Purdue launches two entrepreneurial initiatives

West Lafayette, Indiana, UNITED STATES

West Lafayette, IN 46032, Oct. 15, 2015 (GLOBE NEWSWIRE) -- NEWS RELEASE

October 15, 2015

Purdue launches two statewide initiatives, gives innovation edge to Indiana entrepreneurs, companies

WEST LAFAYETTE, Ind. – Purdue is launching two statewide initiatives to help Indiana entrepreneurs and established companies license and commercialize Purdue's patented innovations and create a strong relationship with Purdue. The initiatives will support entrepreneurship and technology transfer, officials announced Thursday (Oct. 15).
The initiatives, called Purdue Innovation-X License and FoundryX, will provide Indiana entrepreneurs and companies with additional incentives to stay in Indiana or conduct their primary research in the state.
"Creating job opportunities for Hoosiers continues to be one of our highest priorities,” said Indiana Lt. Gov. Sue Ellspermann. "The commercialization of successful research projects at our universities is an important source of future jobs and will help Indiana’s economy remain the strongest in the Midwest. We are grateful to Purdue for providing these substantive incentives to our entrepreneurs and existing companies."
The programs are managed through the Purdue Research Foundation's Office of Technology Commercialization and Purdue Foundry.
Purdue Innovation-X License provides qualified startups and established companies that are based in Indiana or will conduct the majority of research and development in Indiana with an option to license a Purdue University patented innovation with minimal upfront costs and favorable license terms. The opportunity to license the patented technologies will be available during a limited time period of six months that will conclude on April 15, 2016.
Purdue's available technologies represent all sectors in the economy including agriculture, engineering, biomedical, energy, computer technology, pharmaceuticals,

manufacturing and information technology. Click available technologies to view the list of technologies available during this time period.
FoundryX invites industry leaders and business experts with early-stage startups to connect with Purdue innovations that are available to license and to collaboratively drive new technologies to market.
"As Indiana's land-grant university, Purdue's most important mission is to serve the people of our state," said Dan Hasler, president of Purdue Research Foundation. "One way we can do this is by licensing Purdue's innovations to Indiana residents and companies. This creates jobs for Hoosiers and encourages our most talented entrepreneurs and leaders to remain in the state."
Specifics of the Purdue Innovation-X License include:
* Companies must be domiciled or headquartered in Indiana, or a majority of the research and development related to the commercialization of the innovation must be conducted in the state.
* One-time $1,000 upfront fee to license a Purdue patented innovation. Reimbursement for previously incurred patent fees and other expenses will not begin until the end of the second year after a finalized license is signed. Prior patent expenses will be recovered over three years to allow entrepreneurs and companies to reserve cash flow for commercialization efforts.  
* The commercialization process by the licensee must meet agreed-upon milestones within an established timeframe.
* Favorable set royalty rates.
"As an internationally recognized research institution, Purdue is a leader in technology transfer. Innovations based on Purdue research are currently being used by people in more than 100 countries across six continents," said Chad Pittman, vice president of the Office of Technology Commercialization. "Many of these innovations are developed and manufactured in Indiana. For example, Cook Biotech's wound healing technology has been used in more than five million medical applications across the globe, and this Purdue Research Park-based company employs more than 150 people in West Lafayette."
The FoundryX program is operated through the Purdue Foundry, an entrepreneurial hub based in the Burton D. Morgan Center for Entrepreneurship.
Specifics of FoundryX include:
* Events that bring business development leaders, entrepreneurs and industry leaders together to review opportunities to license Purdue's available innovations and engage with early-stage, high-tech startups.
* Online, virtual connections through eNewsletters and online forums.
* Ambassadors who will work in various communities across the state to provide information and guidance about startup creation and licensing opportunities.
* A mentorship network for experts from industry who are interested in mentoring entrepreneurs and innovators looking to commercialize high-tech innovations.
"Entrepreneurial support is pivotal to the success of any entrepreneur, and Purdue has a proven track record of successful startup and licensing deals," said Greg Deason, executive director of the Purdue Foundry. "We assist entrepreneurs with business plans, product ideation, market analysis, funding, grant writing and legal counsel. We also work closely with economic development entities across Indiana including Elevate Venture and the Indiana Economic Development Corporation to help support startups."
Mike Asem, director of collaborative relationships for the Purdue Foundry, will lead the FoundryX project.
"Developing innovative technologies has always been something that Purdue has excelled at, but taking these innovations out into the marketplace is a new skillset many of our inventors and startup founders are trying to develop," he said. "With FoundryX, we’re inviting industry players to come alongside our technology experts with the hope that they’ll fill the business end of the startup equation through roles as advisers, mentors, CEOs and even co-founders."
Other strategic initiatives enacted by the Purdue Research Foundation to foster startup creation include funding opportunities through the Trask Innovation Fund, Emerging Innovations Fund, Elevate Purdue Foundry Fund and Foundry Investment Fund; the development of an  
Innovation and entrepreneurship landing page to drive interested innovators to the right entrepreneurial resources; Purdue Innovator Startup Guide to provide entrepreneurs with intellectual property protection guidance, startup advice and other resources; and an express license to expedite the technology transfer process.
For the second consecutive year, Purdue set record-breaking numbers in commercialization activities for the fiscal year ending June 30, highlighted by 40 startups, of which 25 are based on Purdue-licensed intellectual property. For a list of the 2015 fiscal year startups visit Purdue Startup Class of 2015.
Purdue Foundry recently announced WomenIN, a program to foster and support women entrepreneurs across Indiana by providing them with resources normally reserved for Purdue Foundry clients.
Indiana-based entrepreneurs also can be assisted across the state through the "Indiana Co-working Passport," a program started in 2014 that allows members of one co-working space to travel to another without getting a second membership. There are about 30 co-working spaces linked in the network including the Purdue Research Park sites in Indianapolis, Merrillville, West Lafayette and New Albany; Matchbox in Lafayette; the Anvil in West Lafayette; and the Branch in South Bend.