Eric Rosenfeld - 2017
Why Oregon and Why OAF
We believe this is Oregon’s day in the sun. Even when it’s raining, like it probably is right now…
The frequency and quality of local venture-backed exits continue to accelerate
This means that virtuous cycle of local wealth creation and reinvestment is shifting from first to second gear. The result: More local capital and more entrepreneurs wanting to do it again.
We're honored that entrepreneurs we’ve backed from Elemental Technologies (acquired by Amazon), ClearAccess (acquired by Cisco), Giftango (acquired by InComm), Meridian (acquired by Aruba/HP), and CrowdCompass (acquired by Cvent), among others, are now themselves investors in OAF.
And our biggest exits are yet to come. The market cap of OAF portfolio companies exceeds $1BN. When some of the rising stars get acquired or go public, the talent and capital unleashed will undoubtedly spur more local investment and startups.
Tech-savvy, creative, ambitious young people are moving here in droves
Oregon is now the #1 moving destination in the US, and a high proportion of transplants to Portland are college-educated 25 to 34-year-olds (about 4,000 each year, the third-highest in the nation). These "Young & Restless" are increasingly drawn to Portland and other Oregon metros because of their distinctive and vibrant cultures, especially when it comes to food, art, and fashion. Not to mention that the close-in neighborhoods, walkability and public transit, and strict growth boundaries make for easy access to Oregon’s well-protected and spectacular natural beauty.
Portland: The last affordable major city on the West Coast
Our comparatively low rent rates (one-third of San Francisco), lack of sales tax, and concerted effort to make the personal automobile obsolete (non-bike and non-transit riders have to pump their own gas here), make Portland a relatively cost-efficient place to start and grow a business.
We believe the Oregon Angel Fund is uniquely positioned to support and invest in the rising tide of local startups. OAF represents a powerful new model for venture investing that capitalizes on the skills and relationships of our entrepreneur-investors for the benefit of local startups. As a broadly supported, grassroots venture fund, we were created by our community, for our community.