Yesterday the Joint Ways and Means Subcommittee on Transportation and Economic Development passed SB 5528, the biennial budget for “Business Oregon,” the Oregon Business Development Department. The Budget now heads to the full Ways and Means Committee for consideration.
The budget includes some key provisions to support major opportunities to lower Oregon’s stubbornly high unemployment and lagging personal income levels. These include:
The Oregon Innovation Plan
The Oregon Innovation Plan is now in its third round of funding and has delivered impressive results for the state. The Subcommittee allocated sixteen million dollars this biennium for the Innovation Plan, a suite of initiatives to enhance industry innovation and the commercialization of research. The funding will go toward three industry initiatives and three signature research centers. The industry initiatives include improving innovation and productivity in the food processing industry (IPC) ($500k), catalyzing Oregon’s emerging electric vehicle industry through Drive Oregon ($1.2 million), and putting Oregon on the map for wave energy development and manufacturing through Oregon Wave Energy Trust (OWET) ($2.5 million). The Signature Research Centers include the Oregon Nanoscience and Microtechnology Institute (ONAMI) ($5.3 million), Oregon Built Environment and Sustainable Technologies Center (BEST) ($3.8 million) and the Oregon Translational Drug Institute (OTRADI) ($2.8 million).
In the midst of a historic recession, the Oregon Innovation Plan developed by the Oregon Innovation Council has been successful at incubating new ideas into growing businesses, helping established industries become more competitive and creating a new economic future for all Oregonians. In less than four years of state funding, the six initiatives of the Oregon Innovation Plan have brought $195 million in federal and private grants back to Oregon and are on track to generate more than $7 for every dollar the legislature has invested, not to mention the creation of 1117 jobs and the incubation of 15 new companies.
For more details on how the funding will be used, visit http://www.oregon4biz.com/Innovation-in-Oregon/.