(1) The Oregon Innovation Council shall develop a state plan for innovation and economic competitiveness. The plan shall include policy and program recommendations to:

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(a) Identify and expand the state’s industry and core research strengths related to Oregon traded sector industries, Oregon growth businesses and higher education that have the highest potential for commercialization and economic impact;

(b) Enhance the entrepreneurial ecosystem that promotes the development and growth of new innovation-based businesses and assists existing businesses in developing new products;

(c) Stimulate seed and start-up capital investment and entrepreneurial capacity that will promote innovation-based economic development in Oregon traded sector industries or Oregon growth businesses; and

(d) Develop an innovation index that benchmarks Oregon to national averages on a variety of innovation metrics.

(2) The council shall complete the plan every biennium.

(3) Each biennium, the council shall report to the Governor and the Legislative Assembly about the plan. [2005 c.748 § 5; 2011 c.610 § 4; 2015 c.196 § 3; 2019 c.131 § 4]