(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]