Findings regarding venture capital for new businesses

(1) The Legislative Assembly finds that: (a) The availability of venture capital for the start-up and subsequent expansion of new businesses is critical to the continued growth and development of the economy of Oregon. (b) There exists an estimated gap of between $100 million and $200 million between available venture capital resources and the need of Oregon businesses for such resources. (c) Investments in start-up and expanding businesses, in minority-owned businesses, woman-owned businesses and veteran-owned businesses and in emerging growth businesses can produce substantial positive returns for long-term investors. (d) Pension funds managed by the Oregon Investment Council constitute a major financial resource of the State of Oregon, and that such funds may be prudently invested in start-up and emerging growth businesses in this state under policies established by the Oregon Investment Council. (2) As used in this section: (a) “Emerging growth business” means an individual or group of individuals or a new or small company, including but not limited to any new or small partnership, limited liability company, corporation, firm, association or other business entity, that has the capacity, upon obtaining appropriate capital, to generate significant high-skill, high-wage employment. (b) “Minority-owned business,” “woman-owned business” and “veteran-owned business” have the meanings given those terms in ORS 200.005.