Portland State Magazine Fall 2016

FALL 2016 PORTLAND STATE MAGAZINE 25 The Innovators Start-up companies based on PSU research that have received PSU University Venture Development funding are: DesignMedix, Inc. develops low- cost hybrid drugs that fight drug- resistant diseases, such as malaria, that have decimated impoverished nations. Diatomix, Inc. develops patented bioenginered nanotechnology that actively and continuously improves indoor air quality when incorporated into building materials like paint. Elex Biotech LLC develops small molecule pharmaceutical drugs to manage cardiovascular and related diseases. SweetSence, Inc. provides remote monitoring systems that ensure public health interventions, such as water filters, stoves and latrines, are working and maintained in impoverished nations. Virtual Device Technologies develops software solutions that automatically detect inconsistencies between virtual prototypes and physical devices. YOU MAY have heard of venture capitalism, but what about venture philanthropy? PSU’s University Venture Development Fund allows donors to support ideas and research that are on the brink of moving out of University laboratories and into the marketplace. The fund also supports entrepreneurial education programs at PSU, and all donations to the University Venture Development Fund are eligible for a generous tax credit. Over the past six years, PSU research has resulted in more than 40 issued patents, eight start-up companies, and the licensing of 45 projects to external partners. However, many important research discoveries never make the leap from lab to market due to lack of funding. Traditional faculty grants support academic research, yet rarely include funds to move the results to commercial readiness. Many venture capitalists will fund companies ready to market their product, yet shy away from funding the critical early stages of development and commercialization such as prototyping and market studies. Recognizing this funding gap as well as the need to provide seed funds to important institutional discoveries, the State Legislature recently renewed the University Venture Development Fund program, which rewards donors contributing up to $1 million to the fund with a 60 percent Oregon income tax credit. So far, PSU has granted venture development funds to 18 projects and start-up companies, with awards ranging from $3,000 to $120,000. To learn more about PSU’s University Venture Development Fund, please visit www.psuf.org/uvdf .  Written by Jyoti Roy, PSU Foundation Investing in innovation Athletics Giving SweetSense, Inc., is an example of a start-up that has received PSU University Venture Development funding. Technologies developed at Portland State have allowed engineering faculty member Evan Thomas (seen here) and his team, which includes students in the PSU SWEETLab (Sustainable Water, Energy and Environmental Technologies Laboratory) to provide a sustainable solution to water filtration programs in over a dozen of the world’s poorest countries.