Purdue's Emerging Innovations Fund sets Aug. 21 application deadline

July 29, 2015  


WEST LAFAYETTE, Ind. - Startups that have licensed innovations developed at Purdue University or are based in the five-site Purdue Research Park network are eligible to apply for a round of funding from the Emerging Innovations Fund. The cumulative funding of all awards could total $100,000.

The deadline to apply for funding is Aug. 21. Applications may be submitted to Brooke Beier, blbeier@prf.org, assistant director of business development at the Purdue Research Foundation Office of Technology Commercialization, in a Microsoft Word or PDF format.

Applications must include the following:

* Full business plan, complete with a financial plan, marketing strategies and an executive summary.

* Company contact information, including management team names and titles, previous investors, IP status, number of employees, and the amount of capital sought.

* Planned use of the requested investment, including specific product development events to be accomplished.

Applications also must include 250-word descriptions of the following: one-line pitch; business summary; management team qualifications; customers' problem; company's solution; market definition; list of current and potential customers; sales and marketing strategy; business model; competitive landscape, including a list of competitors; competitive advantages; and a list of barriers to entry.

Diligence reviews are done by teams composed of competitively selected graduate students and seniors mainly from the Krannert School of Management in collaboration with Purdue Research Foundation professionals.

In the most recent round of funding, SensorHound Inc., a company that focuses on technology that improves reliability and reduces the operations cost of networked embedded systems, also called the Internet of Things (IoT), received $75,000 with the potential to receive an additional $75,000 if certain performance milestones are met.

SensorHound was awarded a Phase I SBIR grant worth $150,000 from the National Science Foundation in 2014 and is part of FOUNDER.org and Alchemist Accelerator. A video about the company is available at http://youtu.be/HivLOiCJ7JE.

Application assistance is provided through the Purdue Research Foundation Office of Technology Commercialization. Questions should be directed to Beier at 765-588-3464, blbeier@prf.org or visit http://otc-prf.org/emerging-innovations-fund.

The Emerging Innovations Fund was established to provide early-stage companies with needed funds to move through the process to commercial delivery. Funds distributed through the Emerging Innovations Fund are made on a competitive basis. The fund is designed to be self-sustaining by making investments as a loan with equity participation.

About the Emerging Innovations Fund

Managed through the Purdue Research Foundation Office of Technology Commercialization, the Emerging Innovations Fund was established in 2008 by the Purdue Research Foundation and Purdue University. The fund is an integrated approach to research innovation, development and commercialization and is a self-sustaining initiative that brings together ideas, management and money to accelerate the commercialization of early-stage technologies in the Purdue community.

About Purdue Research Foundation

The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park and Purdue Technology Centers. The foundation received the 2014 Incubator Network of the Year from the National Business Incubation Association for its work in entrepreneurship. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at foundry@prf.org. 

Writer: Jared Andrews

Purdue Research Foundation contact: Steve Martin, 765-588-3342, sgmartin@prf.org

Source: Brooke Beier, 765-588-3464, blbeier@prf.org 

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