Portland launches $500,000 startup fund

The city has selected a team of five business leaders to oversee a pool of money aimed at boosting entrepreneurship in the city.

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Michael Powell of Powell’s Books, Brent Bullock of Perkins Coie, and Diane Fraiman, formerly of Tektronix, are among the experts who will oversee a $500,000 investment fund for Portland startups.

The fund, created by the Portland Development Commission, is scheduled to be ready for business this fall.

Oregon startups have long complained that they have a hard time securing financial backing for their ideas, and the state lags its western neighbors in attracting investment for new ventures.

Last year Portland identified software as one of four clusters key to the city’s future economic growth. Mayor Sam Adams announced in February that the city would put up $500,000 to help launch new startups through small investments.

Read more at OregonLive.com.

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