(1) The Oregon Innovation Council may establish one or more signature research centers to maximize collaborative ventures among research institutions, public entities and Oregon growth businesses that will capitalize on opportunities to obtain private and federal funding for the research and development of innovation-based economic development.

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(2) The council may contract with nonprofit or other entities for the administration of one or more centers.

(3) Signature research centers, Oregon growth businesses and research institutions contracting to engage in innovation-based economic development, to conduct research within a signature research center or to engage in other business endeavors, as defined by the Oregon Innovation Council by rule, may receive grants and loans from moneys in the Oregon Innovation Fund created under ORS § 284.720. [2005 c.748 § 11; 2011 c.610 § 8; 2019 c.131 § 6]