October 21, 2008

Purdue Research Foundation receives 3 international awards for economic development

Download photo
caption below

The International Economic Development Council is the largest professional association of economic development practitioners in the world, with members in the United States, Europe, Australia, Canada, New Zealand and other nations.

"The IEDC is one of the most well-regarded and prestigious economic development organizations in the world," said Joseph B. Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation. "To be recognized by this organization in one category is impressive, and to be honored in three separate categories is high praise. It reflects positively on the work being done at the Purdue Research Foundation to advance economic development, particularly in the high-tech sectors of life sciences, homeland security, engineering and information technology."

Entries from the Purdue Research Foundation were recognized in three categories:

* Entrepreneurship, for an entry titled "Purdue Research Parks: Dynamic Arenas Where Entrepreneurs Thrive." The foundation was recognized for its work in recruiting and retaining high-tech, startup companies that resulted in accelerated business growth and economic progress within the region. The Purdue Research Park in West Lafayette, Ind., has 157 companies employing about 3,100 people at average annual salary of $54,000.

* Partnerships with Educational Institutions, for an entry titled "Purdue Research Foundation and Purdue University: A Partnership for Economic Success." The foundation was recognized for the results of its ongoing partnership with Purdue University, particularly in technology transfer and startups created through Purdue technologies. The foundation-university partnership led to the creation of 789 new jobs statewide from 2004 to 2008. In the fiscal year from July 2007 to June 2008, the foundation reported 248 invention disclosures, 31 issued patents and 10 new companies formed from Purdue University-licensed technologies.  

* Technology-Based Economic Development, for an entry titled "Discovery, Development and Delivery: Technology-Based Economic Development." The foundation was recognized for the support it provides to moving technology from discovery in the laboratory to commercialization through a variety of programs and services designed to assist new businesses. For example, the foundation's Office of Technology Commercialization provides patent and licensing assistance, and the Purdue Technology Center in West Lafayette, Ind., provides 259,000 square feet of incubator space for new companies. The program provides additional amenities such as conference space, media relations and marketing assistance, access to capital, human resources recruitment, a daycare facility, walking trails and a fitness center.

"Economic development efforts have long been a keystone in the quest to bolster the economy and improve quality of life in every locality across the country," said Robin Roberts Krieger, IEDC chair. "As the nation continues to tackle longstanding challenges in the midst of an inhospitable financial climate, these efforts have taken on an even greater significance. With the award, we laud trendsetting organizations like the Purdue Research Foundation for leading the charge."

The Purdue Research Foundation manages the Purdue Research Park system, which has Indiana business incubators in West Lafayette, Merrillville and New Albany. A fourth business incubator will open in Indianapolis in 2009.

"Some primary goals of the Purdue Research Foundation are to encourage entrepreneurs, foster partnerships with Purdue University and support economic development," Hornett said. "In honoring the Purdue Research Foundation, the International Economic Development Council also has recognized the nearly 200 companies that reside in the statewide Purdue Research Park system."

Hornett received the awards at a presentation during the council's annual conference in Atlanta, which began Sunday (Oct. 19) and ends Wednesday (Oct. 22).

About the International Economic Development Council

The International Economic Development Council (IEDC) is a nonprofit membership organization dedicated to helping economic developers do their job more effectively and raise the profile of the profession.

About Purdue Research Foundation

The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The foundation accepts gifts; administers trusts; funds research, scholarships and grants; acquires property; and negotiates research contracts on behalf of Purdue. In the 1990s, the foundation was charged with helping the university in the realm of economic development. The Purdue Research Foundation oversees the Purdue Research Park, which is the largest university-affiliated business incubator in the country. In addition to the Purdue Research Park in West Lafayette, the foundation has established or is currently constructing technology parks in other locations around Indiana, including Merrillville, New Albany and Indianapolis.

About Purdue Research Park

The 725-acre Purdue Research Park (https://www.purdueresearchpark.com) has the largest university-affiliated business incubation complex in the country. The park is home to more than 157 companies. About 100 of these firms are technology-related and another 39 are incubator businesses. The park was ranked No. 1 in 2004 for university-affiliated research parks and received the 2005 Outstanding Commercialization Award, both from the Association of University Research Parks. The park's companies also have received numerous recognitions, including a 2006 MIRA Award: Innovation of the Year for Purdue Research Park/Quadraspec Inc. and a 2005 CoreNet Global Innovators Award finalist. The Purdue Research Park is part of the Purdue Research Foundation.

To the Purdue Research Park, https://www.purdueresearchpark.com

PHOTO CAPTION:
Gary Krutz, director of Purdue's Electrohydraulic Center and a professor of agricultural and biological engineering, has developed a system in which sensors alert vehicle operators when a tire's condition has deteriorated. This is one example of the university's technology that can be licensed through the Purdue Research Foundation Office of Technology Commercialization. (Purdue Research Foundation file photo)

A publication-quality file photo is available at https://www.purdue.edu/uns/images/+2008/krutz-tire.jpg

Contact at Purdue Research Park: Steve Martin, (765) 494-6872, sgmartin@prf.org

Source: Joseph B. Hornett, (765) 494-6072, jbhornett@prf.org