The purpose of the fast program is to strengthen the technological competitiveness of small business concerns in every state

The Small Business Administration Office of Investments and Innovations awarded $125,000 to the Maine Technology Institute under the Federal and State Technology Partnership Program (FAST Program, CFDA #59.058) on September 30, 2022 for a one-year project grant concluding September 29, 2023.

The grant aims to strengthen the technological competitiveness of small businesses in Maine by improving their participation in innovation and commercialization of new technologies. The Maine Technology Institute will work with small, high-technology firms in the state to foster economic development through strengthened state technology programs that support these firms. The funding will help ensure small technology companies in Maine remain on the cutting edge of research and development in science and technology, maintaining the United States' competitive position globally.

Congress has found that there is much variance within state technology programs that foster economic development among small high-technology firms. Therefore, this program intends to improve the participation of small technology firms in the innovation and commercialization of new technology; thereby ensuring that the united states remains on the cutting edge of research and development in the highly competitive arena of science and technology