updated: 1/28/2009 1:38:32 PM
The Purdue Research Foundation and Purdue University have established a new fund for individuals and startup companies to move their innovation to the marketplace. The Emerging Innovations Fund, raised privately with initial capitalization of $1.5 million, is now accepting applications from early stage Purdue-related companies. Funds will be distributed based on the successful completion of agreed upon milestones and will be in the range of $20,000-$200,000.
Source: Inside INdiana Business
January 28, 2009
WEST LAFAYETTE, Ind. - Individuals and startup companies now have another avenue to move their Purdue innovations to the marketplace through a new fund established by the Purdue Research Foundation and Purdue University.
The Emerging Innovations Fund is now accepting applications from early stage Purdue-related companies that seek funding support. The money to support the fund has been raised privately, and initial capitalization is $1.5 million, growing to $5 million.
Funds will be distributed based on the successful completion of agreed upon milestones and will be in the range of $20,000-$200,000. Purdue faculty, staff, students and Purdue Research Park-based companies are eligible to apply for funding, including all Indiana incubator and satellite campuses.
"The Emerging Innovations Fund provides support to companies to advance their companies and generate follow-on investor and market interest," said Julie Goonewardene, director of business development for the Purdue Research Foundation and Discovery Park. "This collaboration between Purdue Research Foundation and Purdue University strengthens our integrated emphasis of discovery, development and delivery."
Funds distributed through the Emerging Innovations Fund will be made on a competitive basis. The fund is designed to be financially
self-sustaining by making investments as a loan with equity participation.
The fund's advisers include officials from the Purdue Research
Foundation and Discovery Park. Also acting as fund advisers are Purdue trustees and alumni Michael J. Birck, chairman and co-founder of Tellabs Inc. in Naperville, Ill., and William Oesterle, co-founder and CEO of Angie's List in Indianapolis.
*About Discovery Park*
Since its 2001 launch, Purdue has invested more than $150 million in new facilities and $25 million in laboratory equipment to create what's become the nearly $400 million Discovery Park. The 40-acre hub brings together researchers from multiple disciplines to tackle the most complex challenges in the world today. The 11 centers focus on major research in areas ranging from health-care engineering, nanotechnology, life sciences and cyberinfrastructure to climate change, entrepreneurship, cancer diagnosis, homeland security and alternative energy.
*About Purdue Research Foundation*
The 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.
Source: Purdue Research Park