CORVALLIS, Ore. - Four promising startup companies in fields ranging from social media to chemical manufacturing are among the first "graduating class" of the Oregon State University Advantage Accelerator, upon completion of a program designed to help lead them toward commercial success.
Organizers of the new program say it's off to a promising start in efforts to bring more university research and community ideas to the commercial marketplace. This and other elements of the OSU Advantage form partnerships with industry and work to boost the Oregon economy, while providing invaluable experiences for OSU students involved in many aspects of the program.
"Our program has unfolded as well or better than we had hoped, and we now plan to increase the output," said John Turner, co-director of the Advantage Accelerator. "Completion of this program means that companies have an increased chance to succeed and have a step-by-step plan to approach the future."
"Based on our experience in the first year of this program, we've decided to conduct two cohort groups each year rather than one," Turner said. "The coming year will result in about 15-20 new startup companies."
Success in a tough and competitive commercial marketplace is not automatic, however, and not all companies have the will and strength to complete the rigorous program.
The first graduates have completed a "portfolio" of accomplishments, Turner said, that included training to attract investors, a validated business model, a schedule for future steps, and an initial product to show prospective customers, investors or manufacturers. A few clients are already attracting attention through the sale of products and generating profit.
The OSU Advantage Accelerator provides mentoring with industry and entrepreneurial experts, consulting sessions, access to seed grants and the OSU Venture Fund, meetings with active investors, workshops on various topics, networking events and many other activities.
One of the early participants in the program, Onboard Dynamics of Bend, Ore., plans to market technology that could ultimately revolutionize the way America drives. It has developed systems that compress natural gas right in the vehicle and take advantage of the enormous current supplies of low-cost natural gas. The innovation is able to cut automobile fuel costs to the gasoline-equivalent of less than $1 a gallon.
"An intern working with the Advantage Accelerator performed a lot of tasks relating to market analysis and startup activities that were incredibly helpful to the company," said CEO Rita Hansen.
"We're in an excellent position right now, having been formally selected by the Department of Energy for a $2.88 million award, and our initial target markets are the underserved, small, light-duty commercial fleets," Hansen said. "We're very bullish about widespread adoption by these fleets of our products."
A few other companies that have completed the program include:
"The OSU Advantage Accelerator program was very helpful and their mentorship was really first-rate," said Rich Carter, professor and chair of the OSU Department of Chemistry, and CEO of Valliscor. "They helped us develop the necessary tools to become a functioning company, and whenever you needed advice all you had to do was pick up the phone."
Carter said he's "very optimistic" about the company going forward, which is already producing and selling its first products.
The OSU Advantage Accelerator is one component of the Oregon Regional Accelerator and Innovation Network, or Oregon RAIN. With support from the Oregon legislature, collaborators on the initiative include OSU, the University of Oregon, the cities of Eugene, Springfield, Corvallis and Albany, and other economic development organizations. All the participants are focused on creating new business, expanding existing business, creating jobs and helping to build the Oregon and national economy.
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John Turner, 541-368-5204