Trask Innovation Fund to award up to $50,000 for projects that strengthen Purdue intellectual property

WEST LAFAYETTE, Ind. – Purdue University inventors can receive up to $50,000 to hone their innovations through the Trask Innovation Fund. The application deadline is Sept. 24.

The fund supports short-term projects to enhance the commercial value of Purdue intellectual property. Information on eligibility and submission guidelines are online. Since spring 2018, 30 projects have received more than $986,000 in funding.

Purdue faculty, staff and researchers who have submitted a disclosure to the Purdue Research Foundation Office of Technology Commercialization are eligible. They must work with their business office to submit the proposal and are encouraged to speak with OTC business development managers for guidance.

Submitted proposals will be reviewed by OTC based on significance of the invention, stage of development, commercialization potential, path to commercialization, intellectual property landscape and the applicant's commitment to commercialization.

There are three Trask Innovation Fund tracks:

• Innovation Sparks for Life Science and Medical Devices: Eligible innovations are life sciences and medical devices applications including, but not limited to therapeutics, drug discovery and development, diagnostics and agriculture. The technology must not be under any option or license.
• Innovation Sparks for Physical Sciences: Eligible innovations are engineering, chemistry and computer sciences applications and other fields outside of life sciences. The technology must not be under any option or license.
• Commercialization Partner Spark: Technologies in any technology domain are eligible if (a) OTC has signed an option agreement with a potential licensee or (b) the applicant is engaged with PRF to establish a commercialization partnership and will sign an option for the technology before receiving Trask funding.

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 through commercializing, licensing and protecting Purdue intellectual property. The office is housed in the Convergence Center for Innovation and Collaboration in Discovery Park District, adjacent to the Purdue campus. In fiscal year 2020, the office reported 148 deals finalized with 225 technologies signed, 408 disclosures received and 180 issued U.S. patents. The office is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. In 2020, IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Contact otcip@prf.org for more information.

Writer: Steve Martin, sgmartin@prf.org

Source: Abhi Karve, aakarve@prf.org, trask@prf.org