Commercialization and Innovation
New discoveries have the potential of improving lives and strengthening economies. But developing those breakthroughs into deliverable products and services requires substantial business support.
The Purdue Research Foundation (PRF) helps pair researchers’ ideas with the people and money needed to commercialize them. Working on everything from intellectual property protection to market analysis, feasibility, funding, company formation and real estate, the foundation helps researchers commercialize innovations while advancing Indiana’s economy. Services include:
- Incubation Services: PRF supports technology-based firms with services and amenities at business incubators around the state. Purdue Research Park facilities are located in West Lafayette, Indianapolis, Merrillville and New Albany, where around 240 companies employ more than 4,000 people.
- Emerging Innovations Fund: This initiative offers financial support for new ventures developing Purdue-owned technology and Purdue Research Park-based companies. By providing funding for very early-stage companies, the program helps speed the process from discovery to delivery.
- Office of Technology Commercialization: A division of Purdue Research Foundation, OTC helps to protect, market and license Purdue’s commercially viable technologies. Since its inception, more than 65 Purdue faculty-entrepreneurs have received assistance in launching startups. Over the last reporting year available (2011), the Purdue Research Foundation filed 175 U.S. patent applications — a 41 percent increase over the previous year. In addition, 110 global patents were received by Purdue, a 26 percent increase. Royalties for Purdue’s commercialized-technologies reached $8.7 million, marking a 22 percent increase over the prior year.
- Burton D. Morgan Center for Entrepreneurship: Located in Purdue’s Discovery Park, the Burton D. Morgan Center for Entrepreneurship plays a key role in facilitating business development for emerging concepts and technologies stemming from Discovery Park research. Sponsored initiatives include the Certificate in Entrepreneurship and Innovation, Technology Realization Program, Entrepreneurial Leadership Academy and Business Plan Competitions.