The Purdue Foundry is partnering with a Chicago-based venture capital firm in hopes of identifying Purdue technologies and startups for possible investment. The entrepreneurship and commercialization hub says the partnership with M25 Group will also provide mentoring opportunities.
M25 Group focuses on Midwest startups and has investments in Indianapolis, Lafayette, Pittsburgh, Milwaukee and Chicago. Managing Director Victor Gutwein says the firm’s partners "already have a long history of working with Purdue and the Greater Lafayette community. As part of the partnership, Purdue Foundry and M25 leaders will meet to discuss emerging startups, market feasibility and strategies.
Purdue Research Foundation Greg Deason says startups often have "everything except capital" to grow, and says the agreement will increase support for companies and Purdue innovations. It will also include business model development, prototype creation and funding strategies.
Mike Asem, who led the development of Purdue Foundry’s startup mentoring program FoundryX, will join M25 Group as a director next month. As part of his new role, he will help coordinate the partnership with Purdue.