The University of Oregon unveiled a new nonprofit program designed to help university researchers commercialize their work by offering capital and access to executive talent.
The new venture is called Launch Oregon LLC and it is a partnership between the university and the University of Oregon Foundation. The foundation will provide the operating budget and an initial venture fund, according to the organizers. Donations from alumni and others can also add to the venture fund to grow it over time.
Additionally, Launch Oregon will help researchers create boards, hire executives and give these new businesses access to space and specialized equipment, according to a news release.
“A critical part of the mission of public research universities is translating the work that they do into the greater good for the state and the world,” said Patrick Phillips, UO interim president, in a written statement. “Generating economic activity and new business opportunities, particularly in areas that are organic to Oregon itself, is a special role that UO is increasingly focused on playing.”
The school has several existing offices and departments that help researchers lay the groundwork for creating companies. There is help with pursuing intellectual property protection, prototype creation as well as connections to industry mentors. The school also connects students in the Lundquist College of Business MBA program to help evaluate business viability and market potential.
By supporting startups with university ties, the school hopes to help retain talent and create jobs. Last year, the school had $10.3 million in licensing revenue from university research and 29 startups had ties to the school. Additionally, 73% of the university's students are performing research projects.
“This is a critical moment in the University of Oregon’s journey to support successful ventures based on intellectual property of our faculty and researchers,” said Anshuman Razdan, vice president for research and innovation, in a written statement. “I laud the University of Oregon Foundation in supporting the UO’s innovation aspirations through Launch Oregon, a significant partnership that will transform how we bring knowledge and technology to society through commercialization in the 21st century.”
