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January 29, 2014

Purdue startup guide to provide advice, resources for entrepreneurs

Tim Peoples, Laurie Parker, Steven Ouellette

Tim Peoples, entrepreneur-in-residence for the Purdue Foundry, assists Laurie Parker, assistant professor in the Purdue College of Pharmacy, and Steven Ouellette, a doctoral research assistant for Parker, with preparing a business plan in the Burton D. Morgan Center for Entrepreneurship. Ouellette is commercializing an innovation he helped develop in Parker's laboratory at Purdue. (Purdue Foundry photo)
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WEST LAFAYETTE, Ind. — As part of an ongoing strategy to foster entrepreneurism, Purdue innovators now have access to a Purdue Startup Guide that provides information on how to protect and commercialize an invention. 

The 36-page online publication is a collaboration among the Purdue Foundry and Office of Technology Commercialization.

"Purdue innovations can be found in more than 100 countries around the world and benefit millions of people," said Dan Hasler, Purdue Research Foundation president. "We realize that moving an innovation through the commercialization process is a daunting task, and the startup guide is designed to help ease the process by providing a high-level overview for Purdue innovators, entrepreneurs and partners."

Purdue Startup Guide

The 36-page Purdue Startup Guide provides innovators and entrepreneurs with a high-level overview of protecting and commercializing an innovation. (Purdue Foundry photo) 
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The Purdue Startup Guide provides expert advice in a number of patenting and commercialization areas including:

*Protecting an innovation by filing a disclosure, receiving a patent analysis and filing a patent.

* Licensing to existing companies including the various types of licensing agreements offered by Purdue Research Foundation.

* Setting up a company from corporate structure, accounting systems, corporate bylaws, non-disclosure agreements and other considerations.

* Developing a business plan including executive summary, market strategies, competitive analysis and a financial plan.

* Getting federal, state and local grants including SBIR/STTR, U.S. Small Business Administration, Indiana Economic Development Corporation and Elevate Ventures Inc.

* Securing tax credits including State of Indiana tax credits, Jumpstart Our Business Startups (JOBS) Act, and angel investing.

"In addition to providing a good foundation of information, the guide also gives Purdue entrepreneurs information on the numerous resources Purdue makes available to innovators, entrepreneurs and investors," Hasler said. "Entrepreneurs are encouraged to visit our online landing page for links where innovators and entrepreneurs can find more resources."

About Purdue Research Foundation

The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; and acquires property on behalf of Purdue. The Foundation manages the Purdue Office of Technology Commercialization, which operates one of the most comprehensive technology transfer programs among leading research universities in the United States.

About Purdue Foundry

Purdue Foundry is an entrepreneurship and commercialization hub in Discovery Park's Burton D. Morgan Center for Entrepreneurship. The foundry collaborates with longstanding activities already taking place in the center with a goal to increase the growing demand from Purdue innovators who have an interest in forming a startup or licensing their discoveries. 

Writer: Cynthia Sequin, 765-588-3340, casequin@prf.org 

Source: Dan Hasler, 765-588-5591, djhasler@prf.org