Maine’s Innovation Economy and White Tail Deer
Before diving into the content, I want to start with a big thank you to Kachina Miller and the entire team that put together the inaugural Maine Tech Week. It was a fantastic event and its simply wonderful to see Maine’s entrepreneurial spirit on full display.
In this edition of the Flying Point Update we’ll be discussing Maine’s innovation economy, the Maine Seed Capital Tax Credit program, and white-tailed deer.
Top of Mind
Last week, I had the privilege of speaking on a panel about Maine's fundraising environment at Maine Tech Week in Portland. For those unfamiliar with the event, Maine Tech Week is the new annual gathering for Maine's curious, creative, and driven minds, featuring talks, hands-on sessions, and collaborative events rooted in Maine grit and curiosity.
The panel I participated in focused on early-stage fundraising, bringing together investors and startup leaders for an open conversation about what it takes to secure capital and why Maine is increasingly well-positioned for startup growth. My fellow panelists included Shannon Bean from CEI Ventures, Joe Powers from the Maine Venture Fund, Lou Simms from Maine Technology Institute, and Seth Goodall from Maine Center Ventures. The conversation was surprisingly optimistic about where Maine's innovation ecosystem is headed.
Here's what has me excited: Maine's entrepreneurial community is building something real. The state has made meaningful investments in supporting innovation through organizations like Maine Technology Institute, which provides critical funding and support for research and development. The Maine Venture Fund and CEI Ventures are actively deploying capital into Maine businesses. Angel investor networks are growing and becoming more sophisticated. Perhaps most importantly, there's increasing collaboration between these groups rather than competition.
What struck me during the conversation was how Maine's perceived disadvantages are actually becoming advantages. We're not trying to be Silicon Valley or Boston. Maine founders and investors are building something that fits our state's character: companies that solve real problems, that build sustainable businesses rather than chasing unicorn valuations, and that want to stay and grow here. The quality of life in Maine attracts talent that might otherwise burn out in more expensive, higher-pressure markets.
Events like Maine Tech Week showcase the depth and diversity of what's happening here, from healthcare technology and manufacturing innovation to climate tech and creative production.
Why does this matter to my accounting and advisory practice? Because I work with entrepreneurs and business owners every day. When I see the infrastructure developing to support innovation and growth in Maine, it's not abstract. It's the clients I serve who are building these companies, the angel investors I help with tax planning around their investments, and the broader economic opportunity being created throughout our state.
Being a CPA in Maine right now means being part of an ecosystem that's building something sustainable and authentic. It means helping clients navigate not just tax compliance, but real strategic decisions about fundraising, business structure, and growth planning. Maine may never be the biggest tech hub, but there's something special happening here, and I'm grateful to play a small part in supporting it.
Worth Knowing
Speaking of Maine's innovation ecosystem, there's a specific tax incentive worth knowing about if you're either a business owner seeking investment or an investor interested in supporting Maine companies: the Maine Seed Capital Tax Credit Program.
The program, administered by the Finance Authority of Maine (FAME), provides state income tax credits to investors who make equity investments in eligible Maine businesses. Investors can receive a tax credit equal to 40% of their cash investment in a qualified Maine startup. This is a genuine tax credit that directly reduces your Maine income tax liability, not just a deduction.
To put some numbers around this: if you invest $50,000 in an eligible Maine business, you could receive a $20,000 Maine tax credit spread over four years ($5,000 per year). That's a meaningful incentive that makes early-stage investing significantly less risky for Maine taxpayers.
The program has some specific requirements worth understanding. Eligible businesses must be Maine-based, have less than $5 million in annual gross sales, and either manufacture products, provide value-added natural resource services, be engaged in advanced technologies, or provide products/services sold predominantly outside Maine. The investor cannot own more than 50% of the business or otherwise control it, and principal owners and their immediate relatives aren't eligible for the credit.
There are limits: an investor can invest up to $500,000 in a single business over a three-year period, and investors in a single startup can claim credits on up to $3.5 million of total investment (limited to $2 million per year). The program currently has $15 million in tax credits available annually through at least 2025.
Both the startup company and investors need to apply to FAME to ensure they meet the established criteria. This isn't something you can claim after the fact. The investment must be structured properly from the beginning, with FAME approval before the credit is issued.
This program represents a meaningful piece of Maine's strategy to attract and retain capital for innovative businesses. It's been around for over 30 years, but many business owners and potential investors still aren't aware of it. If you're considering angel investing in Maine companies or seeking investment for your own business, the Seed Capital Tax Credit should absolutely be part of the conversation.
Mark Your Calendar
January 15th, 2026: Q4 2025 estimated tax payments due
January 31st, 2026: Deadline for businesses to issue W-2s and 1099s to employees and contractors. This one sneaks up fast, so be sure to start reviewing your vendor list now.
There are still two months before the end of the year to make withholding adjustments, consider business purchases, analyze Roth conversions, and implement other tax strategies. But with all the holidays, that time runs out quickly. Don't wait until the last minute to schedule your year-end planning conversation.
Maine Wildlife Facts
It's hunting season in Maine, which means it's time to talk about one of our state's most iconic animals: the white-tailed deer. Will and Frank have been fascinated watching for deer during our afternoon woods walks, especially now that we're spotting them more frequently as they move around during the breeding season.
Maine's deer population is currently healthy and at near-record levels, with approximately 360,000 white-tailed deer throughout the state. This is a significant increase from just a few years ago when the population was around 240,000. The growth has been supported by relatively mild winters and improved habitat management.
White-tailed deer are incredibly adaptable animals. They're what biologists call "crepuscular," meaning they're most active during dawn and dusk. We spend a lot of time in my house discussing which animals are diurnal, nocturnal, and crepuscular. However, during the breeding season in November (the rut), bucks become much more active throughout the day as they search for does. This increased activity is why you're more likely to see deer during hunting season, but it's also why deer-vehicle collisions spike during this time of year. Will reminds me to drive carefully anytime we’re in the car in the evening.
Here's what impressed the boys: white-tailed deer can run up to 30 miles per hour and leap as high as 10 feet and as far as 30 feet in a single bound. They're also excellent swimmers! It’s not unheard of to see them swimming between islands in Casco Bay. A typical doe gives birth to twins in mid-June, though well-nourished adults can have triplets or even quadruplets.
Lastly, Will and Frank would like to remind everyone spending time in the woods this fall, whether hunting or not, to wear your orange! Safety is no accident.
These Maine wildlife facts have been brought to you by Will (7) and Frank (3), Flying Point Advisors' on-staff naturalists.
Questions about any of this? Just reach out - I read every email and love hearing from you. Thanks for reading. You'll hear from me again in about two weeks.
-Mike
Disclaimer
The Flying Point Update is provided for general educational and informational purposes only. The content in this newsletter reflects my thoughts and observations on tax, accounting, and financial planning topics, but should not be considered personalized tax, accounting, or investment advice for your specific situation.
Tax laws are complex and change frequently. The information presented here is based on current tax law as of the publication date and represents general concepts that may not apply to your circumstances. Every individual and business has unique factors that affect their optimal tax and financial planning strategies.
Before making any financial decisions or implementing any tax strategies discussed in this newsletter, please consult with a qualified tax professional, CPA, or financial advisor who can evaluate your specific situation. If you'd like to discuss how any of these topics might apply to your circumstances, I'm always happy to chat.