Funding Frustration for Oregon's Fund of Funds
| August 16, 2007 |  View for printing |
A state investment fund designed to target Oregon startups seems to be missing its mark because of confusion over legislation that created it.
The Oregon Investment Council is charged with investing $100 million in emerging Oregon businesses, with a view to strengthening the state's economy. So far, $43.5 million has been invested in eight growing companies. Only three are Oregon startups, though a fourth is in Vancouver.
The fact that so many of the firms investing Oregon's money are based outside the state is inconsistent with the original mission, said David Garten, CEO of Eugene's SeQuential Biofuels LLC.
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"I think that alone is an issue," he said. 
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