“Be seen. Be safe.”: Smart helmet pairs with Apple Watch, signals via hand gestures

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The days of pushing signal lights on a bike’s handle bars are over—say hello to the Lumos helmet. The helmet (compatible with iOS) allows riders to signal which way they will turn with nothing more than a hand gesture.

To do so, riders simply pair the helmet with their iPhone via Bluetooth, which is then calibrated with the appropriate hand signals via the Apple watch. When in use, the hand motions that were calibrated are then displayed via 11 LED lights, almost like the blinker on a vehicle.

This innovative Lumos helmet not only protects cyclists that choose to go on a midnight ride, but it also offers various impressive tracking qualities, such as distance traveled, speed, and time. The helmet can even sense when a rider is applying the brakes to slow down, which again, looks similar to when a vehicle puts on the brakes; except it’s on the back of the rider’s head.

The Lumos website describes its product as “the world’s first smart bike helmet that beautifully integrates lights, hard brake, turn signals, and helmet into a single cohesive whole.” The helmet is weatherproof and safety certified. It also boasts a rechargeable battery and integrated lights. Check it out for yourself by clicking here.

“Lumos started with a pair of engineers asking themselves how they could improve their own cycling experience and safety on the road. We loved commuting to work by bike, but all too often it’d feel so dangerous. So we decided to make a solution. A helmet that can make us and our intentions more visible. We announced the idea out to the public and fellow cyclists seemed to love it. The rest is history.”

Are you developing a technology that helps with the well-being and safety of cyclists? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is the largest specialist R&D tax credit consulting firm in the United states.  We solely provide services related to the R&D credit and are the only firm in the United States to offer free live webinars on a daily basis. Click here for more information.

AI ‘Fortune-telling’: Texas-based firm creates AI algorithm to prevent costly machine downtimes

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Veros Systems, a Texas-based AI tech firm, helps machinery owners to “gain actionable insights on rotating equipment reliability, performance and process abnormalities using only electrical signal analytics.” In essence, Veros has created a technology that can predict system failures using electrical waveform analysis. What does that mean, exactly?

According to the Veros website, their technologies use “edge measurements and processing,” which combines “rich electrical waveform data with machine learning and AI-based algorithms – leveraging over a decade of historical and event data – to provide predictive insights into machine operation and health, making the Industrial Internet of Things (IIoT) a reality.” To put it simply, Veros has created a technology that predicts mechanical failures; before they happen.  

Knowing when a machine will break down can help companies to decrease downtimes, improve efficiency and optimize maintenance, thus helping to cut costs and boost profits. In a recent statement, Harry Brekelmans, Projects and Technology Director at Shell Global, said, “We estimate that Veros could deliver an additional $300 million a year of production that would otherwise have been lost by unplanned shutdowns.” Impressive, to say the least!

Are you developing a technology that uses AI-based algorithms to deter production delays? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is Texas’ largest Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program in Texas, from claim prep & audit compliance to claim disputes. 

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

Are pharmaceutical industries investing too little into R&D?

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Alzheimer’s disease effects over five million Americans and while there are drugs that temporarily alleviate symptoms, there is currently no treatment available to slow down the progression of the disease.

While Drug Companies remain determined and invest billions each year to find an effective method of treatment, it is being argued that they are failing to devote enough resources and time into research and development. Currently 99% of Alzheimer clinical trials are inconclusive or failing, therefore the argument is being made whether drug companies are really exploring all their options.

The institute of New Economic Thinking issued a paper condemning drug makers for buying back company stock and paying dividends to shareholders, rather than spending their money on R&D. The institute urges the government to push aside these private companies and take a more active role in developing medicines.

However medical professors shot back and argued that this criticism was unfair as elbowing aside the private sector is dangerous. Without the hundreds of billions of dollars committed by private-sector researchers, it would be impossible to cure Alzheimer’s, cancers and various other diseases.

Currently the pharmaceutical industry invests a much higher percentage of revenues into R&D than most other sectors. On average the top 18 drug companies spent approximately 16% of proceeds on R&D from 2006-2015. This is a very significant percentage when comparing it to the automobile industry, which has strongly marketed itself as being extremely innovative and futuristic, particularly surrounding the hype of autonomous vehicles. However this sector only invested an average of 4% of its revenues into R&D, according to the consulting firm PwC.

Globally there are over 7,000 new treatments in development and 70% of these use completely new methods to treating illnesses. It is argued by health professors that it is naïve to think that firms will continue making these costly, risky investments if there is no chance of earning a return. Drug companies deliver enormous benefits to society; however they are not charities.

Private medical R&D is in fact showing to be crucial to American physical and financial health, as over 40% suffer from a chronic illness and these diseases account for 90% of total U.S. health care costs.

Medical and health professors fight back at critics accusing the pharmaceutical industry of neglecting R&D. They argue that if their statements are in fact true, then who deserves credit for the hundreds of newly developed treatments that improve people’s lives and lower health care costs each year?

R&D is and will continue to be crucial in the health care and specifically the pharmaceutical industry, and the significant ongoing investments into it to date are proof of this.

If you are conducting pharmaceutical experiments, you could be eligible for the R&D Tax Credit and 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 

Digital R&D facility in Chicago will create over 100 new tech opportunities

Digital R&D facility in Chicago will create over 100 new tech opportunities

An exciting time lies ahead for research and development in Chicago! Siemens have officially announced their plans for a digital R&D hub due to open in October 2017.

The facility will generate over 100 new tech jobs in the city which will bring the Siemens Chicago employee count up to 3,300. New jobs will be created in the fields of software development, software architecture, product testing, project leadership, application engineering, configuration management, team leadership and technical writing. It is anticipated that the center will open in October 2017 and will have $20 million per year invested into it.

It is no doubt that establishing this R&D center in Chicago is a significant opportunity for Siemens to leverage the extremely talented tech community in the city.

The center will build applications for Siemens Control Products and Systems (CPS) technology. The CPS Software House will take the lead on global R&D efforts for the company’s design CC platform, which makes it easier to manage the functions of large buildings. In addition the facility will also work to add more cloud functionality to the System One smart home application.

The logical next step and a critical component in the Siemens digitalization strategy is establishing the CPS Software House, which continues driving towards a future that includes autonomous buildings. The goal for Siemens as a company is to build new capabilities, bring them to customers sooner and work with customers to quickly obtain feedback.

The technology industry is growing at an aggressive rate and like Siemens, many are investing millions in R&D to stay ahead of the technology curve.  An R&D Tax Credit can support businesses in any industry to further develop their research.  If you would like to find out more about R&D tax and whether your company may qualify for an R&D Tax Credit, contact a Swanson Reed R&D specialist today.

R&D Tax Incentive inspiring ground-breaking research

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3D printing has revolutionized hundreds of industries and has been particularly notable in the biomedical field. The technology is being used to make prosthetic limbs, replacements for bones, tendons, functional organ pieces and living human tissue for the testing and development of new drugs.

In 2007, Keith Murphy and Professor Gabor Forgacs from the University of Missouri founded the company Organovo. Organovo designs and prints functional human tissue for disease modelling and toxicology, human body implants and drug research and testing. The company also provides 3D printed tissue to academic facilities allowing future medics to get better training.

With the 3D printing market becoming increasingly more popular to invest into, particularly with the increase of government incentives for research and development, companies like Organovo can significantly benefit from substantial tax credits.

The federal R&D Tax Credit allows a credit of eligible spending for new and improved product and processes if qualified research meets the following four criteria:

  • New or improved products, processes or software
  • Technological in nature
  • Elimination of uncertainty
  • Process of experimentation

In 2015 the R&D Tax Credit became permanent, allowing the claiming of employee wages, cost of supplies, cost of testing, contract research expenses and costs associated with developing a patent. In 2016 start-up businesses could begin to utilize up to $250,000 credit in payroll taxes, which is particularly beneficial for 3D bio printing companies like Organovo, due to the long R&D time period of the projects.

The R&D tax incentive scheme has allowed for some ground breaking research achievements which will significantly benefit the wellbeing and treatment for people as well as improving future research. Organovo have been able to produce a 3D liver, named the ExVive Human Liver, which is being used to study predictive liver tissue-specific toxicity. The company has also created the ExVive Human Kidney which is being used to study nephrotoxicity due to drug responses. Additionally, the Missouri founded research company is also working on 3D printed tissue to be used as a source of therapy for patients with damage and disease to natural tissue.

Such ground-breaking findings pin point the significance of R&D tax credits in supporting innovation and development of revolutionary technologies. If you would like to find out more about the R&D incentive and whether your company may qualify for a tax credit, contact a Swanson Reed R&D tax specialist today, we look forward to speaking with you.

ND company invests $240m into soybean production facility

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Minnesota soybean processors are in the early stages of doubling in production with a new $240 million soybean facility starting up in North Dakota. The new facility will crush approximately 125,000 bushels of soybean a day, which is 10,000 more than the Minnesota facility.

With the high market demand for soybean, a second facility with higher crush capacities was necessary in order for the co-op to remain competitive with other soybean processors. As there has not been much recent growth of soybean processing in recent years, investing into such a facility, which will research alternative, innovative and effective methods to soybean processing was highly necessary.

General Manager, Scott Austin, says there is a large market for soybeans and the current facility in Minnesota has already been expanded and is reaching its limits, which lead to the rationale of purchasing additional land and researching into more effective methods to process soybeans and increase crush capacity.

As soybeans are the number one crop in North Dakota from an acreage perspective, it was seen as an appropriate location to open the new facility.

The new North Dakota site will consists of 150 acres and is located in the center of regions growing soybeans. When completed, the facility will create 55-60 full time jobs and will produce 900,000 tons of soybean meal for livestock feed, along with 490 million pounds of soy oil, both from bio-diesel and food-grade oil.  Currently the feasibility and engineering stages of the projects are being completed.

If your company is incorporating innovative production methods into its business practices, it may be eligible for the R&D Tax credit, contact Swanson Reed R&D Tax Advisers to find out more.

GE opens oil and gas R&D center in Oklahoma

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Two test wells drilled deep underground and a well simulation towering five stories above, highlight the advanced research capabilities of GE’s Oil and Gas Technology Center.

GE have opened their oil and gas technology center in Oklahoma City, which is expected to become the central hub for the company’s scientists and engineers to collaborate with the oil and gas industry on digital and hardware solutions and advancements. The center consists of five stories and 125,000 sq ft of lab and office space, suitable for 230 employees.

The facility is designed to advance technology throughout the oil and natural gas industry, and is the company’s 10th worldwide research center, however, the first to specialize in one area.

GE’s CEO, Lorenzo Simonelli, says the research focus at the center will span across all areas of oil and gas such as; production solutions and well construction systems, oilfield facilities and systems, and reservoir performers. Simonelli believes a strong commitment to R&D will help the oil and gas customers find new efficiencies to work through tough market conditions and lead to transformational opportunities for the industry to thrive long term.

“This is a unique center from a global perspective and the plan is to be at the forefront and take the industry forward through applied technology,” Simonelli said. “Unconventional oil and gas drilling is taking place in other parts of the world. There is an opportunity to bring them in here to study and learn with others in the industry. This is going to provide the ability for commercialization of new technology and a new approach at a faster pace.”

The new technology center will accelerate innovation, the center will enable the full power of digital solutions and technology from across GE’s industrial businesses to advance the oil and gas industry.

While the oil and natural gas industry has used improved technology over the past decade to unlock vast amounts of oil and natural gas, the industry remains inefficient, said Mike Ming, general manager of the research facility. The new technology outcomes from this center will solve this issue by utilizing reserves in cost-effective and environmentally friendly ways and subsequently attracting companies from across the nation and around the world.

An innovative creation which has already been developed at the technology center is ‘Raven’ the prototype drone, engineered to detect emissions precisely and cost-effectively. ‘Raven’ has already been successfully piloted and was able to detect emissions from oilfield equipment at well sites in Arkansas. ‘Raven’ is one of many exciting developments to be produced from Oklahoma’s new research center.

To find out whether your company could qualify for the Federal Research Credit, Contact a Swanson Reed specialist.