Inside Dirigo Labs Accelerator
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Dirigo Labs Accelerator Helps Usher in New Era of Start-Ups in Central Maine
When it comes to entrepreneurship in New England, business publications and podcasts tend to view Boston and, to a lesser extent, Portland as destinations for start-ups to build their businesses. In Maine, Portland is drawing growing interest from early-stage businesses and investors alike, but the bubble is expanding outward - thanks, in part, to the efforts of Waterville’s Dirigo Labs Accelerator and organizations like the Central Maine Growth Council, which supports not only Waterville, but also the surrounding towns of Fairfield, Oakland, and Winslow. For Maine Venture Fund, which announced a partnership with Dirigo Labs in May, this is a welcome development as we seek opportunities for investment further afield in the state.
The Central Maine area already offers top-tier educational opportunities from Colby College and Thomas College, and it has a history of manufacturing expertise and, more importantly, facilities for production. The only piece that was missing, says Susan Ruhlin, managing director of Dirigo Labs, was an accelerator program. And now Ruhlin can look back with pride at having shepherded the first cohort of excellent companies through Dirigo Labs.
"Our goal is to increase the number of startups and companies here in the central Maine region," said Ruhlin. "But we're not parochial about it; we're committed to helping Maine's whole startup ecosystem grow. We want to show companies from across the state and nation, frankly, what's possible here, and so far, I've seen a lot of growth."
Ruhlin notes that she’s seen a boost specifically after the start of the COVID-19 pandemic in 2020, which freed up many entrepreneurs and employees in the tech world to live and work wherever they chose. Some of those landed in more rural locations like central Maine.
In February, Dirigo Labs began accepting applications for its first cohort, and in March, announced the 12 start-ups that would be participating in the program. The intensive 12-week program offered three sessions per week, with mentors from all across the country offering founders expert advice covering every potential aspect of their entrepreneurial journey. Dirigo Labs worked with each founder to match them with mentors who could help bolster the most underdeveloped aspects of their businesses. On June 21, the founders delivered their pitch decks to a panel of judges for an opportunity to win $25,000.
“I’ve found working with Maine entrepreneurs that they have so much passion,” said Emalee Couture, growth manager for Dirigo Labs. “They’re beginning this journey because they have a personal investment in the problem they’re solving.”
Sascha Deri of bluShift Aerospace, one company in the Dirigo Labs cohort, is committed to solving the problem of getting small satellites into orbit in a more environmentally sustainable fashion. He walked away with the $25,000 cash prize, but each of the founders made incredible strides in taking their businesses to the next step through the accelerator.
Kate McAleer is already a successful candy entrepreneur based in Rockland and her latest endeavor, Phoebe’s Call, is another Dirigo Labs company, which aims to create luxury cannabis confections tailored to women. Though there are still a number of regulatory barriers to the cannabis industry, McAleer leveraged the vast knowledge of her mentors and developed strong connections. Her goal was to come out of the accelerator with a path forward, which she achieved.
“The mentors were phenomenal resources,” said McAleer. “Some of the presentations on the various programs and regulations within Maine, like employment law, helped me better understand some key aspects of entrepreneurship. Dirigo Labs is just an amazing resource here in Maine.”
John Peters, who founded TrustredRentr as a way to streamline the application process for both property owners and renters, has seen tremendous growth since his company was accepted into the program. Peters, both a University of Maine and Innovate for Maine Fellowship alum, runs TrustedRentr out of Milford, and has partnered with two new universities as part of the Dirigo Labs accelerator.
“Being part of the Dirigo Labs accelerator has been really inspiring,” Peters said, noting that he was excited to apply because it was relatively close to his home. “It’s encouraging seeing the way that Maine entrepreneurial ecosystem is beginning to build up.”
The final pitch day for this first cohort of businesses was on June 21. Although it was an exciting moment for the founders and Dirigo Labs team, it was bittersweet for Ruhlin, who has been rooting for this cohort as they work tirelessly through the program. “Every time someone has a meeting with an investor, you hold your breath because you’re so excited,” said Ruhlin. “You want it to go well. Sometimes it does, and it’s spectacular, and when it doesn’t, we try to use the experience as a learning tool.”
As the inaugural cohort moves on from the program, Ruhlin and Couture are turning their attention to next year’s cohort. Following the pitch day, they conducted exit interviews to improve the experience for the next cohort of central Maine companies.
“The thing I love about Maine is that even though it seems like a large area, it’s still built like a small community,” added Couture. “We plan to support more startups in Maine, and if that means they move to the Waterville area, that’s a win for us also.”
About Maine Venture Fund
Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. For more information, visit maineventurefund.com.
Inquiries:
Terri Wark
Maine Venture Fund
(207) 924.3800
terri@maineventurefund.com
