"Jumpstarting Job Growth In Maine”

Unemployment here in Maine remains stalled at 7.6 percent. Fourteen million Americans are out of work.  Another nine million have been forced into part-time jobs because they cannot find full-time employment. 

The path toward economic recovery and job creation must be paved with partnerships that encourage the private sector to create jobs.  I recently had the pleasure of participating in an event in Brunswick to celebrate a new economic growth initiative, called Blackstone Accelerates Growth, that is aimed at creating 10,000 jobs in ten years right here in Maine.

Last year, the Blackstone Charitable Foundation announced that it would make a $50 million, five-year commitment, intended to foster private enterprise and spur our economy nationwide.  The Initiative made it a priority to focus its efforts in areas of our country that could most use an economic boost, but also where talent is strong and ideas are abundant.  I can think of no better place than right here in Maine.

Maine has talented, creative people with strong entrepreneurial spirits and a long tradition of hard work and innovative thinking, skilled craftsmanship, and business savvy.  I often visit businesses around the state.  I meet with the owners and I talk to the workers.  I am always heartened and amazed to see the creativity Mainers put into action every day.  One challenge Maine has faced over the years, however, is growing its small start-up businesses into larger engines of job creation and economic growth.  Providing the coaching and business skills to allow more firms to make that leap is essential to boosting our state's economy.  By supporting the establishment of regional centers of innovation and entrepreneurship, or "Innovation Hubs," throughout Maine, this initiative will help plant the seeds of sustained economic growth.

Thanks to Blackstone's investment in Maine, this initiative will help these businesses by making available to them the tools they need to survive and thrive.  These Innovation Hubs will help train and develop the next generation of entrepreneurs and stimulate growth and increased profits at existing Maine businesses.  In addition to the goal of creating 10,000 jobs in ten years, this initiative will help keep talented young people at home here in Maine rather than force them to go elsewhere to find quality, good-paying jobs.

Clearly, in these challenging economic times, the goal of the Blackstone Foundation to foster entrepreneurship could not be more worthwhile.  I am also grateful to the excellent partners that Blackstone has chosen for this endeavor: The Maine Technology Institute is a strong supporter of innovation and job creation in our state and has the right experience and expertise to administer Blackstone Accelerates Growth.  Top Gun, a business growth program that offers courses in Bangor and Portland, and the University of Maine's Innovation Engineering Jump Start program both have proven records of fostering entrepreneurship and innovation.

Working together, these programs will help deliver an initiative that combines innovation and entrepreneurship that extends across our state.  They will also expand the highly effective University of Maine internship program that links students to the business and innovation community.  The knowledge that these bright, young students bring from their Innovation Engineering training will be very valuable. 

There is no question that these are challenging economic times.  But I am delighted that Blackstone Charitable Foundation is committed to creating jobs and investing in the future of our state.