Sea State Recap: The Thriving Blue Economy

Our Chief Scientific Officer Dr. Janet Duffy-Anderson kicked the seminar off by introducing Gillian Katz, Senior Program Manager for our Gulf of Maine Ventures Program, and Craig Johnson, Interim President of Maine Maritime Academy, and thanking our beer sponsor Allagash Brewing.

The Blue Economy’s Expanding Horizon

The blue economy is defined by the World Bank as the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health. It's a rapidly growing sector, encompassing a variety of industries like renewable energy, fisheries, tourism, aquaculture, and maritime transport.

"The ocean and our coastal communities drive immense economic value already, and we feel we're still in the early stages of defining and developing this sector of the economy," says Katz, who went on to emphasize that this sector accounted for 3.3 million employees, 157,000 businesses, and $307 billion in goods and services in the U.S. in 2024. Katz noted that experts also see the US’s blue economy as a sector primed for growth with the Organization for Economic Cooperation and Development saying that this sector is growing twice as fast as the rest of the global economy, and the market value of the ocean-related activities will reach $3 trillion by 2030.

Innovation and Entrepreneurship Driving Growth

Entrepreneurship is central to the evolution of the blue economy as part of its growth is developing the appropriate workforce resources. “Startups need three fundamental things to get their business off the ground — the three Cs: capital, community, and customers,” Katz explained.

Capital for startups in the blue economy can come from traditional investing, but also from research and development funding, or federal and state grants. Community refers to outside guidance that startups need, whether that be advising from local academic institutions like GMRI, or mentorship from established successful businesses. Customers is the most straightforward C, referring to the target consumer of the company’s product. Our Ventures Program fosters growth of the blue economy by providing these three Cs to innovators, supporting those who develop ocean technologies, traceability software, and sustainable fisheries solutions.

One standout example is American Unagi, Maine’s first eel farm. "They're a female-founded business, and they are working to utilize Maine seafood and coastal resources to fill a gap in domestic production and lessen our economy's reliance on imported yields”, explained Katz. This innovative business exemplifies Maine’s opportunity for blue economy growth, as it shows how Maine’s natural resources present unique business opportunities. “They've created multiple sustainable local jobs within the blue economy, and have gained global recognition. Their products are often served in Michelin star restaurants.”

By reducing reliance on imported eels and creating sustainable local jobs, American Unagi is an example of how entrepreneurship can fill economic niches while also being environmentally sustainable.

Maritime Education and Workforce Development

Maine Maritime Academy (MMA) is also playing a key role in preparing the workforce for the future of the blue economy. “There are many ways to work on the water, and we’re trying to find all of them,” noted Craig Johnson. MMA is accomplishing this by providing students with an abundance of options for education in marine-focused fields. They offer programs in marine engineering, international business, and also recently launched a mariculture program, which teaches students about sustainable aquaculture practices and business models.

Johnson also underscored the critical need for mariners, as the global shipping industry faces workforce shortages. “We’ve never seen a greater shortage of mariners in not just our country, but in the world,” he said. With 80% of global freight transported by sea, ensuring a well-trained workforce is essential for both economic security and sustainability.

Environmental Responsibility

While the growth of Maine and the US’s blue economy is a promising prospect, it’s important to not abandon our responsibility to the environment. Collaboration between academic institutions and entrepreneurs is key to creating a thriving blue economy that is environmentally sustainable. "Entrepreneurship and innovation, especially in an industry as nascent as the blue economy, is best done as a team sport," said Katz.

Johnson and Katz examined the impact of research-industry collaboration by showcasing technologies aimed at reducing maritime emissions. Johnson discussed MMA’s efforts to develop nitrogen-powered maritime engines as well as their commitment to reviving their nuclear engines program with a focus on maritime applications. Katz highlighted the potential of AI to optimize ship routes through complex calculations that enhance fuel efficiency.

By fostering strong partnerships across academia and industry, Maine businesses are able to use the latest technology and information that they need to succeed. This framework, which both GMRI and MMA support through their projects, contributes to fostering a sustainable blue economy.

The Sea State series will continue to explore critical topics shaping our ocean-driven future. Join us for the next discussion on February 12: Hope and the Gulf of Maine, featuring our own Senior Program Manager Gayle Bowness and Dr. Susie Arnold from the Island Institute.

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