Purdue partners with South Korean university to further commercialization activity

WEST LAFAYETTE, Ind. – Hanyang University, a leading South Korean engineering institute, and Purdue Research Foundation Office of Technology Commercialization have collaborated to further the commercialization of each other's intellectual property to support and move innovations to the public.

"Like Purdue, Hanyang University is known for its strong engineering, science and technology programs, and because of the similar research initiatives between the universities we are excited to see the potential of this collaboration come to fruition," said Chad Pittman, vice president of the Purdue Research Foundation Office of Technology Commercialization. "The partnership between Purdue and Hanyang will allow our innovations to reach new international markets for each of us."

Hanyang opened as an aspiring engineering institute in 1939. The university is based on traditions of pursuing innovation and service to society, and has secured its position as one of the nation's top-ranked institutions. Hanyang University houses a Technology Transfer Center that is responsible for managing intellectual property rights developed and owned by the university's faculty and transfers the technology to those who need it.

"Purdue University has a great reputation in commercialization and technology transfer, so we are excited to collaborate on this endeavor," said TS Kim, professor of Technology Commercialization Coordinating at Hanyang University. "We're looking forward to working with Purdue to transfer technology across the border. We strongly believe that this partnership will create a great synergy between the universities and beyond, and provide positive results that we look forward to seeing."

With two consecutive years of record-breaking commercialization activities, the Purdue Office of Technology Commercialization and the Purdue Foundry have a proven track record of successfully moving innovations to the public. The Purdue Startup classes of 2014 and 2015 include 49 startups based on Purdue University intellectual property that have received more than $96 million in venture funding. Another 39 startups have originated from non-patented Purdue know-how.

Hanyang and Purdue will retain independent ownership of their relative intellectual property. Select intellectual property previously determined by Hanyang will be marketed alongside Purdue's innovations through the Purdue Office of Technology Commercialization, which is managed by the Purdue Research Foundation. Hanyang also will host select Purdue innovations on their marketing websites and other promotional spaces.

Purdue uses a number of marketing tools to promote its innovations including FlintBox, an online tool to promote innovations; a Web page of available technologies; a monthly e-newsletter with more than 100,000 subscribers; and an Innovation and Entrepreneurship landing page of resources for investors, entrepreneurs, researchers and potential collaborators.

About Hanyang University

Hanyang University opened as an aspiring engineering institute in 1939 in South Korea, with the founding principles: "Application of Knowledge" and "Love in Deed." Based on this tradition of pursuing innovation and service to society, Hanyang has secured its position as one of the nation's top-ranked institutions.

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; acquires property; and promotes entrepreneurial activities on behalf of Purdue. 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 by 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

About Purdue Research Foundation Office of Technology Commercialization

The Purdue Research Foundation Office of Technology Commercialization operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university's academic activities. The office is managed by the Purdue Research Foundation, which 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. For more information on licensing a Purdue innovation, contact the Office of Technology Commercialization at otcip@prf.org.

Purdue Research Foundation contact: Hillary Henry, 765-588-3586, hkhenry@prf.org

Source: Dongsung Hong, 765-588-3491, dhong@prf.org