ECONOMIC

Oregon RAIN Programs Help Foster
Entrepreneurship, Innovation
Small startups flourish with accelerators’
mentorship, funding support and other resources
By Melody Finnemore
As the co-founder of a startup company that developed
a palm-sized device to quickly test drugs and environmental
toxins, Matt Beaudet knew he could use some
mentorship and support within Oregon’s competitive biotech
sector. Beaudet, CEO of NemaMetrix Inc., said the Regional
Accelerator & Innovation Network (RAIN) in Eugene has
been essential to his company’s success.
Founded in 2011, NemaMetrix began its journey at Eugene’s
FertiLab Thinkubator, an independent nonprofit focused on
economic development through innovation and entrepreneurship.
With support from the Oregon Nanoscience and
Microtechnologies Institute (ONAMI) and the Oregon Translational
Research and Development Institute (OTRADI),
NemaMetrix participated in the Eugene RAIN accelerator
and operated its lab space within FertiLab.
“The mentors and advisors I had at FertiLab helped get me
ready for the RAIN accelerator,” Beaudet said. “You can
have a conversation with someone who is knowledgeable and
they will give you immediate feedback on how they view you,
and that is critical because it does give you an opportunity to
look at how to change the company to grow. A mentor also
provides that feedback, but they are there week after week to
continue that conversation and provide new feedback.”
NemaMetrix’s participation in the RAIN accelerator was crucial
to its ability to raise $1 million in its seed round of investment
funding. The funding is helping the company launch its
ScreenChip System, attract customers, build a larger lab and
grow its staff, Beaudet said.
“One of the things the accelerator does is help you hone your
methods and make sure your pitch is perfect, and that means
not only what you say but how you say it and who you say it
to,” he said.
Cities, Counties Encouraged to Explore
Public-Private Funding Partnerships
RAIN is an Oregon consortium of government, higher education
and businesses created to advance the formation of
high-growth, innovative startup companies throughout the
southern Willamette Valley. Established by former Governor
John Kitzhaber and funded by the state Legislature, RAIN is
a business incubator and accelerator program that is based in
Eugene and Corvallis.
The Eugene RAIN Accelerator is managed as a virtual
nonprofit by the city of Eugene, the Eugene Area Chamber of
Commerce and the University of Oregon. Established about
two years ago, Eugene RAIN offers its 12-week program twice
a year.
The OSU Advantage Accelerator (RAIN Corvallis) is about
three years old and is a unique, hybrid accelerator incubator
program. Typically, business accelerators help entrepreneurs
develop an idea that meets a market demand or provides
a solution for a market. A business accelerator takes that concept
and creates strategies to develop it more quickly and with
more stability so it has a greater chance of success.
The two RAIN accelerators operate differently from each
other but have the same goals, said Caroline Cummings, a
venture catalyst with Oregon RAIN.
“Starting a business alone is never a good idea, so they help
businesses succeed by giving them access to like-minded individuals,”
she said. “Most business owners are busy working in
their business and they don’t spend enough time working
their business, so the accelerator helps them do both.”
Cummings noted that both programs are strongly supported
by the cities that host them. City leaders in Eugene and
Corvallis recognized that while recruiting companies and
retaining them are essential factors in economic development,
a third factor—innovation and entrepreneurship—is just as
important.
“The cities came together and asked, ‘What can we do to
support entrepreneurship and innovation?’” she said. “And
the beauty of the model is that the cities recognized that it’s a
public-private partnership.”
An example is the FertiLab, the Eugene nonprofit that has
helped NemaMetrix, among other startups. FertiLab offers
two programs, one of which is a five-week pre-accelerator
program that includes one-on-one mentoring sessions where
mentors help the startup leaders develop a list of next steps.
The other program runs over several months and provides access
to mentors, capital and resources that help entrepreneurs
scale their venture more quickly and create jobs.
FertiLab also provides low-cost, physical space in its Eugene
and Springfield locations for startup companies. The buildings
offer office and meeting space, coworking areas, and
20 LOCAL FOCUS | June 2016 www.orcities.org