BEAVERTON, Ore. – The Oregon Technology Business Center (OTBC) has been awarded a $191,225 grant by the U.S. Economic Development Administration (EDA), a bureau within the U.S. Department of Commerce. The three-year grant funding will be used to help establish Startup Challenge programs, designed after the successful Beaverton Startup Challenge, in rural Oregon communities.
"We're grateful to receive the EDA's recognition and support for this program,” said OTBC Executive Director Steve Morris. "We believe the Startup Challenge will bring the same kind of economic-development benefits to rural Oregon that we've seen in Beaverton by helping startups attract investment capital and create jobs."
In the first year of the program, OTBC will work with SEDCOR (Strategic Economic Development Corporation) in Marion, Yamhill and Polk counties, the Umpqua Business Center and the Umpqua Economic Development Partnership in Douglas and Coos counties, and SOREDI (Southern Oregon Economic Developing Inc.) in Josephine and Jackson counties. They will work with additional parts of rural Oregon in the second and third years of the program.
“It is a tremendous achievement to receive this grant funding and we are appreciative of EDA’s support,” said Mayor Denny Doyle. “This is further evidence that OTBC is being recognized for their contributions to innovation and entrepreneurship, and that there is confidence in OTBC’s ability to expand their mission and impact. Congratulations to everyone involved!”
OTBC is a nonprofit startup incubator that provides expert-level coaching, networking opportunities and programs to help entrepreneurs succeed. OTBC also provides office space to local early-stage businesses and delivers its mentorship programs online throughout the state via the Virtual Incubation Program. In 12 years, more than 110 new companies have been started at OTBC and 230-plus high-wage jobs created. OTBC client startups have gone on to raise more than $100 million in grant and investor funding.
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