Each year, billions of tax payer dollars are funneled into universities for scientific research projects. But while some scientific breakthroughs end up as actual products that transform our lives, many more just stay there in the lab.

ieCrowd, a company based in Riverside, California, plans to change that by using crowd financing to bring these untapped scientific ideas to market.

They've selected a number of different university innovations to develop, including things like a new way to combat malaria, a digital nose for smart phones to detect gases, and an intelligent breathing device for people who rely on oxygen.  

The way they're raising the money is also innovative. They're launching a public offering (IPO) that will allow anyone to buy shares in the company.

ieCrowd's CEO, Amro Albanna, and Dave Gibbons, assistant director of Physical Science Licensing at UC San Diego -- the university behind the smart oxygen device -- talked to Tess Vigeland.  

To learn more, visit ieCrowd.com.

Listen to the full interview by clicking the blue audio player above.