Dear Friends,

I am delighted to share that RAIN has secured new commitments of funds for this fiscal year (since July 1, 2017) of $1.38 million, comprised of:

$1 million from the State of Oregon for the biennium.

$300,000 from a U.S. Economic Development Agency Seed Fund Support grant to be invested over three years in developing a sustainable capital pool to support the growth of early-stage companies.

$40,000 from a USDA Rural Development Agency grant for continuing entrepreneurial development on the coast this year.

$40,000 from Benton County to support venture catalyst engagement throughout the county this year and next.

First, I want to thank all of you for helping RAIN secure these new funds. These commitments are a testament to the strength, participation, and economic impacts of the entire network. So if you attended a Meetup, mentored a company, wrote a letter of support to your legislator, started a company, or in other ways participated in our innovation economy, your efforts helped ensure RAIN’s future.

Second, please join me in thanking our funders. It’s very gratifying to find partners who share and want to invest in our vision of a regional innovation economy. I’m especially humbled by the commitment from the State Legislature. Due to the State’s fiscal challenges, we were preparing to receive far less support. The excellence of our nodes — RAIN Eugene and RAIN Corvallis/OSU Advantage Accelerator — and the effectiveness of our rural entrepreneurial development were both keys to garnering legislative support for this funding.

We are launching a development effort to raise even more funding for RAIN, and are planning how best to allocate funds we currently have available to continue all the good work of RAIN Eugene, RAIN Corvallis/Advantage Accelerator, and our Venture Catalysts.

These funds are fueling some exciting conversations for us about What’s Next for RAIN, and we look forward to sharing these plans with you, as well as to our future collaborations on growing a vibrant innovation economy.

Thanks again for your participation!

Regards,

Marc Manley

Executive Director

Oregon RAIN