(1) The Oregon Innovation Council may make grants and loans from the Oregon Commercialized Research Fund to Oregon emerging businesses.
(2) To qualify for a grant or loan under this section, an Oregon emerging business must enter into an agreement with one or more research institutions to carry out proof of concept activities to:
(a) Establish the commercial potential of research; and
(b) Develop a business concept that can attract early stage private investment, including angel capital and venture capital.
(3) Proof of concept activities for which an Oregon emerging business may receive a grant or loan under this section include:
(a) The development of intellectual property;
(b) The payment of salaries and related expenses for commercialized research;
(c) The acquisition of equipment and supplies required for the proof of concept activities; and
(d) Other activities as defined by rule of the council.
(4) To receive a grant or loan, the Oregon emerging business or a research institution that has entered into an agreement with the business must agree to provide a cash match equivalent to:
(a) 30 percent of the amount of the grant or loan for businesses with fewer than 20 employees.
(b) 50 percent of the amount of the grant or loan for businesses with 20 or more but fewer than 50 employees.
(c) 75 percent of the amount of the grant or loan for businesses with 50 or more but fewer than 100 employees.
(5)(a) The council shall award grant or loan moneys to an Oregon emerging business in a two-phase contract. Each phase of the contract shall have clearly defined performance measures included in the contract between the business and the council.
(b) Under phase I of the contract, a business may be granted or loaned an initial investment not to exceed $75,000. Phase I shall also include an agreement that upon successful completion of the performance measures for phase I, the business shall be eligible for funding under phase II. The amount of grant or loan moneys available to a business under both phases may not exceed $200,000.
(6) The council shall require any Oregon emerging business that receives a grant or loan under this section and that moves more than 50 percent of the employees of the business out of the state within two years after receiving grant or loan moneys to repay the total amount of the grant or loan moneys.
(7) The council shall require an Oregon emerging business that receives a loan under this section to repay the loan within five years after receiving the loan. The council shall deposit any loan moneys received under this subsection in the Oregon Commercialized Research Fund.
(8) The council may award up to 15 percent of the amount of moneys available in the fund for grants or loans:
(a) To the Oregon University System for education of faculty on issues related to developing effective technology transfer and commercialized research processes; and
(b) For other activities as defined by rule of the council.
(9) The council may adopt rules to administer this section. The council shall follow the advice of the Oregon Commercialized Research Fund Advisory Council when adopting rules to administer this section. [2005 c.748 §9]Section: Previous 284.706 284.710 284.711 284.715 284.720 284.725 284.730 284.735 284.740 284.750 284.755 284.760 284.765 284.770 284.775 Next
Last modified: August 7, 2008