Purdue University has announced a $10 million fund for entrepreneurs to launch businesses. The Purdue Startup Fund will be jointly funded by alumni of the university and the Purdue Research Foundation.
Purdue Foundry Director of Venture Capital and Funding Resources John Hanak says he expects the new fund to boost startup activity. "What makes this fund unique is that it allows donors to designate gifts to support the commercialization of innovations in specific colleges or schools if they wish," he says.
President Mitch Daniels says the fund is an opportunity for additional alumni engagement. He says "Purdue is fortunate to have an abundance of alumni and friends who are successful business leaders and entrepreneurs. Many of these individuals are already actively involved with Purdue entrepreneurs by serving as mentors and advisers."
The fund is designed to increase seed capital available to what the university calls "investment-worthy" startups, boost generation and commercialization of Purdue intellectual property and support the state.
In the previous fiscal year, Purdue record-breaking startup creation numbers including 40 new companies, 178 global patents, 317 invention disclosures and 241 technologies licensed.