Generally, funding decision notifications are made within one month of the deadline.
Range in size according to the needs of an individual project and at the discretion of the Trustees. Typically grants are ≤$5,000 per application.
Project Eligibility: The types of projects for which LFF awards grants are typically entrepreneurial in nature, but the Board will entertain ideas for research and economic development projects. All projects must demonstrate the potential to contribute to Maine's economic growth. Projects must have clearly defined deliverable outcomes and endpoints for the specifically funded scope of work not to exceed twelve months in duration. A list of previous grant recipients is on the LFF website.
Project Endeavors: Examples include, but are not limited to: Intellectual Property (IP) filing, market research and analysis, industry studies/certification, product testing/certification, R&D activities such as proof of concept work, prototype development, equipment, field trials, prototype testing, or pilot studies, crowd-funding/angel/venture capital investment requirements, or other commercialization and business development activity reasonably expected of idea, product, process or service development projects.
No overhead costs will be considered for funding.
Maine Economic Benefit:
• creation or retention of jobs
• company survival or growth
• increased competitiveness
• company infrastructure investments
• increased sales and revenue
• increase Maine's capacity for R&D
• patents, trademarks, copyrights and/or licenses
• additional outside investment into the company
Applicant Support: Applicants may seek input from a Board Member in advance (≥2 wks recommended) of the application deadline to discuss their application or submit for review/feedback, upon the availability /discretion of the Member. Views are limited to the individual Member and do not necessarily represent the views of the individual or collective Board, are not necessarily all-inclusive, and do not circumvent evaluation and ultimate decision making by the collective Board.
Limitations and Restrictions: The LFF Board will consider scope, time-line, budget, the applicant's commitment to the idea/business and capacity to execute project tasks, as part of the review.
Awarded LFF grants will support:
• ≤$5,000 per applicant (founder/majority owner) or company per project within a 12-month period
• Any project-related activities commenced after application deadline
• Matching fund requirements, including, but not limited to, Maine Technology Institute projects (e.g. Kick Starter, TechStart or Seed Grant). FMI: http://www.mainetechnology.org/fund
Resubmission of Previously Unfunded Applications: An applicant or company may only resubmit an unfunded application once within a 12-month period. Applicants should use their best effort in submitting their original application and seek input from LFF prior to resubmission for previously unfunded application feedback and recommendations.
Confidentiality: LFF maintains the confidentiality of applications, reports and other information submitted to LFF, with the exception of selected text from the company's biography. LFF Board of Directors and staff are required to sign and adhere to a non-disclosure agreement and conflict of interest policy statement (both forms are available upon request).
Step 1 - Receipt and Completeness Review
To apply for a grant from Libra Future Fund please fill out the Application in accordance with the Application Requirements and postmark or e-mail by the appropriate application deadline date by no later than 5:00pm Eastern Standard Time. Incomplete applications, applications exceeding page limits and/or 12-pt font, or otherwise not following directions as outlined within the application instructions will not be accepted for consideration in that funding round.
Maine Technology Institute Grant Applicants:
In lieu of completing this application, you may forward your Maine Technology Institute project application (e.g. Kick Starter, TechStart or Seed Grant), along with this application's Appendix A. FMI: http://www.mainetechnology.org/fund
Please e-mail all application materials to: email@example.com
or mail to:
Libra Future Fund
P.O. Box 17516
Portland, ME 04112-8516
Step 2 - LFF Board Review Evaluation
Completed applications will be independently reviewed and assessed by the LFF Board members, then discussed collectively for funding and/or interview consideration ≤3 weeks from application deadline.
Step 3 - Grant Notification
The applicant will be notified should they be selected for an interview with LFF Board. Attendance in person is preferred, although phone or virtual interviews upon request can be accommodated on a case-by-case basis. The applicant will be notified of the Board's funding decision ≤1 week from interview. All non-selected applicants will be notified by e-mail or post mail ≤3 weeks from application deadline, which will include relevant feedback specific to the review of the application by the Board. Applicants are encouraged to contact a Board Member to discuss their application in detail.
Step 4 - Reporting Requirements
Completion of the grant project requires the submission to LFF of a final report, including:
A written report documenting the efforts and findings of the project and next steps to be taken to advance the idea/project toward commercialization including both technical and financial objectives. Project timelines shall be projected at 12 months or less. Only one 90-day agreement extension may be requested prior to the completion of the project.