New Purdue fund ready to accept applications to help move innovations to the marketplace
January 28, 2009
Individuals and startup companies now have another avenue to move their Purdue innovations to the marketplace through a new fund established by the Purdue Research Foundation and Purdue University.
The Emerging Innovations Fund is now accepting applications from early stage Purdue-related companies that seek funding support. The money to support the fund has been raised privately, and initial capitalization is $1.5 million, growing to $5 million.
Funds will be distributed based on the successful completion of agreed upon milestones and will be in the range of $20,000-$200,000. Purdue faculty, staff, students and Purdue Research Park-based companies are eligible to apply for funding, including all Indiana incubator and satellite campuses.
"The Emerging Innovations Fund provides support to companies to advance their companies and generate follow-on investor and market interest," said Julie Goonewardene, director of business development for the Purdue Research Foundation and Discovery Park. "This collaboration between Purdue Research Foundation and Purdue University strengthens our integrated emphasis of discovery, development and delivery."
Funds distributed through the Emerging Innovations Fund will be made on a competitive basis. The fund is designed to be financially self-sustaining by making investments as a loan with equity participation.
The fund's advisers include officials from the Purdue Research Foundation and Discovery Park. Also acting as fund advisers are Purdue trustees and alumni Michael J. Birck, chairman and co-founder of Tellabs Inc. in Naperville, Ill., and William Oesterle, co-founder and CEO of Angie's List in Indianapolis.
About Discovery Park
Since its 2001 launch, Purdue has invested more than $150 million in new facilities and $25 million in laboratory equipment to create what's become the nearly $400 million Discovery Park. The 40-acre hub brings together researchers from multiple disciplines to tackle the most complex challenges in the world today. The 11 centers focus on major research in areas ranging from health-care engineering, nanotechnology, life sciences and cyberinfrastructure to climate change, entrepreneurship, cancer diagnosis, homeland security and alternative energy.
About Purdue Research Foundation
The 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.
To the Purdue Research Park,http://www.purdueresearchpark.com
Michael Capano, a Purdue associate professor of electrical and computer engineering, does research on graphene electronics in his laboratory at Discovery Park's Birck Nanotechnology Center. Graphene electronics may improve radio frequency communications by using a new class of transistors based on carbon instead of silicon. His technology is an example of a discovery that could benefit from the Emerging Innovations Fund. (Purdue Research Foundation photo)
A publication-quality photo is available athttp://news.uns.purdue.edu/images/+2009/capano.jpg
Writers: Steve Martin, (765) 494-6872, email@example.com
Cynthia Sequin, (765) 494-4192, firstname.lastname@example.org
Source: Julie Goonewardene, (765) 496-7519,email@example.com