Jim Huston and Angela Jackson of Portland have been selected to manage the Portland Seed Fund. This fund is an economic development tool proposed by Mayor Sam Adams to provide capital to entrepreneurs and early stage start-ups.
Huston and Jackson will establish and manage the fund, which will receive the city’s initial $500,000, and actively work to identify additional investors to reach the targeted goal of $1.5 million in capital.
The lack of seed funding has long been an issue for high-growth start-ups and entrepreneurs with innovative product ideas. Portland’s emphasis on entrepreneurship in the city’s Economic Development Strategy has led to the emergence of a seed fund as a critical initiative to spur job creation and economic growth in the city.
Additional information can be found at portlandseedfund.com.