An innovation-driven economy is the foundation for forming new companies, creating high-wage jobs, attracting talent and capital, and new businesses moving to the state.
Oregon has developed a stakeholder-driven statewide plan to set direction for innovation policy as part of the overall economic development recovery strategy in Oregon. Oregon's ability to recover from the economic crisis caused by COVID-19 will depend in large part upon its capacity to foster the formation of new, innovation-based, entrepreneurial-led businesses and sustain their growth as they scale-up and generate new, high-paying jobs.
The Innovation Plan was developed by the Futures Commission, a public-private thought leadership group comprised of 31 members representing leaders from industry, academia, philanthropy, and the public sector, along with successful entrepreneurs. The commission reviewed Oregon's existing innovation ecosystem and engaged with more than 125 diverse stakeholders across the state.
Oregon's 10-year Innovation Vision
In 10 years, Oregon is globally known as a model for a diverse, inclusive, and resilient economy: a place where innovative people solve the greatest challenges of our times to create novel, sustainable products, processes, and companies that drive economic growth.
To achieve this Vision, Oregon, serving as a steward for all its citizens, will support investments and policies through public- private-philanthropic partnerships that:
- Create and promote a diverse and inclusive innovation ecosystem that cultivates inventors, entrepreneurs, and leaders of innovation-driven enterprises.
- Intentionally ensure that historically underserved groups are fully integrated into the innovation ecosystem and have an equal opportunity to lead and prosper.
- Strengthen Oregon’s unique industrial and natural resources.
- Create an unparalleled quality of life by supporting citizens and businesses striving for economic, societal, and environmental resilience.
Plan Strategic Framework
Plan Roadmap
Action 1: Support Centers of Innovation Excellence that leverage Oregon's existing traded-sector strengths and emerging market opportunities.
Action 2: Leverage and expand sources of nondilutive capital to catalyze the commercialization of new innovations.
Action 3: Support early-stage innovation within Oregon's university, college, and other research settings, ensuring opportunities for all people in all places to connect to resources.
Action 4: Create Regional Innovation Hub designations that will fund and incentivize collaboration to build and advance innovation-focused ecosystems, ensuring opportunities for all innovation-based businesses throughout Oregon.
Action 5: Link talent to innovation efforts.
Action 6: Foster the further development of Oregon’s risk-capital stack.
Action 7: Incentivize angel investments in Oregon's innovation-based firms.
Action 8: As deal flow increases across the state, focus efforts to drive more of the Oregon Growth Account's investments to Oregon's businesses.
Action 9: Develop Oregon's Innovation Brand and market within the state—the brand should be aligned with and leverage Oregon's existing strengths.
Action 10: Develop an external marketing campaign that showcases Oregon's unique identity and competitive strengths in innovation.
Impacts
By achieving its 10-year innovation vision, Oregon will help ensure its future economic vitality. Anticipated economic and societal impacts that will be realized through the successful implementation of this 10-year Innovation Plan include:
- Good, high-paying jobs
- Improved quality of life
- Global competitiveness
- Economic Resilience
- Educational attainment
- Access and opportunity