Exclusive: Betting on Growth: Sarah Smith’s New Chapter at Startup Maine
Tax Relief Hopes, Top Gun, and a Win for Maine’s Food Economy
☀️Good morning, Maine Startups Insider Community!
Sorry for the wait. We’ve been on the ground with companies navigating the recent surge in immigration enforcement. The resulting labor and production shortages were pushing the state toward a real economic crisis before U.S. Senator Susan Collins’ announcement Thursday morning. If your team had been hit by this, please reach out; we want to hear your story. That said, innovation doesn’t pause for anything. Let’s get into it!
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/The Interview🎤
Sarah Smith is scaling Startup Maine, and she is not pretending it will be easy
The new executive director came up through Venture for America, a fintech accelerator in Charlotte, and a Big Four innovation lab that opened in January 2020. Now she is betting that Maine’s startup ecosystem is ready to grow up, get clearer about what it is, and start pulling corporate Maine into the room.
Sarah Smith was calling in from the Rocky Mountains, slightly out of breath in that way that makes you remember altitude is real. She apologized for the scheduling lag, the kind that happens when an organization is finalizing partners, board alignment, and a public announcement all at once. Startup Maine, she said, was close. A release would land later that day.
Then she did what people who have built ecosystems tend to do. She started at the beginning.
Smith, a Southern New Englander from New Haven, Connecticut, found entrepreneurship before she ever used the word. At Georgetown, she joined “The Corp,” the university’s student-run nonprofit, often described as one of the oldest student-run nonprofits in the country. It operated businesses. A grocery store. Coffee shops. Real roles, real responsibilities. Smith spent four years working the grocery store and eventually became general manager, doing product work in produce and learning the rhythm of operations and teams without labeling it “startup.”
After college, friends pulled her into Venture for America. The pitch was community, impact, and building. Smith bought in. She landed at a struggling online proctoring company in North Carolina and learned what she calls the “maturity and failure accelerator” side of early-stage work. The experience was messy, instructive, and, in a twist only startups can deliver, the company later survived and benefited from pandemic-era demand.
From there, her path clicked into focus at Queen City Fintech, now RevTech Labs, in Charlotte. She worked for a leader she describes as a godfather of the region’s fintech ecosystem, someone who decided Charlotte could become a startup hub by leaning into what it already had: Bank of America, Wells Fargo, and a gravitational pull of financial services talent. Smith ran the accelerator program and scaled it from one cohort to two per year. She also helped build a conference, Venture 135 South, designed around a simple investor request: less noise, more curated matchmaking.
Charlotte, she said, surprised her. The collaboration felt different: more than just network-building. It was hospitality, repeated and real.
Next came Ernst and Young’s wavespace™, an innovation center meant to serve corporate clients and, in Smith’s view, the broader community too. She arrived without formal human-centered design training and built the experience from scratch with a small team. The WaveSpace opened in January 2020, a brutal timestamp for a physical innovation hub. Overnight, the work became virtual. She found herself coaching executives through tools like Miro and Mural, learning how to facilitate when the group could not even agree on what an internet browser was.
Eventually, burnout won. She left. She moved west. She skied. She reset.
And then she moved to Maine.
She had been to Portland twice. Four days total. No job. No network. But she recognized something she had been chasing: a community that cared, an intentional pace of life, and proximity to nature. Her first job in the state was not a strategy role. She became a cheesemonger at Sissle & Daughters, partly for the human connection and partly because she refused to start her Maine chapter behind a laptop, remote, unknown.
Later, she returned to the startup and corporate innovation world with VentureFuel, running an AI enterprise accelerator for Comcast NBCUniversal LIFT Labs It was fascinating work and also, she said, strangely disconnected from her day-to-day life in Portland. Startup Maine, meanwhile, felt like the bridge between worlds. She joined the organization’s restructured board more than two years ago. As the board worked through what needed to change, a key lever appeared: an innovation ecosystem development grant opportunity through Maine Technology Institute. Startup Maine applied. The strategy sharpened. The board concluded the next chapter required a full-time executive director whose strength was scaling, not just starting.
In August, Smith was appointed executive director. She went full-time on October 20.
Now she is making an argument that runs through everything she said: Maine is not short on energy. It is short on connective tissue, clear definitions, and the kind of engagement that turns a startup ecosystem into an economy.
Below is an edited, condensed interview with Sarah Smith, the new executive director of Startup Maine.
“We have an awesome inflection point. I think we can take bigger bets.”
MSI: Tell me your path to this role.
Sarah Smith: Georgetown was where I first got involved in entrepreneurship without realizing it. I worked for four years in a student-run nonprofit that operated a grocery store and coffee shops. I became general manager. I was doing business, operations, team leadership, all of it, but it did not feel like “entrepreneurship” yet.
After that I did Venture for America. I landed at a startup in North Carolina and learned a lot very quickly about timing, product-market fit, and how much is not in your control.
Then I moved to a fintech accelerator in Charlotte. That is when everything clicked. We ran cohorts. We built a conference designed around curated matchmaking between investors and startups. And I was surrounded by people who were invested in the future of their city and the future of the ecosystem.
MSI: You stayed in Charlotte longer than you expected.
Sarah: I surprised myself. I thought I would do the two-year fellowship and leave. But I found mentors, opportunities, and a chance to shape things. I had that big fish in a small pond feeling in a meaningful way.
Then I went to EY WaveSpace and built an innovation experience from scratch. We opened in January 2020. Then the pandemic hit. Everything we wanted to do around community engagement stopped and we shifted to virtual.
Eventually I burned out. I realized I needed to walk away and figure out where I wanted to live and what I wanted next.
MSI: You moved to Maine without a job and took a job selling cheese.
Sarah: I moved here with no plan and no network. I wanted to be in community, not remote, because I did not know anyone. The cheesemonger job was amazing because I was learning for the sake of learning and connecting to small business in Portland.
Then I needed healthcare and I missed using my strategy brain, so I joined VentureFuel. I ran an AI enterprise accelerator for Comcast. I learned a lot about how corporates engage with startups and what it takes to make those partnerships real.
That corporate engagement piece is a long-term goal for Startup Maine. We do not have enough of it here.
“Maine is good at starting companies. You hit a wall when you want to scale.”
MSI: When you think about success one or two years from now, what does it look like?
Sarah: Startup Maine Week grows each year, and by grow I mean more people attend, more people come from out of state, and we bring bigger voices and ideas into Maine.
I also want success metrics we can point to. Companies started because people met at events. Dollars raised that trace back to relationships formed during Startup Maine Week. We hear the anecdotes. I want to be able to back that up.
And I want more companies scaling here. Maine is a really good ecosystem for starting companies. You hit a wall when you want to be a Series A or Series B company. Funding, narrative, networks, it gets harder.
Part of that is changing the story about Maine. Founders tell me being in Maine can be a disadvantage when they are raising outside money. We have to show people that serious companies are being built here, scaling here, and solving real problems here.
MSI: What problems do you think Maine is set up to solve?
Sarah: Things like healthcare. Ocean tech. We are seeing bubbles of strength. I want Maine to have a clearer identity nationally and globally for what we build and what we solve.
Also, for Startup Maine itself, scaling means matching our MTI grant, building recurring revenue, and building capacity. Nothing can be one person forever. If we want to help the ecosystem scale, Startup Maine has to scale too.
“Startup Maine Week should be for everyone. But startups are not the same as small businesses.”
MSI: You said something that stood out. That Maine sometimes needs a reframing around what a startup is.
Sarah: Yes. Startup Maine Week can be for everyone. If you are curious, if you are a small business owner, if you are exploring entrepreneurship, you should feel welcome.
But strategically, we are focused on startups. A startup is not the same thing as a small business. A startup is typically tech or tech-enabled, disruptive in its industry, and has ambition to scale. That ambition can be revenue growth, hiring, raising capital, expanding markets.
We need to be clearer about that so people do not feel confused about what different organizations do and who they serve.
And culturally, I want to help shape the idea that ambition and growth are good. We should support people who want to build something bigger.
“The ecosystem only grows if corporates engage.”
MSI: One of the biggest recurring complaints I hear is that Maine startups are not getting piloted by Maine’s existing companies.
Sarah: I hear it too. It is a win-win when a corporate pilots a startup’s product. It is frustrating, and it needs to change.
I have seen corporate engagement work in Charlotte and with Comcast. The ecosystem only grows when corporates engage, not just as sponsors, but as partners and customers.
If we can build a real pathway for startup-to-corporate collaboration, whether through an accelerator, incubator, pilots, or structured matchmaking, that would be a huge win.
And it might require partnerships out of state too. Maine will grow through external partnerships. That is how the economy works.
“Startup Maine has to be bigger.”
MSI: What should people know about how you lead?
Sarah: I am direct. I think sometimes people read that as intensity, but it comes from eagerness to build and collaborate.
I also ask a lot of questions first. I am a human-centered design facilitator, so I need to understand the problem before I put solutions on the table.
And I want people to know that Startup Maine has to scale. Katie [Shorey] built something special. She is a starter. I love scaling. We are making this leadership transition because the organization needs to mature beyond any single identity.
Also, community has always been my driver. Maine needs to be inclusive of people who are newer here. New perspectives should be at the table alongside people who have been here for a long time. It has to be everyone.
“Everything has to be led by startups.”
MSI: Anything you want to make sure you communicate right now?
Sarah: This is an exciting moment. We are at an inflection point. We can take bigger bets and collaborate differently to lay the groundwork for the next stage of startups in Maine.
And I am keeping Brad Feld’s ecosystem thesis in mind: startup ecosystems need to be led by startups. Startup Maine is a nonprofit, but we need to move and experiment at the pace of startups. No matter how busy I am, I need to be talking to founders and teams. Everything needs to be in service of startups, because ecosystems can drift toward louder voices that are not the startups themselves.
/The Scoop📰
Tax Relief on the Horizon?
Startups and small businesses are keeping a close watch on LD 191 in Augusta. The bill proposes a new “Pass-through Entity Tax and Tax Credit” designed to let Maine-based S-corps and partnerships pay income tax at the entity level. For founders, this could mean a significantly lighter tax burden and more cash on hand to reinvest in growth. It is a wonky policy move, but one that could make Maine a much friendlier place to incorporate.
Rely Targets Multifamily Real Estate’s Most Broken Process
While much of real estate’s AI conversation has focused on marketing and pricing, one of the industry’s most broken processes has remained largely untouched: multifamily due diligence. Deals are still held together by spreadsheets, emails, and thousands of unlabeled documents scattered across data rooms, creating risk, delays, and missed details that can materially affect value on day one.
The AI-native platform centralizes the entire multifamily transaction workflow, from pipeline tracking to due diligence and data room oversight. Rely reads and structures every document in a deal, turning static files like leases and vendor contracts into searchable, actionable data. Backed by experienced multifamily operators, the company aims to make diligence faster, more accurate, and far less manual, allowing teams to focus on decisions rather than document chaos.
MSI caught up with co-founder George Matelich (also of Nexus fame) and he referred us to the startup’s LinkedIn announcement here.
Investor Group Steps In to Preserve Fork Food Lab in South Portland
An eleventh-hour deal has secured the future of Fork Food Lab, averting a foreclosure auction just 48 hours before the facility was set to go on the block.
On Monday, an investor group operating as Darling Fork LLC finalized the purchase of the 30,000-square-foot property at 95–97 Darling Avenue, canceling a scheduled January 28 auction that threatened to displace more than 80 food businesses operating out of the shared commercial kitchen.
The investor group is led by Justin Alfond, alongside the Elmina B. Sewall Foundation and developer John Wasileski. The acquisition follows months of uncertainty after the nonprofit encountered financial restructuring challenges late last year. Alfond, a longtime advocate for Maine’s small-scale entrepreneurial economy, called the intervention critical to preserving the state’s food infrastructure.
The stakes were significant. According to a recent economic impact study, Fork Food Lab member businesses support nearly 250 jobs statewide, generated more than $18 million in sales last year, and contribute a total economic impact of $33.4 million to Maine’s economy. For food trucks, specialty producers, and New Mainer-led startups that rely on the shared kitchen, the deal means operations can continue without interruption.
While helping stabilize the South Portland facility, Alfond is also leading a separate effort to redevelop the Lab’s former home at 75 Parris Street in Portland’s Bayside neighborhood into a multi-use community hub for local nonprofits, extending the Lab’s collaborative mission beyond food and into broader community development.
/Movers & Shakers🧂
Top Gun 2026 Class Announced, Spanning Founders From Presque Isle to Portland
Maine Center for Entrepreneurs and the Northern Maine Development Commission announced the 24 businesses selected for the 2026 Top Gun class, marking the program’s fourth cohort in partnership with Northern Maine-based founders. The 15-week accelerator, which launched in 2009 with just 12 companies, has now worked with more than 370 Maine entrepreneurs focused on building scalable, growth-oriented businesses.
The 2026 class includes companies from across the state, with participants based in both Presque Isle and Greater Portland, spanning sectors from aquaculture and food production to logistics, marketing, wellness, and climate-focused design. Organizers say the geographic spread reflects the program’s core goal: making high-quality entrepreneurial education, mentorship, and business networks accessible statewide, not just in Maine’s largest markets.
Top Gun is supported by a broad coalition of public and private partners, including the Maine Technology Institute, the Maine Department of Economic and Community Development, Machias Savings Bank, Ignite PI, and regional economic development organizations. Program leaders emphasized that the combination of hands-on coaching and statewide collaboration continues to play a critical role in helping Maine founders turn early traction into durable businesses that contribute to long-term economic growth. Read more here.
/Upcoming 📆
PORTLAND EVENT TO CENTER AUTHENTIC LEADERSHIP AND BELONGING
Roux Institute to host Claude Silver and Jana Rich for a real talk on being yourself at work
Northeastern University’s Roux Institute will present Showing Up as Yourself: A Real Talk on Leadership and Belonging on February 11 from 5 p.m. to 7 p.m. at 100 Fore Street in Portland.
The free, in-person session invites leaders, entrepreneurs, students and community members to rethink workplace culture and connection. The conversation will be led by Claude Silver, Chief Heart Officer at VaynerX and author of Be Yourself at Work, and Jana Rich, a team-building expert with nearly three decades of experience working with companies ranging from early-stage startups to Fortune 500 firms.
Organizers say the talk will explore what it means to truly “be yourself at work,” why authenticity matters for trust and performance, and how a culture of belonging can help organizations thrive in a competitive talent market. The event is part of the Breakthrough Maine Event Series, presented by the Roux Institute and Maine Technology Institute to showcase Maine’s innovation ecosystem and strengthen community engagement. Light appetizers and beverages will be served. Register here.
/Funding Corner 💰
We’ll continue to track capital raises through SEC Form D filings, press releases, and LinkedIn updates. This list is compiled from those sources, though the reported amounts have not been independently verified. If we missed any, please email us at news@mainestartupsinsider.com
A Different Model for Housing: Zero Energy Homes Attracts Early Investors
Mount Desert–based Zero Energy Homes, Inc. has raised $515,584 toward a planned $1.875 million equity offering, according to a recent SEC filing. The company is structured as a Maine cooperative corporation and was founded in 2022.
Zero Energy Homes operates in residential construction, with a focus on energy-efficient building practices. The offering is being raised under a Rule 506(b) exemption, with a minimum investment of $10,000. To date, 13 investors have participated in the round.
The filing indicates proceeds will support growth and operations, with an estimated portion allocated to executive compensation. The offering remains open, with roughly $1.36 million still available to be raised.
Scarborough Biotech Tidal Diagnostic Solutions Nears Close of Early Raise
Scarborough-based Tidal Diagnostic Solutions Inc. has raised $227,000 of a $300,000 offering through a SAFE instrument, leaving $73,000 remaining, according to an amended SEC filing.
Founded in 2025, Tidal operates in the biotechnology sector and is led by a three-person executive team based in southern Maine. The raise has attracted 15 investors, including nine non-accredited participants, and is being conducted under a Rule 504 exemption.
👩🏽💻 Started a new job in the Maine startup ecosystem? Email your new hire announcement to news@mainestartupsinsider.com
Until next time, Maine Startups Insider Community, keep grinding. This is the way.
-Whit Richardson & Chris Philbrook