The internet. 3D printing. Smartphones. Insulin. What these have in common are roots in university research. Used by millions of Americans every day, these innovations started as ideas in university laboratories.
But turning an idea into a commercial product or service is an arduous journey, one made even more challenging by the “Valley of Death”—the gap between federal and private sector funding that all university spinout companies must traverse.
One of Oregon’s answers to helping fledgling academic-to-commercial enterprises succeed is the state’s University Venture Development Fund (UVDF). Since 2007, UVDF has provided a 60% tax credit on Oregon taxes to donors who support commercializing university discoveries and campus-based entrepreneurial training. Unused credits can be carried forward for three years.
This tax credit doesn’t just serve donors or universities—it bolsters the state’s economy. Between 2007 and 2021, the last time the fund was reauthorized by the Oregon State Legislature, new companies spun out of Oregon universities have created more than 400 high-wage positions and have generated millions in tax revenue for the state.
“We are bridging the gap between academic research and community impact,” said Christine Dixon Thiesing, associate vice president for Industry, Innovation, and Translation. “Through commercialization, whether launching startup companies or licensing intellectual property, we ensure that publicly funded discoveries benefit society and generate returns to fund the next generation of research.”
How Does the University of Oregon Use its UVDF Allotment?
The UO’s Industry, Innovation, and Translation (IIT) team is using UVDF monies primarily for programming for faculty, students, and staff who are standing up commercial endeavors, whether through spinout companies, by licensing intellectual property, or through patenting and copyrighting research outcomes.
Innovator Bootcamp: Developed at the UO, this resource for brand-new innovators seeks to familiarize researchers with the vernacular and conventions of commercialization while breaking down stereotypes and assumptions. The goal is to increase engagement with people who might not think of themselves as innovators—but could be.
The Foundry: IIT is piloting this startup bootcamp support program through a partnership with Harvard Business School. The Foundry helps participants measure market fit, competitive landscape, market opportunities, and helps them reach the “go, no-go” decision point on whether their idea is viable commercially. Participants also have access to the expertise of investors and participate in a pitch competition for a $100,000 purse.
UO Innovation Hub at 942 Olive: In an unassuming building on Olive Street in Eugene, big plans are in motion. The UO’s Downtown Innovation Hub serves as a touchpoint for the southern Willamette Valley innovation community. IIT staff are building plans to reinvigorate 942 Olive with the goal of changing the face of that part of downtown. They envision 942 Olive as a destination for innovators and entrepreneurs; a place where casual conversations catalyze connections that lead to the next big venture.
“942 Olive has 100-plus years of history in Eugene, and its next chapter might be the most exciting one yet, said Drew Worden, associate director of commercialization. “It’s a place where innovators from across the university and the region come together, where world-class researchers and entrepreneurs share the same room, and where something can spark when the right people cross paths. But the space does not yet reflect the spirit of innovation and ambition I’ve seen at UO and across the region. That’s going to change.”
SBIR/STTR: The U.S. Small Business Administration’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs provide vital funding to help university founders translate ideas into commercial products and services. UVDF monies support training sessions on the fundamentals of SBIR/STTR funding and external consulting services (cost-shared with participating startups) to write and polish funding proposals. In the fall, UO will facilitate a half-day proposal sprint session, which helps participants overcome “blank page syndrome” and start moving toward a tangible milestone.
Corporate Sponsored Research Fundamentals: The initial workshop offered in June will introduce faculty to identify and approach potential industry partners and foster long-term industry relationships that lead to expanded engagement. The program will grow in the autumn to feature a consultant-led deep dive on fine-tuning pitching to corporate sponsors and providing individual and team coaching. The intended outcome of the workshop is to grow the UO’s research funding portfolio.
Forthcoming programming currently in development will include private sector matchmaking, business case build outs, a mentoring network, and collaborator matchmaking across Oregon’s public universities that conduct research.
Do you want to support commercialization efforts? It’s easy to donate to the UO’s University Venture Development Fund and receive a tax credit.
“Gifts to the UVDF directly support the UO’s innovation efforts through philanthropy, while receiving a tax incentive,” said Vidusha Devasthali, executive director of central development research programs. “This is an opportunity to help foster economic development in the state while helping new ventures gain a foothold.”