In 2005, the Oregon State Legislature passed an innovative bill to create seed funding for university-based discoveries that have commercial applications. It’s a way of using the tremendous intellectual property developed at Oregon’s public universities to benefit all the state through company creation and job opportunities.
The University Venture Development Fund (UVDF) utilizes a tax incentive for donors who want to contribute to the fund and support this activity. To date, universities have raised some $7 million, resulting in the formation of dozens of new companies that have created approximately 270 high wage jobs. Over the last five years, jobs created by UVDF support have generated a total of $4.35 million in income tax revenues.
Founded to commercialize technology developed by and licensed from Oregon State University (OSU), Onboard Dynamics has grown to be one of the most promising businesses spun off from UVDF funding.
Onboard has also received financial support from the U.S. Department of Energy, ONAMI (Oregon Nanoscience and Microtechnologies Institute), Oregon BEST, and OSU, as well as strategic partners and private investors. The company was featured in the 2015 White House Demo Day. The company’s first commercial products will be available later in 2016.
The OSU-Cascades team built the proof-of-concept test engine/truck that has successfully met the initial project criteria. The truck was driven approximately 100 miles and was refueled with low-pressure NG, using Onboard compression technology.
Founded in 2013, Onboard Dynamics is based in Bend, Oregon. Several patents covering the company’s innovative technologies are being pursued.