wisely created by the Maine legislature in the late 1990’s, the fund was established to “…invest in eligible small Maine-based businesses demonstrating potential for high growth and significant public benefit.” The legislature funded it with $5 million in taxpayer monies and sent it off to do good.

And good things it has accomplished!  Over the following two decades, the Fund made investments in over 80 new companies, over 100 follow-on investments in existing companies and created several hundred new, full-time jobs, with above average income.  Currently MVF has over 30 companies in its investment portfolio, most of which are growing and adding to Maine’s economy. The investments range across industries: food, software, aquaculture, technology, energy, manufacturing – all with growth prospects.

Strategically, MVF is positioned as a Maine state resource between the risk-taking investments of Maine Technology Institute and the significant lending power provided by Finance Authority of Maine, required by more established firms. 

The fund is an evergreen fund, i.e., any profits made on the equity positions taken in these young companies go back into the fund for future investments. The legislature has also boosted the fund’s coffers on a couple occasions and saw to it that the operating expenses were covered each year.

My purpose in writing this piece is to make the reader aware of just how lucky Maine is to have a professionally run organization like the Maine Venture Fund. The quality of the former and current managing directors, John Burns and Joe Powers respectively, is outstanding. The capabilities of the Fund’s Investment Manager, Nina Scheepers , and its Office Operations Manager, Terri Wark,  are considerable. Equally important, the board members – private citizens who have been appointed by past and current governors – are truly distinguished in their knowledge and capabilities.  I am extremely fortunate to have been asked to serve.  I was always humbled in meetings in being the dumbest guy in the room (Editor’s note: not at all true). I have learned a lot. Thanks Corky!

I’m sure there are other boards and commissions here in the state, populated with volunteers, that do tremendous work on behalf of Maine’s citizens. One group that I know for certain is doing this is Maine Venture Fund. I hope you will support it both politically and publicly, as I will.

Yours sincerely,

John Murray

Retiring Chairman/Board Member