Fostering innovation is crucial for nurturing a thriving small-business community, and the Oregon State University-Cascades Innovation District and hub are playing a pivotal role in incubating entrepreneurial growth, according to economists. Innovation lies at the heart of entrepreneurship, increasing productivity and driving economic development in a region.
Oregon has recognized the importance of supporting innovation by establishing 10 innovation hubs scattered across the state, focusing on high-tech, science, and innovation sectors. One such hub is located at OSU-Cascades, said Jordana Barclay, Business Oregon’s innovation strategist.
In a move to bolster the development of high-growth, scalable businesses in the science and tech fields, Oregon’s economic development agency, Business Oregon, recently awarded $2.6 million in funding to support the state’s innovation hubs. OSU-Cascades received the second-largest grant of $425,000, following Portland State University’s award of $750,000.
This financial support underscores the state’s commitment to fostering an environment conducive to innovation and entrepreneurship. By providing resources and infrastructure to nurture innovative ideas and businesses, Oregon aims to stimulate economic growth and establish itself as a hub for cutting-edge technologies and scientific advancements.
The OSU-Cascades Innovation District and hub serve as catalysts for this endeavor, offering a collaborative ecosystem where entrepreneurs, researchers, and industry professionals can converge, exchange ideas, and transform innovative concepts into tangible products and services. Through its comprehensive support system, the hub empowers startups and small businesses to overcome challenges, access valuable resources, and capitalize on emerging opportunities.
By investing in innovation and entrepreneurship, Oregon is paving the way for a vibrant and sustainable economic landscape, where small businesses can thrive and contribute to the state’s overall prosperity.
“We hear entrepreneurs say that they don’t know how or where to go if they have an innovative idea,” Barclay said. “There’s a lot of resources out there but they’re often siloed. The intent of the hubs is to bring resources together, coordinate and have one place to come.”
“The idea is to bring a hub of resources for the region that have an idea or are looking for similar space, or advice,” Bloomer said. “The hub is something that coordinates resources.”
Eventually the Co-Lab will be moved to the district area, which is being built on the southeast corner of the campus off Century Drive. The university had asked Business Oregon for $539,000 to fund the hub with a $280,000 matching grant. Bloomer said the university will have to reach out to other sources to make up the difference.
An Innovation Hub will also bring together all the various stakeholders in promoting business growth and in the region, said Jon Stark, Economic Development for Central Oregon CEO.
“The funding marks a pivotal step forward in our economic development by creating an Innovation Hub, fuelling additional resources, academic leadership and systems to enhance the existing backbone of our strong entrepreneurial ecosystems,” Stark said. “The hub will optimize access and guide entrepreneurs to valuable resources helping commercialize and scale new technologies, services and products.”
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