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Purdue Announces Record-Breaking Year in Commercialization Activities

Purdue University had record-breaking numbers in commercialization activities highlighted by 24 startups based on Purdue intellectual property, Purdue Research Foundation officials announced.

The growth is reflected in other increases through Purdue's Office of Technology Commercialization including 146 U.S. and global issued patents and 120 licensing deals with startups and established companies.

"As Indiana's land-grant university, one of Purdue's most important missions is to move its innovations to the public where they can improve lives, drive Indiana's economy and create jobs for Hoosiers," said Purdue University President Mitch Daniels. "Purdue faculty, staff and students are some of the most creative and hardworking individuals in the world. Over the past 18 months we made several policy changes to create a climate of entrepreneurship and deliberate innovation."

This was most recently acknowledged by the awarding to Purdue of the 2014 Incubator Network of the Year, the highest distinction offered by the National Business Incubation Association.

Pu Wang, a doctoral student in biomedical engineering, was new to the entrepreneurial arena when he helped found and became chief technology officer for Vibronix Inc., one of Purdue's 2014 startups.

"Two years ago I was on a career path to be a tenured faculty member and didn't even think about pursuing something different," he said. "Then I started hearing about the entrepreneurial opportunities at Purdue. At that time, I was researching a technology that provides advanced imaging that could predict the risk of a heart attack with more precision than other devices currently on the market.

"I started thinking about licensing and commercializing this technology, so I talked with the Purdue Foundry folks. It changed my future. My advisor and I were their first clients, and the assistance we received helped us create Vibronix."

For a complete list of all Purdue 2014 startups, visit http://otc-prf.org/startups

Recent initiatives to strengthen the Purdue entrepreneurial ecosystem include:

Purdue Foundry, a business incubator to help Purdue faculty, staff and students create startups.

* Student-managed Anvil, a business incubator to support student-generated startups.

Discovery Park Partners, a business facility for industry and Purdue research partnerships.

* Change in intellectual property policy so Purdue student inventors own their innovations.

Express license to expedite the technology transfer process.

SBIR option to give faculty and staff the ability to option intellectual property that received support from an SBIR/STTR grant.

* $12 million Foundry Investment Fund to support life sciences startups originating from Purdue innovations.

Purdue Certificate in Entrepreneurship and Innovation in Discovery Park geared for undergraduate students who are interested in entrepreneurship.

* Product prototyping lab.

Innovation and entrepreneurship landing page to drive innovators to the right entrepreneurial resources online.

Purdue Innovator Startup Guide, an online and print publication to provide intellectual property protection guidance, startup advice and other resources.

Deliberate Innovation for Faculty program that provides mentoring from successful Purdue faculty entrepreneurs.

Silicon Valley Boilermaker Innovation Group that leverages Silicon Valley Purdue alumni to provide mentoring for Purdue's new ventures.

"It's been a great year for commercialization and Purdue innovation, and we expect 2015 to replicate or surpass last year's growth," said Dan Hasler, president and chief entrepreneurial officer of the Purdue Research Foundation. "These enterprises can only be successful through the continued involvement of the Purdue innovators and leaders, our alumni, the surrounding community, and state."

For information about investing in a Purdue startup or licensing a Purdue innovation, visit PurdueFoundry.com

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