Top Iowa Universities team up to be at the forefront of bioscience innovations

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Iowa has been viewed as a leader in bioscience innovation with the University of Iowa and the Iowa State University working together to produce a variety of agricultural solutions. Both universities have been awarded a two year see grant worth $50,000 as an initiative towards developing the projects which include seeing how gut bacteria treat chronic diseases, improving weather forecasts for precision agriculture and better preventative vaccines for livestock.

The grant is supported by the offices of the Vice President for Research at the University of Iowa and the Iowa State University. The aim was to encourage innovative research and development to take place, contributing to one of Iowa’s leading industries.

Marty Scholtz, University of Iowas vice president for research said ” these grants are an example of the potent impact faculty and universities can have when they work side by side. And it’s a testament to the common vision and passion that the University of Iowa and Iowa State University bring to the task of addressing the world’s most pressing challenges.”

Furthermore, Iowa State University’s vice president for research, Sarah Nusser commented, “the biosciences represent a significant growth engine for Iowa’s economy, and research is the fuel that drives this growth. This valuable program helps our institutions create an innovation ecosystem to accelerate identifying and translating scientific breakthroughs that ultimately lead to new commercialized bioscience technologies and innovations.”

Winning bioscience projects for 2019 include:

  • Treating chronic disease with immunotherapies developed from gut bacteria
  • Improving weather forecasts with better digital data
  • Better vaccines against swine and avian flu

Below are several Iowa universities currently tackling different challenges of tomorrow:

  • Iowa State University and the University of Iowa are creating joint team’s that’ll work together to use gut bacteria to produce better vaccines against avian/swine flu, improve weather predictions for precision farming, and treat chronic diseases. 
  • Iowa State University’s College of Veterinary Medicine has been developing vaccines to eradicate and control animal ailments, while at the same time providing an ultra-modern teaching hospital. The college is also offering veterinary services that protect human and animal health by offering effective diagnostic testing to thousands of farmers each year. 

To top it off, these universities leverage almost $1.5 billion in external funding each year and have efficient procedures in place for technology transfer, which when coupled together allow innovative technologies to move into commercialization faster. 

 

 

Israel – A new Hot Spot for Technology Innovation

Technology Innovation

Airline and technology giants have been focusing on investing in Israel as the hottest location for innovative R&D growth. The region has the largest number of startups per capita, with 1 startup per 1,400 people as a result of many technological industries collaboration with the Israeli Defence Force.

This phenomena has caught that eye of may key players within the tech and aviation industry from across the world striving for something that is beyond the normal scopes of entrepreneurship.

Asaf Toker, CEO of SeeVoov a virtual video based trip planning platform notes that “there is a culture in Israel for innovation, and since people see that many startups are being promoted and sold and doing great stuff, it gives you motivation to create more. “

An example being Waze, an Israeli startup, now a household name sold to Google in June 2013  for $USD1.3 billion.

CEO of Silentium, Yoel Naor believe that the innovative nature of Israel is because “Israeli society has a unique DNA that strives for solutions that are both creative and quick.” “Also, there’s a vast technological experience accumulated in the Israeli military, and combined with that supporting ecosystem, these create a unique fertile ground for innovative ideas.”

The Israeli defence force fosters a collaboration between older, more traditional organisations such as airlines, and younger and more agile startups. These relationship have been fostered, built upon and now developed making it a hit for companies like Apple, IMB and Microsoft to establish R&D centres in Israel. This forces older companies to allow to adapt to the malleable nature of innovation, while younger startups adapt to the unavoidable processes of big organisations. There is little doubt expansive nature of R&D being embedded in the Israeli culture is only going to grow exponentially, pushing innovation in every sector from machine learning to aerospace.

 

Global Microbiology Industry Projected to Grow Due to R&D Expenditure and Innovation

Global Microbiology Industry Projected to Grow Due to R&D Expenditure and Innovation

Increasing R&D interest and innovation in industrial microbiology has seen it being utilised in a growing number of industries including oil and gas, natural environment research and the food industries.

Due to the recent upsurge in biopharmaceutical drug developments, the industrial microbiology is projected to follow and grow exponentially within the next few years.

Increased interest and demand in nutraceuticals and fermented products, creates new demands for industrial application of microbiology will increase.

Uses of microbes in the food and beverage industry is expected to maintain the largest share as the industry is trying to revolutionise the microbiological application in various packaging process, fermentation and beneficial microbes in food (probiotics and prebiotics). Furthermore, microbes are also beneficial to testing, stabilising and transforming organic materials.  

Since microbiology is so involved in various other innovative industries heavily relying on a chain reaction of each other’s research results, there is growing support from the United States Food and Drugs Administration (US FDA) and Canada Health.

The US industrial microbiology market is expected to continuously grow with a peak between 2020 and 2024. The potentials of this industry should encourage researchers to be innovative and engage in various R&D projects.

If your company is involved with R&D contact us here to see how we can help you.

US Falls Out of Top 10 Most Innovative Countries

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The US has been dropped from the top 10 most innovative countries for the first time since the Bloomberg Innovation Index began six years ago.

Now ranked 11th, education was cited as the primary reason for the fall. STEM fields are considered the most important in terms of innovation but the number of new science and engineering graduates has dipped, with a low proportion of STEM majors among the US workforce. Value-added manufacturing also dipped from the previous year.

Robert Atkinson, President of the Information Technology and Innovation Foundation in Washington DC stated, “I see no evidence to suggest that this trend will not continue. Other nations have responded with smart, well-funded innovation policies like better R&D tax incentives, more government funding for research, more funding for technology commercialization initiatives.”

South Korea ranked first for the fifth year in a row, with valuable companies like Samsung Electronics Co. It ranked first in patent activity and second in R&D intensity as well as manufacturing added-value. Despite these top scores, it ranked just 21st in productivity.

Sweden came in second place. Singapore jumped from sixth to third place, largely due to ranking first in the tertiary-efficiency category. China moved from 21st to 19th with an increasing number of science and engineering graduates and with companies like Huawai Technologies Co gaining an increasing number of patents. France rose two spots to ninth and Ireland moved up three spots to 13th.

The Bloomberg Innovation Index ranks the countries using seven factors:

  • R&D expenditure as a percentage of GDP;
  • Productivity showing GDP and GNI per employed person;
  • Concentration of high-tech public companies;
  • Manufacturing added-value;
  • Tertiary efficiency;
  • Patent activity per million population;
  • Researcher concentration per million population.

Vision Loss Assistance in Your Pocket: Dallas Locals are Testing

Image Source: OrCam Media

“I haven’t been able to see even very large print for 20 years” says Neva Fairchild.

Neva Fairchild, a worker from the American Foundation for the Blind’s Center on Vision Loss, suffers with vision loss herself. Also, she manages Esther’s Place, a full designed apartment assisting and making lives easier for people with vision loss. This Dallas location has given comfort to many lives and now calling home to a new product.  The OrCam MyEye is a mounting device for a pair of glasses to assist on daily tasks. In addition, this incredible technology consists of a tiny camera, earpiece, and a clip to the base.

This trending gadget only reads text, but not script, and looks to integrate it the future.

Uniquely, it is as easy as pointing to the text, and the camera will scan and voice respond the words. Having said, The OrCam MyEye allows up to 150 products into its storage and even includes facial recognition.

” Now I know who just entered the room…usually they are required to say something” states Fairchild.  With 100 memorable facial recognitions, users feel at ease identifying  individuals out in public or even at work.

Finally, the product  detects money and different amounts, making shopping and bank trips a breeze.  Therefore, the MyEye wants vision loss patients get back to their daily habits lifting stress off their shoulders.

Currently, the MyEye costs $3500, and Medicare seeks to potentially aid with costs. Unfortunately, at the moment, private insurance does not cover this product.

Currently, research and development for vision loss, is growing with companies investing millions to support.  Also, if you are involved advancing products like this  or simply have a start up, you might be eligible to qualify for R&D Credit.

Therefore, you may receive up to 14% on your expenses. To find out more, please contact a Swanson Reed R&D Specialist today.

Swanson Reed regularly hosts free webinars and provides free IRS CE credits as well as CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

 

 

Uber With the Next Big Thing? Flying Cars May Be More Near in the Future Than We Think Thanks to R&D

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At the end of September the idea of flying cars came about at The Rotorcraft Business and Technology Summit in Fort Worth (FW). The last time we saw flying cars was in Harry Potter, and today it is something that is set to take off in the future. Uber and Airbus’ Voom are working together to develop this product and plan on utilizing the Research and Development (R&D) Tax Credit as much as they can.

Uber and Airbus have a vision to launch a flying vehicle to prevent gridlock in large cities, FW included due to its size. This is an innovation that we have not seen before, and unlike anything that is on the market. Making this project eligible for R&D tax credits.

The summit that was held at the end of September gave the public a chance to hear firsthand from the vertical-flight manufacturers. These are the professionals who are pushing the norms of todays technology with flying vehicles. Voom believes that they are “building an experimental bridge to tomorrow.”

If your company is experimenting with new technologies that are unlike anything on the market contact a Swanson Reed R&D Tax Advisor today.

 

Famous “Drumstick” Ice Cream Has Been Around Since 1926- Parker Products Taking Part in Research and Development to Deliver for Customers

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I think we can all agree and say that ice cream is a part of childhood. Having it all over your face as well as your clothes, and maybe even the floor was just part of it. The famous Drumstick ice cream cones have been around since 1928, created by Parker Products. Parker is taking part in research and development (R&D) to better their products.

Parker is known for it’s Drumstick novelty ice cream and consumers can count on the taste. The company has done such a good job that in 2016 the business did a refresh and substituted more natural and organic ingredients, with consumers not tasting a difference. This process is R&D activity as Parker was testing methods to keep the same taste, but improve ingredients to customer standards.

Parker Products Fort Worth (FW) has partnered up with The Riverside Co. Parker is a developer and manufacturer for not only ice cream but many ingredients used by food and beverage companies. Riverside is a private equity firm focused on making investments. The growth of Parker is apparent due to the research and development (R&D) department and the willingness to quickly adapt to meet market demands.

The food industry is constantly changing, and consumers are demanding more unique products. With the help of Riverside, Parker will deliver these needs more than ever. If your company is engaging in R&D to enhance flavors or better your manufacturing systems contact a Swanson Reed R&D Tax Advisor today.

R&D Tax Credits for Pet Tech and Toys

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Data from the American Pet Products Association (APPA) states that over 65% of US households own a pet, with around 86 million cats and 78 million dogs across the country. Pet-owners are spoiling their furry friends more than ever. Countless toys pervade the market and “pet tech” like GPS trackers, pet cameras and activity monitors have become popular ways to help keep pets safe and healthy. In fact, the wearable market for pets is expected to reach $2.36 billion by 2022.

If your business creates pet technology or other pet items, you may be eligible for R&D tax credits. Items like dog bones, hamster wheels and even protective pet shoes may count as eligible R&D, as well as innovative water and food dispensers, pet brushes and work undertaken to improve pet nutrition and behavior. The development of software and apps to create or improve technologies such as “fitbits” for dogs or pet door technology are often eligible as long as they meet the requirements below.

3D printing of pet products is a strong indicator of innovative activity as it is often used to create one-off prototypes to economically test ideas. This can be useful for products like retractable dog leashes, which often fail during use. Another area of 3D development is pet prosthetics, where 3D scanners can custom fit a pet with a fitted limb.

R&D activities must do the following:

  • Require experimentation
  • Attempt to eliminate an unknown
  • Be technological or scientific in nature
  • Be a new or improved product, service, process or technology

If you are unsure whether your work qualifies for R&D tax credits, or you would like expert assistance in making a claim, please contact Swanson Reed R&D Tax Consultants. You may also be interested in our free, online eligibility test.

3D Printing Could Transform the Eyewear Industry

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Need a new pair of glasses? 3D printed glasses are a new phenomenon, which have many advantages over traditional glasses. For starters, they will allow eyewear companies to improve their business performance while decreasing manufacturing costs and waste.

As glasses are worn on the face and are seen instantly, customization is important for wearers. 3D printers can print many versions and designs without having to consider production volume-to-cost ratios. Printing costs for one pair of glasses are the same per pair as producing thousands. Therefore, each pair can be unique and additionally, the availability of a specific frame is increased.

Unlike expensive custom glasses, 3D printed eyewear does not require a mold and any errors can be easily corrected. The glasses are completely bespoke using a one-off production process. Customers can choose the style, colour and size. Production methods like laser sintering or lost wax metal casting ensure optimal finish. They can be precisely fitted to the wearer’s face in terms of size and dimensions, so it is no longer a one-size-fits-all approach. Furthermore, glasses can be printed on-site, rather than having to import from China, eliminating transportation costs and significantly reducing waiting times.

In terms of vision, traditional glasses require the lenses to be placed into the chosen frame, which can result in suboptimal lens performance from its impact on lens alignment. 3D printed glasses build the frame around the lenses, providing the best possible visual performance.

3D printing has the potential to completely transform the eyewear business. It has happened in other industries; the manufacture of 3D-printed hearing aids grew from 20 percent to almost 100 percent within two years.

Currently, drawbacks include strength and variety but these are continually being improved. Companies who are developing 3D printed eyewear can now apply for research and development tax credits. Qualified costs may include wages, supplies, research, testing and expenditure incurred for patent development. To check your eligibility for R&D tax credits, use our online eligibility test. Alternatively, contact us directly for further information.

New Hampshire Businesses Celebrate Newly Raised Cap on Research and Development Tax Credit

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New Hampshire businesses are now able to claim up to three times the amount in the state’s research and development (R&D) tax credit. The cap for claims has been raised from $2 million to $7 million, effective July 1.

Although local governor, Chris Sununu, thanked the “Republican leadership of the Legislature” for the increase, the  change was in the works long before the current Legislature. 2015 governor Maggie Hassan originally vetoed the budget, stating it was unbalanced due to corporate tax cuts. Eventually, Hassan stood behind the budget with the caveat of having business tax rate cuts aligned with New Hampshire’s fiscal health. Nothing, however, was mentioned regarding the R&D tax credit.

The R&D tax credit helps to strength the economy of small businesses, especially those involved in high-tech. Created in 2008, the state R&D tax credit was originally capped at $1 million. In New Hampshire, 71 businesses applied for the credit during its first year. Following this, the credit cap was lifted to $2 million in 2013, and 155 businesses applied for the credit. It is estimated that this number will grow in the current year, especially with the current credit cap of $7 million.

Businesses are allowed to claim credit for 10% of their research and development costs, to a maximum of $50,000. Interestingly, this maximum has never been reached as the demand for the credit has always been greater than the supply.

Is your business involved in innovative projects relating to research and development of new products or processes? You may qualify for the R&D tax credit. To learn more about the federal and state R&D tax credit incentive program, contact a Swanson Reed Tax Advisor today.