We heard hundreds of stories, from across the state -- in Ontario, Klamath Falls, Bend, The Dalles, Portland, Pendleton, Coos Bay.
Business stories. Your stories.
The themes were consistent. Oregon must do better -- and be smarter and more strategic -- to support and invest in business opportunities. And the state can better connect capital to job creators, whether they are fledgling startups or established companies with plans to expand.
A manufacturer in the Columbia River Gorge can't get financing for a new project, which prevents it from hiring more than a dozen people. A promising Bend technology startup is struggling to connect with investors. Small businesses need help to hire technical assistance in Klamath Falls.
When we look around Oregon, we see signs that business is picking up. Opportunities abound. That's reason for optimism.
However, opportunities don't become realities on their own, and Oregonians are missing too many of them now. A recent analysis financed by the Oregon Community Foundation, Oregon State Treasury and Meyer Memorial Trust identified a spectrum of "capital gaps" that are hamstringing business development in Oregon.
That's why a bipartisan coalition is proposing a new storyline when it comes to our economic development imperative: the Oregon Investment Act, which will be considered in February.
Oregon spends significant Oregon Lottery profits and other funds today to enhance business development. Yet those tools are scattered across multiple agencies and have little strategic connection, and sometimes have little accountability to measure results.
The Oregon Investment Act responds to the common themes we heard. It will require that we allocate state funds in nimble and effective ways, and it will help ensure that Oregonians get value for their money.
The multifaceted approach could include thoughtful participation in bank loans, focused attraction of venture capital, targeted tax credits and small-business assistance. The overriding goal: better help for communities across the state to build their own economic futures.
Government is in the economic development arena because taxpayers directed it. At the same time, taxpayers rightly expect that the state will invest our limited resources in a coordinated way that will maximize job creation and retention.
Oregon can and should.
Today's uncoordinated system of economic development will be improved by a new Oregon Growth Board that must partner with private sector expertise. That collaboration will allow Oregon to do a better job anticipating and reacting to opportunities.
The board will catalog the myriad ways Oregon now pays for economic development and ensure that funds are spent as wisely as possible. The board also will identify potential new sources of funding to bolster innovation and job creation.
The Oregon Investment Act will attract private dollars by using public funds as a catalyst, such as through investment partnerships and private loan guarantees. By combining those resources, we can help strengthen a culture of entrepreneurship.
It is important to note that the Oregon Investment Act restructures government, rather than adding to it. At least one existing state entity, the Oregon Growth Account Board in the State Treasury, will be dissolved.
This vision is the result of many voices, from small-business owners to community leaders to Oregonians of every political stripe. Together, we are working to write a new chapter in Oregon's story.
And together, we can encourage the business growth that will catapult us into a more prosperous tomorrow.
Ted Wheeler is Oregon's treasurer. Republican Cliff Bentz represents Ontario in the Oregon House of Representatives; Democrat Tobias Read represents Beaverton.
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