Economic Development for Central Oregon (EDCO) is excited to announce the semifinalist companies advancing in the Growth Stage and Impact Track competitions for the 20^th annual Bend Venture Conference (BVC) on Thursday, October 19 – Friday, October 20, 2023.  The ten semifinalists in the Early Stage competition category were announced last week.

Each year, new BVC Growth and Impact Funds are raised to invest in the most promising ​companies that compete in the annual conference. At the 2022 BVC, these funds invested a combined $530,000 in Growth Stage and Impact Track finalists. In the weeks preceding the conference, angel investors meet with ​semifinalist companies at a series of due diligence meetings to narrow the companies to a list of finalists, which will be announced ​in early October. ​

Jenn Lynch, Fund Manager for the BVC LLC Funds, explained, “The investors in the Bend Venture Conference Funds are local businesspeople who enjoy learning about the semifinalists’ startups as much as they do hearing each other’s perspectives and building their own investment thesis. With a record number of applicants across all categories this year, we are thrilled with the variety and growth potential represented in the semifinalist companies.”

In alphabetical order, the nine BVC Growth Stage semifinalists are:

1. Avoli (Portland, OR) – The first and only athletic brand dedicated exclusively to the performance needs and aspirations of women and girl volleyball athletes.
2. Gnara (Gunnison, CO) – A revolutionary new approach to women’s clothing with a patented zipper design that helps everyone to answer nature’s call.
3. Heather’s Choice (Ashland, OR) – A line of lightweight, packable meals and snacks made with wholesome, quality ingredients for adventuring.
4. Hepatx (Palo Alto, CA) – An innovative, regenerative medicine solution for liver disease.
5. iDentical Inc. (Mountain View, CA) – A dental device company that is disrupting the global dental implant market with personalized, drill-free dental implants.
6. Po Campo (New York, NY) – A leader in modern daily travel, making stylish and sustainable designs specifically for commuters using bikes and scooters.
7. Square Baby (Bend, OR) – A baby food subscription service that offers 100% daily nutrition and early allergen introduction for food allergy prevention.
8. Toolbelt Inc. (Vancouver, WA) – A mobile software that allows contractors to post projects and directly connect with tradespeople.
9. Varlo (Philadelphia, PA) – An inclusive athletics brand designed for endurance athletes of all sizes and body types.

In alphabetical order, the seven BVC Impact Track semifinalists are:

1. Birch Biosciences (Portland, OR) – Engineering enzymes that break down plastic polymers for efficient and economic plastic recycling.
2. ESG Brands (Portland, OR) – A proprietary technology for converting agriculture waste into textile fiber for the fashion industry.
3. Harvest Thermal (Kensington, CA) – Electric heating, cooling and hot water systems for homes to support a strong and renewable electricity grid.
4. LeapFrog Design (Bend, OR) – Modular, scalable, all-natural, plant-based treatment solutions for onsite greywater and blackwater recycling.
5. Leap Photovoltaics (San Francisco, CA) – A revolutionary process to manufacture silicon solar cells at half the cost of silicon wafer-based cells using domestic supply chains.
6. OpConnect Inc. (Portland, OR) – A turnkey EV charging solution provider that offers smart charging hardware and software for fleet operators and multi-family properties.
7. Opolis (Kennebunk, ME) – A trademarked and patent pending blend that creates a monetizable plastic economy for the developing communities most impacted by plastic waste.

The Bend Venture Conference (BVC) is the longest standing and largest angel investment conference in the Pacific Northwest, serving as a catalyst for startup investment in Central Oregon. Throughout the conference attendees hear company pitches, break away for multiple networking activities and learn from aspiring entrepreneurs and industry thought leaders. Tickets to the 20^th annual Bend Venture Conference are on sale now and are available here.

EDCO’s Central Oregon PubTalk: The Road to BVC

Ten Early Stage semifinalists will present at EDCO’s September PubTalk on September 28^th at Worthy Brewing in Bend in hopes of moving on to present at BVC. Tickets are available through Eventbrite at bit.ly/2023RoadToBVC.

Bend-Redmond jumped five positions to fifth place in Milken Institute’s recently released 2023 Best-Performing Cities study. The Los Angeles-based Milken Institute compiles their listing annually. The metropolitan areas included in these rankings generated almost 90% of the national GDP in 2021 and the study provides a valuable framework for evaluating the relative performance of US cities. The report noted growth of the region’s concentration of high-tech industry and robust broadband access as key strengths for the ranking.

The study explained, “High tech and the digital economy played a key role in the country’s recovery from the pandemic, allowing work and education to continue during the initial stage, and driving growth, wages, and employment in the later stages. The high-tech sector produced more than $2.8 trillion of net output in 2021, growing by 11.3 percent in real terms between 2020 and 2021.”

According to data from the Oregon Employment Department, average employment for Central Oregon’s high tech sector has grown by 50% over the past 5-year period and 142% in the past decade. In 2021, average industry wages paid in Central Oregon were $116,579, accounting for over $460 million in covered payroll for the region.

Source: Nicole Ramos, Oregon Employment Department, Central and South Central Regional Economist

Jon Stark, CEO of EDCO, said, “Growth in jobs and wages across the Bend-Redmond Metropolitan Statistical Area (MSA) continues to outpace those of other similarly sized cities. These statistics indicate the benefits of a broad-based economy for thriving industries such as high tech. Companies are attracted to start, move and grow their businesses in areas with a concentration of high-skilled talent and incredible high quality of life. While the area faces challenges like affordable housing and availability of industrial lands, this study highlights the strengths of our region in attracting and growing businesses.”

The full Best-Performing Cities study can be found here.

For Press Inquiries:
Nicole Mcnew
Director of Marketing and Communications, EDCO
541.388.3236 x6
nicole@edcoinfo.com

Nearly 800 business leaders and community members packed the Riverhouse Convention Center for the Annual Luncheon hosted by Economic Development for Central Oregon (EDCO). ITR Economics CEO and Chief Economist Brian Beaulieu presented his forecast for the local, national and global economy including how business owners could best prepare for the future.

Sherm Bloomer, Chancellor of OSU-Cascades, a title sponsor of the event, said, “OSU-Cascades is proud to be a longtime lead supporter of the EDCO Annual Luncheon.  We are honored to serve as a valued partner in the community and appreciate the collaboration with EDCO as they work to advance the region’s economy to benefit all Central Oregonians.”

The event began with a panel discussion of regional employers discussing their strategies in attracting and retaining talent. Leaders from Sisters-based Personalized Nutrients, Redmond-based BASX Solutions and Bend-based Seran Bioscience, who have collectively added over 200 employees over the past year, discussed how they have leveraged Central Oregon’s outdoor amenities to attract talent to the area and focused on company culture and employee benefits to retain those employees.

The panel was moderated by Evan Dickens, CPA and Shareholder at Jones and Roth CPAs & Business Advisors, a keynote sponsor of the event, who said, “It was a pleasure to be part of this discussion with three excellent companies of different sizes, hearing their wisdom and experiences related to an issue that affects all employers in Central Oregon. No matter how small or large a company, there were great and relevant takeaways to be found in the panelist responses. The panel continued EDCO’s proud history of producing an outstanding and valuable annual luncheon.”

The keynote, presented by Brian Beaulieu of ITR Economics, started with a call to business leaders. “Do not let the fear that is out there sway you from investing in yourselves, your people and your growth…you’ve got to put your pedal to the metal and keep on keeping on,” he said.

Based on his research, there will be a mild economic slowdown in the second half of 2023 being pushed primarily by actions of the Federal Reserve and supply chain issues related to the pandemic and the ongoing war in Ukraine; however, the economy will be mostly recovered by 2025 and there will be a time of economic growth for the United States through 2029.

Despite concerns over inflationary pressures and foreign threats, the United States economy was predicted to retain its strength as the global leader for the next 100 years. Beaulieu explained that historic and future longevity is due to a growing population, abundant natural resources and rule of law with an independent judiciary system, independent property rights and functional bankruptcy laws.

“When you read some headline or hear some news that makes you question America’s future, I want you to stop, take a breath and thank God you are an American because we own this future,” said Beaulieu.

Following these predictions, the economist suggested Central Oregon business owners should look for opportunities to onshore their supply chains and investments and focus on their margins by leveraging the producer price index as a guide for customer pricing inflations. Beaulieu emphasized, “You can actually make money and improve your margins by inflation.”

Other suggestions included building relationships with local and regional bankers because as credit tightens and the economy slows in late 2024 and early 2025, access to capital will be key. Beaulieu noted that he predicts the labor market will be tight through 2032 and that businesses need to automate processes wherever possible in order to remain competitive. Last, but certainly not least, Beaulieu ended the presentation with a focus on driving appreciation and education of the sciences, engineering and trades.

ITR Economics publishes regular free economic updates. To receive these emails, visit their website.