Message From The President

Since its inception, Libra Foundation has endorsed the concept of economic philanthropy and has emphasized giving in a way that encourages long-term economic benefits for the citizens of Maine. With respect to that model, Libra has always sought to invest resources toward strengthening Maine’s economy and ensuring its prosperity while anticipating future economic forces and trends.

Inherent to the continued strength of Maine’s economy is the quality of its workforce and its ability to attract creative, young adults who will serve as this state’s next leaders and innovators. Maine has outstanding colleges and universities, but its businesses must compete for talent on a national and global level. To that end, Libra Foundation created the Libra Future Fund to address this issue of making Maine a more attractive place for young adults to start their careers.

2007 marked the Libra Future Fund’s third year of operations. It is an independent nonprofit led by a board of four Trustees, the oldest of which is thirty-two. The Trustees are Sean Dugan, Director of Special Projects at MaineHealth; Melissa Duron, Research Biologist at the BioDiversity Research Institute; Julie Feltis, Category Manager at Hannaford Bros.; and Erik Hayward, Accounting Manager at Libra Foundation. Under the leadership of these four Trustees, Libra Future Fund has established two major initiatives for young adults in Maine.

Three times per year, Libra Future Fund awards grants to young entrepreneurs across the state. These grants have allowed creative, young people to pursue business ideas about which they are passionate and to pursue them here in Maine. These grants are modestly sized and typically range from $3,000–$5,000, but they have proven invaluable in their ability to facilitate the long-term viability and success of these nascent businesses.

Of the twenty grants awarded since 2005, more than half of the businesses are still active and, in many cases, thriving. The types of endeavors to receive grants are extremely varied and have included a forestry consultancy, a web design firm, and even a food products manufacturer. The fundamental premise of Libra Future Fund is to foster and promote the innovative, but potentially latent, ideas of Maine’s young people. Entering its fourth year, this grant program has become the primary source of startup capital for young entrepreneurs who wish to make their businesses a reality in Maine.

In 2006, Libra Future Fund embarked upon its second initiative, the Summer in Maine internship program. Summer in Maine encourages and supports first-rate internships at exceptional employers in Maine. The program leverages those internships with memorable experiences and events so that when the interns graduate from college and reflect upon those experiences, they are more likely to consider careers in Maine.

Internships are a particularly powerful way to attract college graduates to Maine. They provide a candidate with professional experience, first-hand knowledge of a particular employer, and a foothold in the community. Summer in Maine strengthens that opportunity by introducing these students to other peers and business leaders while reinforcing the experience with unique and enjoyable social excursions.

In 2007, thirty-one interns from eleven different employers participated in Summer in Maine, and in 2008 that number will increase to forty. Given Maine’s population, this program rivals the size of similar initiatives anywhere in the country. These participants dined with some of the top business leaders in Maine, attended a Sea Dogs baseball game, and even rafted the rapids of the Kennebec River. Each summer, this program creates a cohesive community of college students who are excited about living and working in Maine and many of whom could be our state’s next leaders.

Maine has always been known for the quality of its workforce, a resource that it must continue to cultivate. With our support, Libra Future Fund is fast becoming a significant contributor to attracting talented, young people to careers in Maine, and this will strengthen Maine’s long-term economic competitiveness for years to come.

Owen W. Wells President and CEO