Oregon Inc. funding set at $16 million

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The Oregon Innovation Council came up short of the nearly $19 million it had sought from the Legislature.

An Oregon joint subcommittee has approved funding levels for the state’s primary business and technology development effort.

The Oregon Innovation Council is set to receive $16 million in funding, short of the nearly $19 million leaders of the effort had sought. However, Oregon Inc. backers, including Oregon Gov. John Kitzhaber, had anticipated lower funding levels because of the state’s tenuous budget climate. Lawmakers are expected to fill a $3 billion-plus budget gap by the time they adjourn later this month.

The approval came Wednesday from the Joint Ways and Means Subcommittee on Transportation and Economic Development. The full Ways and Means Committee will vote on the subcommittee’s recommendation before the proposal, which is part of the state’s economic development budget, goes to the full House and Senate.

Oregon Inc. funds many of the state’s signature research programs, including the Oregon Nanoscience and Microtechnologies Institute — known as ONAMI — and the Oregon Built Environment and Sustainable Technologies Center — known as Oregon BEST and the Oregon Wave Energy Trust.

The $16 million allotment would mark the second straight biennium that lawmakers gave that amount to Oregon Inc.

According to the group, Oregon Inc. created or retained 666 jobs during its first full biennium, starting in 2007. It’s on track to create or retain 616 jobs during the 2009-11 biennium.

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