Purdue's Emerging Innovations Fund sets Aug. 24 application deadline
Published: July 30, 2012
WEST LAFAYETTE, Ind. - Companies that license technology developed at Purdue University or are based in the four-site Purdue Research Park network are eligible to apply for a round of funding from the Emerging Innovations Fund. The cumulative funding of all awards will total up to $150,000.
The Emerging Innovations Fund was established in 2008 by the Purdue Research Foundation and Purdue University to expedite the process of moving research discoveries to commercial delivery. Funds distributed through the Emerging Innovations Fund are made on a competitive basis. The fund is designed to be self-sustaining by making investments as a loan with equity participation.
The deadline to apply for the funding is Aug. 24. Applications may be submitted in a Microsoft Word or PDF format to Jonathan Gortat, firstname.lastname@example.org, at the Purdue Office of Technology Commercialization. Students enrolled in the Student Managed Venture Fund offered through Purdue University's Krannert School of Management will perform due diligence on the applicants through early December, and the awards will be determined later that month. Once a project is reviewed and recommended, investments will be made to the selected companies.
Applications must include the following:
* Full business plan, complete with a financial plan, marketing strategies and an executive summary.
* Company contact information, including management team names and titles, previous investors, IP status, number of employees, and the amount of capital sought.
* Planned use of the requested investment, including specific product development events to be accomplished.
Applications also must include 250-word descriptions of the following: one-line pitch; business summary; management team qualifications; customers' problem; company's solution; market definition; list of current and potential customers; sales and marketing strategy; business model; competitive landscape, including a list of competitors; and competitive advantages and a list of barriers to entry.
Assistance with the application is provided through the Purdue Office of Technology Commercialization. Questions should be directed to Gortat at 765-588-3485, email@example.com
In March 2012, the Emerging Innovations Fund investment went to Spensa Technologies Inc., which is developing information technology for the agriculture sector, and Tymora Analytical Operations LLC, a life-science startup. Both firms are based in the Purdue Research Park of West Lafayette, and both license technologies discovered at Purdue.
About the Emerging Innovations Fund
In 2008 Purdue Research Foundation and Purdue University introduced the Emerging Innovations Fundan, integrated approach to research innovation, development and commercialization. The Emerging Innovations Fund is a self-sustaining initiative that brings together ideas, management and money to accelerate the commercialization of early-stage technologies in the Purdue community.
About Purdue Research Foundation
Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The foundation accepts gifts; administers trusts; funds research, scholarships and grants; acquires property; and negotiates research contracts on behalf of Purdue. In the 1990s, the foundation was charged with helping the university in the realm of economic development. The Purdue Research Foundation oversees the Purdue Research Park, which is the largest university-affiliated business incubator in the country. In addition to the Purdue Research Park of West Lafayette, the foundation has established technology parks in other locations around Indiana including Indianapolis, Merrillville and New Albany.
Purdue Research Foundation contact:
Steve Martin, 765-588-3342, firstname.lastname@example.org
Jonathan D. Gortat, 765-588-3485, email@example.com