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Oregon Governor Signs Bill to Create Innovation Council

October 10, 2005
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Gov. Ted Kulongoski last month signed Senate Bill 838, creating the Oregon Innovation Council to provide him and the legislature with advice regarding business innovation in order to strengthen competitiveness in global markets. The council will include representatives from industry, education and government.

In addition, the bill recognizes the Oregon Nanoscience and Microtechnologies Institute (ONAMI) as the state's first Signature Research Center and appropriates $7 million for operations and leveraging of private and federal funds. According to the governor's office, every state dollar invested into ONAMI delivers a $30 return through private investment.

Among its key tasks, the council will work to increase Oregon universities' role in driving economic growth. The council will provide advice on enhancing educational programs for engineering, science and technology. Another primary goal is identifying and addressing business development issues in key industry sectors such as early-stage funding and entrepreneurial capacity.

Gov. Kulongoski also signed Senate Bill 853, which directs the state treasurer to establish one or more university venture development funds within the state treasury and authorizes Oregon University Systems institutions and Oregon Health and Science University to establish venture capital funds (see the July 18 issue of the Digest).

Oregon