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Maine State Chamber testifies in support of research and development bond

4/22/2021

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On Tuesday, April 20, the Joint Standing Committee on Appropriations and Financial Affairs held a public hearing on LD 169, An Act to Authorize a General Fund Bond Issue to Stimulate Investment in Innovation by Maine Businesses to Produce Nationally and Globally Competitive Products and Services, sponsored by Sen. Louis Luchini (D-Hancock).
Linda Caprara, senior government relations specialist for the Maine State Chamber, testified that in this high-tech digital age of intense global competition, it is critical that Maine companies have the tools they need to invest in innovation to grow Maine’s economy. The strength of the state’s economy depends upon it. Maine companies compete globally, and to be able to keep up with the demands of the global marketplace, companies have to constantly stay ahead of the competition. That means investing in R&D to improve existing products and services and to discover and develop new products to bring to market. Investing in the necessary technology and equipment to upgrade and accomplish this is very costly. In addition, innovation enables companies to gain and hold market share in their respective industries and to preserve and to increase jobs in the state.
 
The importance of R&D in innovation is outlined in Maine’s strategic plan, which identifies key areas of growth throughout the state. The plan also identifies several key strategies that promote innovation that includes investments in R&D. The plan notes that investment in R&D was higher prior to the 2009 recession than it is today, underscoring the need to increase current funding.
 
Caprara noted there are some very exciting things happening around the state in different areas – such as bio-technology, bio-medical, renewable generation from our university system working with composites, to facilities such as The Jackson Laboratory and MDI bio labs working on cutting edge bio-medical breakthroughs to improve human health. Investments in these areas provide huge opportunities for growth, she said. For more information, please contact Linda Caprara by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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Copyright Maine State Chamber of Commerce. All rights reserved.
 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
  • Member Login