| The purpose of the institute is to encourage, promote, |
| stimulate and support research and development activity leading |
| to the commercialization of new products and services in the |
| State's technology-intensive industrial sectors to create new |
| jobs for Maine people. The institute will disburse funds through |
| grants, direct investments and loans to private companies, |
| targeted technology incubators and nonprofit research |
| laboratories. The institute will work directly with and provide |
| staffing to targeted technologies to stimulate and manage the |
| research and development grant process through technology- |
| specific boards consisting of private sector representatives, |
| scientists and others. Each targeted technology board will |
| establish goals and objectives for its sector, establish research |
| and development priorities, help companies network with each |
| other and advise them on funding opportunities and the |
| availability of other support services, prepare criteria by which |
| to evaluate proposals, solicit and receive competitive funding |
| proposals, arrange for peer reviews and screen proposals and |
| select those to be forwarded to the institute's board for final |
| evaluation. |