Qualified Purdue-affiliated startups have two more resources to advance their companies through a three-year, $2 million fund as well as the addition of two new entrepreneurs-in-residence through a collaboration among the Purdue Foundry, Elevate Ventures and the Indiana Economic Development Corporation.
"There are three critical assets a startup needs to be successful: a viable product, strong leadership and funding," said Kip Tom, member of the Elevate Ventures Board of Directors. "The funding for the Elevate Purdue Foundry Fund and the entrepreneurs-in-residence will give an added boost to help the entrepreneurs translate technologies into innovative and growing companies."
The Elevate Purdue Foundry Fund will be operated jointly by the Purdue Foundry and Elevate Ventures.
"Two levels of funding are available to support startups that have licensed Purdue University intellectual property or that will leverage other Purdue assets such as research collaborations," said Greg Deason, executive vice president of the Purdue Foundry. "Like the Foundry Investment Fund established earlier this year through an agreement between Cook Medical Group and Purdue Research Foundation, this fund, along with the addition of entrepreneurs-in-residence, will further expedite the translation of life-changing intellectual property to the commercial sectors."
Specifics about the Elevate Purdue Foundry Fund include:
- Two tiers of funding: the "Black Award," a $20,000 convertible nonrecourse note, and the "Gold Award," for up to an additional $80,000 debt or equity.
- In addition to an affiliation with Purdue, qualifying startups must be a Purdue Foundry client and have gone through the startup process.
- It is anticipated six to eight companies will receive a Gold Award annually.
- A six-person investment committee comprising equal members from Elevate Ventures and Purdue Foundry will determine awardees and funding amounts.
Startups can apply for the Black Award in October, March and July. Startups that have received the Black Award become eligible to submit for a Gold Award after they have completed the Black Award milestones as determined by any of the entrepreneurs-in-residence in the Purdue Foundry, which is located in Discovery Park's Burton D. Morgan Center for Entrepreneurship.
The first application period for the Black Award will conclude on Nov. 15, 2014. To apply, visit http://www.elevateventures.com/apply/epff.
For more information, entrepreneurs can contact an entrepreneur-in-residence at the Purdue Foundry or John Hanak, Purdue Foundry venture funding relations officer, at 317-616-1860, email@example.com.