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INNOVATION AND SEED FUND Universities excel at performing cutting edge research. Over the last five years there has been growing interest in the role that university research plays in economic development. This focus has resulted in new mechanisms for the transfer of research to the commercial market for the benefit of the public. OHSU has been a leader in this effort. As its mission, OHSU strives for excellence in scholarship, research, clinical practice and community service. Key to that mission is to "translate these discoveries, wherever possible, into applications in the health and commercial sectors." OHSU's Office of Technology & Research Collaborations (TRC) exists to fulfill that portion of OHSU's mission. TRC is an essential bridge between academia and industry - forging ties with the entrepreneurial community to create an infrastructure that supports the development of companies utilizing OHSU research. Creation of the Innovation and Seed Fund TRC launched the Bioscience Innovation Fund (BSIF) in 2004 with financial support from the OHSU Foundation. BSIF supports commercial development of selected OHSU technologies. Over the last two years OHSU has invested $913,965 in projects reviewed and recommended by an advisory committee comprised of local entrepreneurial leaders. Legislation passed in 2005 created the University Venture Development Fund. This fund gives OHSU and the OHSU Foundation the ability to offer donors' tax credits for up to $4 million. Donations are to be used for the "purpose of facilitating the commercialization of university research and development," and more specifically for areas such as university entrepreneurial programs, opportunities for students, proof-of-concept funding, and startups based on university research. With this new source of funding OHSU has expanded and transformed the BSIF into the Innovation and Seed Fund (ISF), a robust program designed to catalyze the development and commercialization of OHSU research. The ISF will address the full spectrum of commercialization needs including development funding, startup services and seed funding. Technologies will be selected based on a clear path to market and the ability to deliver a return on investment. ISF programs include: |
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