February 2024
Melissa Freeman
We have all seen “Support Local Business” signs in front of neighborhood restaurants, hardware stores or other establishments. They were especially prevalent during the pandemic when so many were struggling to keep the doors open. For me, the phrase conjures up family businesses or individuals who have taken a leap of faith to launch a business that will provide valuable services or products so the owner can provide for their own family and those of their employees. Local businesses inspire us to stop in, look around or get a bite to eat. They contribute to a city’s positive vibe and cultural fabric. They provide living wage jobs (we hope) and keep the economy alive.
Helping local business owners survive is critical. However, to make the economy thrive, we need a complementary, but different set of entrepreneurs starting local businesses who can compete worldwide. Traded sector companies are critical for an economy to grow and thrive. Goods and services must be exchanged outside of Oregon’s borders to leverage external resources from other states and countries to help us create more jobs, build wealth, and pay for the community services we all want and need.
At Oregon Venture Fund, our 300+ investors take pride in supporting local businesses that are both visible and non-visible. We shop locally, eat locally, and invest locally. We invest approximately $15M per year in local businesses; they just happen to be the ones that are largely out of the public’s eye at inception. Our portfolio companies start off with a couple of founders, a business plan, and maybe a dog. They don’t necessarily have a logo or a tagline, but they have a bright idea, an enormous amount of drive, and the right expertise to solve an annoying problem for which there is potentially a large market. In the beginning, our founders are often hidden in labs, home offices, kitchens, or dying to breakout of a “good job” at a corporation so they can build the solution they know is needed. They are highly skilled at building technology, writing code for software, or creating delicious treats, but they may not know how to raise money to launch their startup. The most ambitious traded sector entrepreneurs in our region need our support and capital just as much as our neighborhood café founders.
Over time, many of our portfolio companies have become highly visible and serve as the next generation of large employers. For example, our portfolio companies have created over 5,000 jobs in Oregon and southern Washington and been acquired by firms such as Amazon Web Services (AWS), Cisco, HP, and JSR.
At Oregon Venture Fund, we strive to meet startup founders as early as possible. If you come across someone who has an idea to change the world, a business plan, perhaps some evidence that people will pay for their solution, and an insatiable drive to get their solution to market, please refer them to our team! There are likely no fancy signs or crafty carts to signal their presence on the street. To truly support all local businesses, we need to listen to and support local entrepreneurs who have non-visible companies as well as visible ones to make this regional economy thrive.
If you know a local founder in Oregon or southern Washington who is developing a scalable, traded-sector company, please refer them to Jon Maroney at Oregon Venture Fund, jon@oregonventurefund.com.
Individuals, families, and institutions from across the globe invest in Oregon Venture Fund. For more information, please contact Melissa Freeman, melissa@oregonventurefund.com.