The Emerging Innovations Fund
Money. People. Ideas.
In 2008, the Purdue Research Foundation introduced the Emerging Innovations Fund, an integrated approach to research innovation, development and commercialization. A partnership between the Purdue Research Foundation and the Burton D. Morgan Center for Entrepreneurship, the Emerging Innovations Fund is an initiative that brings together ideas, management and money accelerate the commercialization of early-stage technologies in the Purdue community.
New ventures formed by Purdue faculty, staff and students that are based on Purdue discoveries and Purdue Research Park companies are eligible to apply for development funding in amounts from $20,000 to $150,000.
Facts about the Emerging Innovations Fund:
- Purdue Research Foundation administers the EIF.
- The EIF is designed to bridge the gap between the enterprise formation and third-party equity financing.
- Investments are made on a competitive basis under advisement of the Economic Advisory Board.
- Funding can be used to develop prototypes, perform critical commercially-relevant development, and improve the probability of attracting the next level of funding.
- The funding is structured as convertible debt.
- EIF is sustained through charitable donations and earnings on investments.
Applying for the Fund
The Emerging Innovations Fund is designed specifically to support new business ventures of Purdue faculty, staff, students and early stage Purdue Research Park companies. The Emerging Innovations Fund makes seed investments and early-stage loans in the form of debt and/or warrants.
The fund is competitive, which means awards must be applied for and selections are made based on the investment opportunity. Once a project is reviewed and recommended for investment, investment(s) may be tranched in accordance with certain milestone events. Assistance with the application is provided through the PRF Office of Technology Commercialization.
Applications may be submitted in MS-word or PDF format to jdgortat@prf.org until September 4, 2011.
Due diligence will occur September 4 through December 15, 2011. You may be contacted for additional information in this review window.
The Economic Advisory Board will meet and determine awards December 2011.
At a minimum applications must contain all of the following:
- Full business plan complete with a proposed exit and financial plan
- Executive Summary
- Optional: Company presentation
- Optional: Additional documents
- Company contact info
- Management Team Names and titles
- Previous Investors
- IP status
- # of employees
- Capital Seeking (must be less than or equal to $100000)
- Planned use of the requested investment, include specific product development events to be accomplished.
- In 250 words or less, describe each of the following:
- One Line Pitch.
- Summarize your business.
- What specifically makes your management team most qualified to build this business?
- Define customer problem.
- Describe the solution you sell.
- Define your market.
- List your current or potential customers.
- Sales and marketing strategy.
- Describe your business model
- Describe the competitive landscape and list your competitors.
- Define your competitive advantage and list barriers to entry.
Please direct all questions to:
Jonathan D. Gortat
Purdue Research Foundation
Office of Technology Commercialization
Kurz Technology Center
1281 Win Hentschel Blvd
West Lafayette, IN 47906
Phone: 765-588-3485
Fax: 765-463-3486
Email: jdgortat@prf.org
