updated: 8/9/2011 1:15:45 PM

Purdue Seeking Applicants For Innovations Fund

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Purdue Research Park-based companies or firms that license technology developed at Purdue University can apply for funding from the Emerging Innovations Fund. Up to $100,000 will be awarded to help commercialize new technologies. The deadline to apply is September 4.

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August 9, 2011

News Release

WEST LAFAYETTE, Ind. - Companies that are based in the four-site Purdue Research Park network or license technology developed at Purdue University are eligible to apply for a round of funding from the Emerging Innovations Fund. The funding will total up to $100,000.

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 Sept. 4. Applications may be submitted to Jonathan D. Gortat, jdgortat@prf.org, project manager at Purdue Research Foundation's Office of Technology Commercialization, in a Microsoft Word or PDF format. Due diligence will be conducted through Dec. 15, with awards determined later that month. Once a project is reviewed and recommended, investments may be tranched in accordance with milestone events.

Applications must include the following:

* Full business plan, complete with a proposed exit, a financial plan 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 Research Foundation's Office of Technology Commercialization. Questions should be directed to Gortat, 765-588-3485, jdgortat@prf.org

In September 2009, the Emerging Innovations Fund investment went to Matrix-Bio Inc., a Purdue Research Park-based life-science company. The July 2011 investment was awarded to Bioscience Vaccines Inc., another life-science company based in the Purdue Research Park


About the Emerging Innovations Fund

In 2008 Purdue Research Foundation introduced the Emerging Innovations Fund, an 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.

Source: Purdue Research Foundation

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