Purdue University has announced $10 million is available to help entrepreneurs create and grow their startups.
The Purdue Startup Fund will be jointly funded by Purdue alumni and the Purdue Research Foundation. University President Mitch Daniels says that while the university already has several funding competitions and programs to help advance startups, the Startup Fund presents an opportunity for alumni to become even more engaged by financially supporting the translation of Purdue innovations to the public.
The fund is designed to increase seed capital available to investment-worthy startups, increase the generation and commercialization of intellectual property at Purdue and support Purdue's mission to serve the state of Indiana.
The fund will be managed by the Purdue Foundry, the university's startup acceleration hub, and its development office.
"Whether an entrepreneur has created a startup based on an idea or one that has licensed a patented technology from Purdue, funding is always a critical need," said John Hanak, director of venture capital and funding resources for the Purdue Foundry, in a written statement. "What makes this fund unique is that it allows donors to designate gifts to support the commercialization of innovations in specific colleges or schools if they wish. We anticipate that this new fund will increase our startup activities even more."
In fiscal year 2015, Purdue had its second consecutive record-breaking year in startup creation with 40 new companies, including 25 based on Purdue intellectual property. Those companies received 178 global patents, filed 317 invention disclosures and closed 241 technologies licensed.