Inside Look at the Oregon Business Development Department: A Strategy to Boost Economic Growth

Inside Look at the Oregon Business Development Department: A Strategy to Boost Economic Growth

The Oregon Business Development Department has been an instrumental force in driving economic growth for small and medium-sized enterprises in the state of Oregon. Through a combination of innovative programs, funding, and support services, the department has been successful in creating a favorable business environment that promotes entrepreneurship, job creation, and increased productivity. In this article, we take a closer look at the strategies employed by the department to boost economic growth in Oregon.

Overview of the Oregon Business Development Department

The Oregon Business Development Department (OBDD) is a government agency that was created in 1975 to support and promote business development in the state of Oregon. The department is responsible for developing and implementing policies, programs, and initiatives that help businesses grow and succeed.

One of the key areas of focus for the OBDD is to create an environment that is conducive to entrepreneurship and innovation. This involves providing a range of services and resources, including business incubation programs, access to capital, and networking opportunities.

Key Programs and Initiatives

The OBDD is involved in a variety of programs and initiatives that are designed to support businesses of all sizes. Some of the key programs include:

• The Oregon Investment Fund: This fund provides capital to businesses that are looking to expand or relocate to Oregon. The fund is designed to support businesses in a variety of industries, including technology, manufacturing, and healthcare.
• The Small Business Innovation Research (SBIR) Program: The SBIR program provides funding to small businesses that are working on innovative new products or technologies. The program is designed to help these companies commercialize their products and bring them to market.
• The Economic Development District Program: This program provides funding and technical assistance to areas of Oregon that are experiencing economic distress. The program is designed to help these areas develop and implement economic development strategies that will promote job creation and business growth.
• The Oregon Small Business Development Center Network: The Small Business Development Center Network provides a range of services and resources to small business owners, including business planning assistance, access to capital, and marketing support.

Success Stories

The OBDD has been instrumental in driving economic growth in Oregon. Here are a few success stories that illustrate the impact of the department’s programs and initiatives:

• Urban Airship: Urban Airship, a mobile engagement company, was able to secure funding from the Oregon Investment Fund to expand its operations in Portland. The company has since grown its workforce to over 300 employees and has become a leading player in the mobile marketing industry.
• Allied Market Research: Allied Market Research, a market research and consulting firm, received funding through the SBIR program to help develop a new software tool. The company has since become a leading provider of market intelligence and analysis to businesses around the world.
• The Dalles: The city of The Dalles, which was struggling with high unemployment and a declining economy, received assistance through the Economic Development District Program. The city was able to develop and implement a comprehensive economic development strategy that has since led to the creation of numerous new jobs and businesses.

Conclusion

The Oregon Business Development Department has been successful in promoting economic growth and entrepreneurship in the state of Oregon. Through its range of programs and initiatives, the department has been able to create a supportive business environment that encourages innovation, job creation, and increased competitiveness. Small and medium-sized businesses in Oregon can benefit greatly from the resources and services provided by the OBDD, and the success stories mentioned above are a testament to the impact of the department’s work.

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