(a) The establishment of partnerships between, and collaborations with, research institutions and Oregon growth businesses for innovation-based economic development; or
(b) The transfer of innovation-based economic development technology to the private sector or the commercialization of innovation-based economic development research and development in Oregon.
(2)(a) The council may contract with one or more management companies to manage equity investments for purposes of this section and the programs funded by the Oregon Innovation Fund created under ORS 284.720.
(b) A contract entered into under this subsection may be:
(A) A partnership agreement under which the council is the limited partner and the management company is the general partner; or
(B) Another form of payment or profit-sharing arrangement under which the council may receive payment or another form of return in exchange for the council’s investment.
(c) A contract entered into under this subsection shall require any management company managing investments pursuant to this subsection to:
(A) Manage the investments subject to the policies and procedures and investment directives and strategies of the council or, if requested by the council, the Oregon Growth Board, with the care, skill and diligence that a prudent investor acting in a similar capacity and familiar with such investments would use in managing the investments; and
(B) Invest in Oregon an amount that is at least equal to the amount of the principal transferred from the Oregon Innovation Fund to the management company for investment.
(3)(a) To qualify for a grant, loan or equity investment under subsection (1) of this section, a proposal must be submitted to the Oregon Innovation Council in the manner and with a fee as may be prescribed by rule.
(b) All proposals funded under subsection (1) of this section must include performance metrics or reporting requirements or both, as prescribed by rule.
(4) The Oregon Business Development Department may adopt rules to implement programs recommended by the council to administer the provisions of this section or for other activities recommended by the council to promote innovation-based economic development. [2011 c.610 §10; 2019 c.131 §7]
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.