Purdue Touts Milestone For Startups

Posted: Updated:
WEST LAFAYETTE -

Purdue University is celebrating a milestone in startup creation reached last year. The university says it has reached 223 startups with more than $350 million in funding and investments generated, as well as more than 300 new jobs. In an interview with Inside INdiana Business, Purdue Research Foundation Vice President of Entrepreneurship and Placemaking Greg Deason said the rise in startup activity followed a challenge by President Mitch Daniels shortly after he took office.

"Quite specifically, we responded to that by creating the Purdue Foundry and Purdue Ventures, which are providing resources to help people with big ideas take those forward, but we also, through our office of tech commercialization here at Purdue, did a number of things to make it easier for people to license our technologies," said Deason. "Those were the backdrops, but we had made a deliberate decision that we were going to make a bigger impact in commercialization." 

Purdue says 130 of the startups have licensed Purdue University intellectual property, with the remainder being affiliated with Purdue in some way and/or based on company-owned intellectual property. Deason says more than 60 of the startups are founded and owned by Purdue students and more than 180 of them remain based in Indiana.

A few Purdue startups were acquired in 2018, including the drug development company Endocyte Inc., which was acquired by Switzerland-based Novartis AG in a $2.1 billion deal. Deason says one of the main ways to build on the recent success is to make sure those startups have everything they need to be successful. 

"When you look at startup dynamics, it generally starts with a big idea but you've got to surround yourself with teams and the right kinds of talent, the right kinds of capital, in order for you to have a shot at going forward," said Deason. "We're going to be doing all that we can within our power, not only within the university itself, but within the alumni base. That's a piece of what we do and with that specifically, we want to see more companies like Endocyte that have an opportunity to partner and be acquired with a larger company that can take their idea forward.

Deason says the expansion of the Purdue Discovery Park District will continue to support entrepreneurs and innovators going forward. He says the university is setting the stage to become a global leader in commercialization.

"As we continue to build momentum here and see additional startups with success and growth and companies working with Purdue, I think we're going to see continued growth of companies that want to choose to be in Indiana," said Deason. "Indiana's already a great business environment and when you couple that with the capability and the talent and the ideas and the resources that Purdue is putting forward through the Discovery Park District and through the foundry and Purdue Ventures and the office of tech commercialization, I think it sets the stage for dramatic growth."

  • Perspectives

    • 3 Tips to Attract and Retain Employees in the Gig Economy

      The gig economy has been around ever since workers began looking for supplemental income, but, it has recently evolved with the introduction of technology. Companies emerging like Uber, Lyft and GrubHub, are changing the gig economy landscape of the workforce. The gig economy has attracted millennials and Gen Zers because of the flexibility and autonomy to work from anywhere, at any time.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Industrial hemp photo courtesy of Purdue University)

      Hemp Processor Announces Expansion

      Indianapolis-based BDX Indiana has announced plans to bring more than 100 new jobs to central Indiana, with about a third of those going to a planned hemp extraction facility in Westfield. BDX extracts CBD oil from Indiana-grown hemp and is a sister company of Biodynamic Ventures, the largest hemp grower in Indiana. The city says the phase one build-out of the overall $50 million project is expected to begin this month with production to start in December. 

    • Butler Blue III is retiring next spring as the school's mascot. (photo courtesy Butler University)

      Butler Mascot Set to Retire

      One of the best-known ambassadors for Butler University is stepping down, all four legs of him, at the end of the current academic year. The university says their furry mascot, Butler Blue III, is ready to retire after nearly eight years of greeting visitors, students and staff. 

    • (photo courtesy of Indianapolis International Airport)

      Indy Airport Showcases New Retail Offerings

      Indianapolis International Airport is celebrating the opening of the first wave of new retail offerings. The new stores are part of the airport's multi-year Concessions Refresh initiative, which aims to bring a greater mix of nationally-known brands, such as FAO Schwarz and Vineyard Vines, with more local offerings, including Natalie's Candy Jar and Fountain Square Market. In all, nine new retail stores opened Tuesday morning. In an interview with Inside INdiana Business...

    • (image courtesy of Pixabay/VIN JD)

      Cyber Security Battalion to be Located in Indiana

      Indiana’s growing defense industry is further expanding into the digital battlefield. Governor Eric Holcomb has announced a National Guard cyber battalion will be located in the Hoosier state. The 127th Cyber Protection Battalion will be made up of nearly 100 soldiers focused on cybersecurity and cyber warfare. 

    • CEO of Knox County Development Corp. Steps Down

      The president and chief executive officer of the Knox County Development Corp. has resigned. Kent Utt had held the position for five years. Officials say Utt will continue to work with the corporation’s leadership to ensure a smooth transition going forward.