A coalition of Maine businesses is urging residents to vote yes on question two this November, in favor of a $25 million bond.
The funds would be used for grants to encourage innovation in business. The goal is to support innovation in industries that are well-established in Maine, Patrick Woodcock said, president and CEO of the Maine State Chamber of Commerce.
"So it really is building on the strong industries that we have, the resources we have, but really looking for those innovative products that we can export, create jobs here in Maine and invest in the state's future," he said.
The bond is modeled after a research and development bond that passed in 2017 with nearly 61% of the vote.
Woodcock said the bond is about preparing Maine's economy for the future.
"More research and development today means more innovation in developing the products of tomorrow," he said. "The world is not sitting idly. We need to start planning for the products building on our legacy industries, to really invest in the next generation of products."
