Oregon economy hinges on ability to encourage innovation

Facing current challenges and a changing economy, Oregon is turning to innovation-based economic growth. Their new 10-year Innovation Plan focuses on ensuring a competitive position through four means — traded sector industries that constantly innovate; a robust entrepreneurial ecosystem; financial capital markets that are open to investing in innovative firms and entrepreneurs; and promoting itself as a place to start and grow in innovative company.

The state’s first plan was created in 2006, and the new plan, commissioned by Business Oregon and facilitated by TEConomy Partners, notes that while progress has been made, “access to opportunities in innovation-oriented fields has been unequal,” and calls for a focus on engaging all citizens. “We believe that economic justice is a fundamental precursor to achieving an equitable outcome for all segments of our population,” it says. And in order to drive change in the state’s economy, efforts to address broadband accessibility and affordability, a thriving talent base and robust R&D enterprise are needed, it notes.

In creating a roadmap to build the plan, actions such as supporting Centers of Innovation Excellence and creating Regional Innovation Hub designations are included. The full plan is available here.