Purdue Foundry Details R&D CollaborationPosted: Updated:
The Purdue Foundry has announced a partnership with a Connecticut-based research, development and design company. The collaboration with Group 4 involves branding, creating prototypes, testing concepts and marketing strategies. October 7, 2014
INDIANAPOLIS, WEST LAFAYETTE, Ind. and AVON, Conn. - An agreement between the Purdue Foundry and Group 4, a national research, product development and design company, will provide another tool in furthering Purdue's commercialization activities.
The goals of the collaboration include guiding companies to leverage data collected from user research to develop innovative products that meet the wants and needs of potential customers or targeted audiences.
Partnership representatives will meet on a regular basis to discuss how to apply user research and design approaches to maximize the commercial success of Purdue's emerging innovations.
"Purdue and Group 4 are a natural fit for a collaboration of business development. Purdue is a leader in technology commercialization and startup creation, and Group 4 has a long history of developing emerging capabilities through identification of market trends and future product needs," said Frank von Holzhausen, president and founder of Group 4. "Our goal with this agreement is to help Purdue entrepreneurs develop engaging products that fill a user need and are easily marketable."
In addition to optimizing a product's development, the collaboration includes assisting Purdue innovators with branding, creation of prototypes, packaging design, concept testing and go-to-market strategies.
"Bringing the expertise of Group 4 to Purdue will provide another strong resource for Purdue faculty, staff and student entrepreneurs to receive professional assistance in establishing their startups," said Greg Deason, vice president and executive director of the Purdue Foundry, an entrepreneurship hub located on the university campus. "Group 4 will work closely with our entrepreneurs-in-residence who are already providing support for Purdue entrepreneurs to create a seamless opportunity and expedite the move of innovations to the market."
Phil Hallstedt, director of business development and health care for Group 4's Midwest Division, will use space provided by the Purdue Foundry in the Burton D. Morgan Center for Entrepreneurship at 1201 West State St., West Lafayette in Purdue's Discovery Park.
"This is an exciting new collaboration with a university and it presents a great opportunity for both of us," Hallstedt said. "We believe strongly in supporting a 'culture of innovation' - not an individual working alone but getting groups of entrepreneurs together and making great things happen. We plan to implement the successful innovation strategies we've used with Fortune 500 clients and apply them to help Purdue startups, and established companies seeking new growth opportunities that are working with the Purdue Foundry."
About Group 4
Group 4 is a highly regarded strategic research and design firm devoted to creating and enhancing global brand experiences through research driven product, packaging and merchandising design. Its 42+ years of problem-solving experience for some of the world's best known brands together with a unique set of capabilities provides he means to engage with and learn from the target market and develop meaningful products, packaging and merchandising solutions that exceed expectations and win the day - no matter the challenge.
About Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization hub in Discovery Park's Burton D. Morgan Center for Entrepreneurship whose professionals help Purdue innovators create startups. The Purdue Foundry is managed by the Purdue Research Foundation, which received the 2014 Incubator Network of the Year by the National Business Incubation Association for its work in entrepreneurship. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at email@example.com
Source: Purdue University