Business Oregon Seeks Fund Manager for $4.5 million Fund Serving Oregon Early-Stage Companies
Business Oregon and the Oregon Innovation Council (Oregon InC) seek a fund manager to manage the $4.5 million Commercialization Gap Fund for the 2021-2023 biennium. This fund invests in early-stage innovation-based companies that have the potential for high growth. Early-stage technologies coming from science and research can use the fund to commercialize their products and grow their business. The fund targets companies in the advanced manufacturing, active lifestyle, bioscience, medical devices, and natural resource industries.
The fund supports companies as they further develop their product for the marketplace, providing investment for the “commercialization gap” between initial company startup and when private investment is available. Business Oregon wants the investments to unlock additional private seed investors for the company.
One previous recipient of a Gap Fund investment is Rewire Neuro, which is using artificial intelligence to automate biomedical image analysis. Another is Leapfrog Design, which is developing a modular, easy-to-use greywater recycling system for single-family homes.
This program can provide up to $4.5 million to a fund manager to manage the program using equity investing, with the state serving as a Limited Partner. The successful fund manager will align their investment strategy with other state-supported activities, such as the Signature Research Centers and the Oregon Growth Board, as well as leverage other sources of funding.
Oregon InC expects the fund’s investment period to conclude by the end of the current biennium (June 30, 2023).
Business Oregon anticipates awarding one contract from this Request for Proposals (RFP), but reserves the right to award more than one. Interested fund managers can review the complete RFP and proposal requirements here.