Purdue Innovates Unites IP Commercialization and Startup Creation Network

WEST LAFAYETTE, Ind. – Building on world-renowned strength in innovation by its faculty, staff, students and alumni, the Purdue Research Foundation and Purdue University have formed Purdue Innovates, a comprehensive system to streamline access and strengthen support to both (a) technology commercialization resources, such as intellectual property licensing and protection, and (b) startup support resources, including programs and funds to launch, scale and invest in Purdue-connected startups in one cohesive structure.

In recent years, Purdue has consistently ranked among the world leaders in bringing innovation to the marketplace. As one of the nation's most innovative universities and the only university ranked among the world' top 50 most innovative companies or nonprofits, Purdue never stops in the persistent pursuit of the next giant leap. From world-class research that is foundational to drugs that receive FDA approval to Purdue-connected startups changing the world, Boilermakers think big and push the boundaries of innovation. That excellence at scale is why Purdue is ranked 6th in the world for the number of issued U.S. utility patents and the only university from the state of Indiana to be ranked among the top 50 patent-receivers, and has produced some of the most visible startups from the Midwest. Purdue innovates.

"Purdue Innovates streamlines and strengthens the ecosystem for Boilermaker innovators in two ways," said Purdue President Mung Chiang. "One is the generation and licensing of intellectual properties such as patents, where we have continued to be among the nation's best. The other is the creation of startup companies by our students, faculty and alumni, where we are rolling out new strategies and new funds, broadening outreach to alumni across the country, and simplifying an impactful support system for Boilermaker entrepreneurs. Purdue Innovates will elevate excellence at scale for both inventors and entrepreneurs."

With multiple colleges ranked among top 5 in the U.S. and the No. 1 undergrad STEM enrollment among America's leading research universities, Purdue has long been the home for legendary inventors like Dr. Leslie Geddes and serial entrepreneurs like Dr. Philip Low.

"We wanted to create an ecosystem that embraced all Boilermakers by supporting both Purdue-owned intellectual property and startups that have their own intellectual property but have some other connection to Purdue, such as an alum," said Brooke Beier, senior vice president of Purdue Innovates. "Solidifying the university core while engaging and leveraging the Boilermaker network is key to enhancing Purdue's ability to become the preeminent university in commercialization and startup success."

The Purdue Innovates network houses:

• Office of Technology Commercialization, where Purdue innovators disclose new ideas for evaluation for intellectual property protection and commercialization via licensing to industry and startups.
• Incubator, which consists of resources to 1) assist early-stage, Purdue-connected startups via programming and funding opportunities; and 2) de-risk Purdue innovations to increase the technology readiness level for licensing opportunities to industry and startups.
• Startup Foundry, which helps with funding, programs and services focused on getting investible Purdue-connected startups ready to raise first-round funding. The Burton D. Morgan Center for Entrepreneurship is now part of the Startup Foundry.
• Purdue Ventures, which makes early-stage investments in Purdue-connected startups and gives guidance on raising capital to get startups late-stage funding and positioning them for an IPO or acquisition.
• The strength of Purdue's existing commercialization and entrepreneurship efforts will continue and collaborate with the above units. These include:
  • I-Corps, where Purdue is the Midwest hub's co-lead
  • Entrepreneurship certificate and courses
  • Digital Innovation in Agriculture Systems Lab (DIAL)
  • John Martinson Entrepreneurial Center (JMEC)
  • Student organizations such as Anvil
• Key partnership programs like Silicon Valley Boilermaker Innovation Group (SVBig), High Alpha with DIAL, and others remain an integral part of the Purdue Innovates startup ecosystem, where they help advance and fund high-value startups.

By establishing this front door to the commercialization and startup creation ecosystem, it takes the guesswork away from entrepreneurs and innovators as to where to go for assistance, Beier said.

Purdue Innovates has developed a strategic plan that emphasizes the importance of collaboration, proactive investment in promising research and targeted outreach to key stakeholders through new initiatives and events at the university. Some examples include:  

• Purdue University proactively reaches out to faculty members who have research with startup potential. To bridge the gap between research and commercialization, new funds will be created in the coming months. This will encourage the development of new ideas and facilitate the translation of research into real-world solutions. As one example, the John Martinson Entrepreneurial Center (JMEC) will partner with Purdue Innovates' Purdue Ventures to manage the JMEC investment fund. 
• To support Purdue alumni entrepreneurs, the Inaugural Entrepreneurial Alumni Reunion is added to the fall 2023 calendar. This entrepreneurship-themed event will take place in November, providing a platform for networking, collaboration and talent resources for startups, industry, alumni, investors, students and faculty. By building a community of Purdue entrepreneurs, Purdue Innovates is fostering future Boilermaker successes that will solve the world's greatest challenges. Learn more about the event here: org/entrepreneurial-alumni-reunion
• Purdue Innovates will be promoted and communicated through new-student orientations and events like Boiler Gold Rush and new faculty orientation.

President Mung Chiang and Dr. Brooke Beier stand in front of the Patent Wall in Armstrong Hall during the National Medal of Science and Technology & Patent Wall Unveiling for Purdue College of Engineering in 2019. More than 750 patents by Purdue Engineering faculty were given prominence and recognition for their world-changing inventions. (Purdue University/Dave Mason)

The success of Purdue Innovates is reliant on several key metrics.

• The impact on intellectual property generation and impact can be assessed through metrics like invention disclosures, licensed technologies, filed patents, issued patents and license income.
• For startup creation, metrics include the amount of private capital raised by startups formed by Purdue alumni, students and faculty, the number of successful Series A round companies, and the number of Purdue students hired by early-stage startups as interns or full-time employees.

A unified entrance for each part of Purdue Innovates:

• Intellectual Property Commercialization: Translating ideas into impact begins in the Office of Technology Commercialization, where Purdue innovators can file technology disclosures. Contact