The University took its first steps toward repaying the state of Oregon for tax credits awarded to donors this week by transferring $32,000 to the State Treasury. The payback is part of an entrepreneurship program at the University that creates profitable business operations.
Since its launch on Oct. 4, 2007, the University Venture Development Fund has been in operation at all Oregon University System institutions.
Don Upson, coordinator of the University Venture Development Fund, called the program “a truly unique opportunity for students to learn in a very experiential way how to not only work together in cross-functional teams with students from other disciplines, but also to … determine whether or not a good idea is truly a business opportunity.”
Many of these ideas are developed by University faculty and can become profitable business endeavors with support from venture launch grants, which are funded by companies that have a licensing relationship with the University. The income from licensing the ventures goes to the University, which pays back a percentage to the State Treasury.
Oregon donors are eligible to receive a 60 percent credit off income tax of the donation. According to the University Office of Communications, “the U of O will transfer $32,000 to the State Treasury, a 20 percent payback on $160,000 received last week from Dune Sciences and MitoSciences. Both companies were among the University of Oregon spinoffs receiving $50,000 each during the initial wave of venture development grants announced in December,” along with Floragenex and Insignia Health.
Melody Leslie, University spokesperson, said the Venture Development Fund helps the University continue to lead the state by realizing the potential of university research, as well as fulfilling its commitment to faculty research and to giving students a great education. She said that as the University’s chemistry professors test a compound that has the potential to be a treatment for muscular dystrophy, students receive firsthand insight into the field of science. With the aid of venture launch grants, students also witness such enterprises come to fruition as commercial successes, and are afforded an exceptional education in business.
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