CORVALLIS, Ore. - Administrators of the Venture Accelerator at Oregon State University have chosen the first 12 research concepts or spinoff companies to participate in the program, which is designed to spur the creation of new companies from university-based research.
The Venture Accelerator is one component of the Oregon State University Advantage, an educational, research and commercialization initiative begun earlier this year. Officials say it should increase industry investment in OSU research by 50 percent and lead to the creation of 20 new businesses within five years.
With the announcement of its first participants, some of those companies may already be taking shape.
In the future this could lead to innovative types of automobiles, improved heating systems, more efficient solar cells, electricity produced from wastewater, an enhanced online shopping experience or - in a pinch - a safe and efficient caesarian delivery of a baby in small, rural hospitals.
"These concepts and companies are emerging from OSU or the Corvallis community, and we feel good about the commercial potential of all of them," said John Turner, co-director of the Venture Accelerator Program.
"We think the Venture Accelerator will contribute at all stages of their commercial development and really speed the companies toward success," Turner said. "It's also worth noting that we've chosen some technologies that are incremental advances in a field, and others may represent breakthroughs of global importance. There's a place for both in what we're trying to do in job creation and economic advancement."
The Venture Accelerator at OSU is designed to identify innovation or research findings that might form the basis for profitable companies, and then streamline their development with the legal, marketing, financial and mentoring needs that turn good ideas into real-world businesses. The approach can be customized to each client's needs and also allows them to tap into the resource of OSU students who can assist in research and business development.
The new companies and innovations include:
The OSU Venture Accelerator is a component of the South Willamette Valley Regional Accelerator and Innovation Network, or RAIN, which was made possible by recent legislative approval and funding of $3.75 million.
The University of Oregon and OSU, along with the cities of Eugene, Springfield, Albany and Corvallis, are all collaborating in this broad initiative that taps into the research and educational expertise of academia and aggressively moves it toward private economic growth.
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John Turner, 541-737-9219