Elevate Capital’s commitment to inclusivity is more than a mission statement; it’s a driving force for Oregon’s economic growth and creation of generational wealth.
On May 30, 2024, Elevate Capital hosted “Elevate Oregon” in Portland, Oregon. Elevate portfolio founders, investors, supporters, community leaders, and elected officials gathered to discuss how to re-energize Oregon’s startup community. “I think you’d be hard-pressed to find this many impactful leaders in the same room at one time,” said an attendee.
Thank you, Allie Persitz, Elevate Capital Limited Partner, and Ben Nahir, PhD, Elevate Capital Venture Principal, for moderating and keeping the momentum going for hours.
Relive Elevate Oregon: Watch Video
Reawakening Oregon’s Entrepreneurial Spirit
The inspiring gathering at Elevate Oregon signifies a collective commitment to nurturing an ecosystem where Oregon startups can thrive. The message is clear: Oregon is open for business. The vision for Oregon is to create an environment conducive to growth and innovation through collaboration and strategizing.
Diversity isn’t just a buzzword for Elevate Capital; it’s our core principle. Elevate Capital has made significant strides since 2016. The initial $10 million fund returned $12.6 million to investors, generating $260 million in generational wealth.
In less than six years, five founders under Elevate’s wing saw their net wealth rise to an average of $12 million. This isn’t just about money; it’s about fostering a self-sustaining community that believes in resilience and success.
Analyzing Oregon Innovation and Trends: AI and Cleantech
Monica Enand, Elevate Limited Partner and Kanth Gopalpur, Chair of Business Oregon Commission spoke about riding the wave of AI and cleantech. Monica and Kanth are trailblazer entrepreneurs who built successful companies in Portland.
Monica and Kanth discussed the economic opportunities in AI and green energy. For instance, AI is not a fleeting trend, but a substantial shift in how companies operate. It’s transformative.
AI’s potential impact on the workforce is significant. A study by Goldman Sachs predicts AI could automate 25% of current work tasks. However, while the transformation might sound intimidating, AI creates efficiencies and enhances productivity. AI allows companies to tailor solutions, and it thrives in niche markets.
The fusion of AI and cleantech is unfolding with every investment and every startup. Oregon’s commitment to fostering a sustainable and technologically advanced ecosystem is a model worth following.
Oregon’s Path to Groundbreaking Technological Innovations
Rukaiyah Adams, CEO of 1803 Fund and Brandon Ross, Senior Associate with Elevate Capital, discussed the impact of Elevate’s diverse investment, the role of public and private capital in driving economic growth, and the importance of aligning technology with natural resources for future development.
Rukaiyah and Brandon’s fireside chat emphasized Oregon’s abundant natural resources, which are key to pioneering technological advancements.
The strategic alignment of private capital within and outside the state, combined with public funds, acts as an economic piston that drives growth. The intent is to leverage local financial strengths and attract external private investments, creating a robust capital base to fuel significant projects like high-speed rails and extensive housing developments.
In the next few decades, with strategic connections and investments, Oregon has the potential to transition from a regional player to a global influencer.
Growing Oregon’s Entrepreneurial Future by Cultivating Talent and Economic Growth
We were honored that Tobias Read, Oregon’s State Treasurer joined us at Elevate Oregon. He focused on a critical question: How can government policies feed the entrepreneurial machine?
For Tobias, the connection was clear—government efficacy and economic growth are inextricably linked. “Oregon is a place where people can live up to their full potential and dream big…we need a growing economy, and we need policies that support that.”
Tobias left the audience with a pivotal call to action: engage with your local representatives. Get to know them, sign up for emails, respond, and show up at their town halls. Tobias believes this is crucial for ensuring policymakers understand the entrepreneurial community’s needs and challenges, fostering a more supportive environment for innovation and business growth.
Elevate Capital Portfolio Founders Share Challenges and Opportunities
Hemex Health: Innovative Diagnostic Tool Transforms Global Health. Patti White, CEO, discussed how Gazelle’s portable diagnostic tool addresses sickle cell disease in underserved regions. Gazelle leverages miniaturization and AI technology to provide sophisticated diagnostics in remote areas, facilitating over 1.2 million tests in 36 countries and saving thousands of lives.
Ren Energy: Making Global Renewable Energy Feasible. Eric Jen, founder and CEO’s vision is to make Fortune 100 companies fully renewable by using technology to map and optimize global supply chain facilities for renewable energy. He discussed the challenges and innovations needed to achieve this goal, and how Ren Energy can help achieve economies of scale, making renewable energy projects feasible.
Photon Marine: Oregon’s Vision for Transforming Electric Boats. Marcelino Alvarez, co-founder and CEO, discussed the challenges and opportunities in boat maintenance and electrification for commercial operators. Similar to efforts in other major cities, Portland’s industrial waterfront needs to be repurposed into accessible public spaces. He underscores the importance of physical infrastructure and business ecosystems in driving the industry forward.
Rock Paper Coin: Overcoming Challenges and Future Growth in Wedding Tech Business. Elizabeth Sheils, c0-founder and CEO, shared that despite funding and hiring challenges, the company achieved profitability and received significant investor support. There are untapped opportunities in the wedding industry that will benefit from a digital platform that helps facilitate the payment and contact process between planners, vendors and couples
The Power of Community and Empowering Entrepreneurs
Elevate Oregon 2024 is more than a showcase of startups. It’s a testament to the power of community, the importance of inclusivity, and the potential for innovation to change the world.
It’s time to shift the mindset from early-stage funding to long-term, large-scale returns. We’re now at a pivotal moment to reset and pave a new path that reshapes venture funding to support diverse entrepreneurs better.
As entrepreneurs push boundaries and break new ground, they elevate their businesses and the Portland ecosystem, setting a powerful example for other cities to follow.
Unique approaches like collaboration, community engagement, dialogue, new ideas, and actionable outcomes are not just strategies; they are the keys to our future. These approaches reinvigorate our ecosystem, ignite innovation, and make Oregon a beacon for startups.
The road ahead will bring us together with a shared purpose. The possibilities are endless. With a unified spirit, there’s no telling how high Oregon can go.
Nitin Rai
Founder & Managing Partner
Elevate Capital
Thank you to Bank of America, Jones & Roth, Merrill, a Bank of America Company, Tonkon Torp, Perkins Coie and Stoel Rives for sponsoring Elevate Oregon 2024.
