Partnering with Public Investments and Realizing Real Economic Gain: How Business Oregon Keeps Life
Business Oregon, the state’s economic development agency, stands as a strategic partner in advancing the life science and biotech sectors—industries that now form a cornerstone of Oregon’s innovation economy. Through targeted investments, collaborative initiatives, and export development programs, Business Oregon supports a thriving ecosystem that links research, entrepreneurship, and global opportunity.
At the 2025 Oregon Bio Annual Conference and Innovation Showcase, keynote speaker Sophorn Cheang, MBA, director of Business Oregon, shared her perspective and the department’s approach to strengthening Oregon’s life sciences landscape.
Catalyzing Oregon’s Innovation Economy
Business Oregon prioritizes innovation-driven industries that generate jobs, high-wage employment, and sustainable growth. In its most recent statewide industry analysis, bioscience and life sciences emerged as one of Oregon’s key target sectors, employing—by the department’s measurements—nearly 21,400 people across 2,650 private firms.
These firms, deeply connected to research coming out of Oregon Health & Science University, Oregon State University, the University of Oregon, and the Oregon Institute of Technology, anchor an ecosystem that blends academic excellence with robust commercialization.
The agency’s partnership with Oregon Life Sciences (formerly the Oregon Bioscience Association) underscores the industry’s broad economic significance. Recent analysis indicates that Oregon’s bioscience sector generates $21.2 billion in total economic output and supports around 75,000 jobs statewide when multiplier effects are included. Bioscience exports have grown by 130 percent over the past decade, demonstrating both the sector’s vitality and its increasing global reach.
Strategic Funding for Innovation and Growth
At the core of the state’s strategy is the Oregon Innovation Plan, developed by the Futures Commission—a 31-member public–private leadership group guiding statewide innovation policy. A central priority of the plan is the creation of Centers of Innovation Excellence (CIEs), designed to focus resources and expertise in high-impact sectors.
The Oregon Translational Research and Development Institute (OTRADI) was designated as the state’s bioscience CIE and received $2.5 million in state funding through Business Oregon to support the Oregon Bioscience Incubator (OBI) and its operations. Today, OBI supports more than 30 bioscience startups and has helped its portfolio companies leverage nearly a quarter billion dollars in follow-on funding.
Business Oregon’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) support programs remain another cornerstone. In the most recent cycle, the agency awarded roughly $2.5 million in matching grants, along with $155,000 in application assistance grants, to help Oregon firms compete for federal awards. This support helps bioscience entrepreneurs bridge early-stage funding gaps and convert scientific breakthroughs into commercial ventures.
Companies such as Promedix, developer of sepsis detection technology, and Hemex Health, creator of the portable diagnostic device Gazelle, have benefited directly. These grants have collectively leveraged millions in federal funding and supported Oregon-based manufacturing and jobs.
Complementing these efforts is the Commercialization Gap Fund, administered by Business Oregon’s Oregon Innovation Council. To date, the fund has deployed $7.6 million across 44 startups, which have subsequently raised $72.4 million in outside investment—clear evidence that modest public investments can unlock large-scale private capital.
Expanding Oregon Innovation to Global Markets
Business Oregon’s support extends beyond research and financing. As Oregon’s trade and investment office, the agency helps traded-sector companies navigate global opportunities through programs such as the federally funded State Trade Expansion Program (STEP) and Oregon’s Trade Promotion Program.
Since 2022, Business Oregon’s Global Trade team has sponsored eight life science–related trade delegations, covering nearly $200,000 in participation costs for Oregon firms and generating $4.6 million in export revenue to date, with many more millions projected.
The agency has also ensured strong Oregon representation at major global life sciences events. Business Oregon has provided up to 50 percent cost support for Oregon companies attending international shows such as Swiss Biotech, MedTech in Toronto, and the BIO International Convention—where the agency supported the Oregon Pavilion from 2022 to 2025 and assisted 25 established Oregon firms.
In 2025, Business Oregon and Oregon Life Sciences jointly launched a Start-up Challenge to support five pre-revenue companies—including Promedix—as Oregon Pavilion Partners at BIO 2025. The effort was a tremendous success, with several companies reporting numerous high-value leads and new connections they could not have secured otherwise. Companies like Aronora, supported through STEP grants, secured more than $2 million in new sales opportunities through Business Oregon’s international trade programs.
Steve Thompson, Oregon STEP Director and Global Trade Specialist at Business Oregon, noted,
In addition to grant funding, our Global Trade team provides a variety of international trade expertise, access to global resources and contacts, introductions to federal agencies, and advice on a range of topics to help companies access the global stage. For example, Business Oregon, in conjunction with the Oregon District Export Council, recently underwrote a tariff webinar focused on reducing, recapturing, or eliminating tariffs. It was very well received, with 50 people in attendance.
Building a Stronger Future Through Partnership
Behind these investments is a commitment to partnership. Business Oregon collaborates closely with universities, investors, and industry organizations to ensure the state’s innovation ecosystem remains connected, resilient, and inclusive. The agency recognizes that the life science sector is not only a driver of economic growth—it is a field improving lives through earlier diagnoses, medical advancements, and global health innovations.
By combining financial tools, trade promotion, and coordinated strategy, Business Oregon provides a blend of long-term vision and practical support for companies that turn research into real-world impact. Results are evident in startups now exporting globally, researchers launching ventures in both urban and rural communities, and a growing network of innovators shaping Oregon’s next decade of scientific and economic progress.
Business Oregon views its mission not only as fostering industry expansion, but as empowering a socially meaningful sector that saves lives, strengthens communities, and elevates Oregon’s standing as a global hub of bioscience and life sciences innovation.