WEST LAFAYETTE – Purdue University inventors can receive up to $50,000 from the Trask Innovation Fund to further develop their innovations. The fund supports short-term projects that enhance the commercial value of Purdue intellectual property. Inventors have until Feb. 18 to apply.
Purdue faculty, staff, and researchers at all campuses who have submitted a disclosure to Purdue Research Foundation Office of Technology Commercialization are eligible. They must work with their business office to submit the proposal and are encouraged to speak with OTC business development managers for guidance. Eligibility and submission guidelines are online.
Proposals will be reviewed by OTC based on the significance of the invention, stage of development, commercialization potential, a path to commercialization, intellectual property landscape, and the applicant’s commitment to commercialization. Since spring 2018, 33 projects have received more than $1.2 million in funding.
There are three Trask Innovation Fund tracks:
Innovation Sparks for Life Science and Medical Devices. Eligible innovations are life sciences and medical devices applications including, but not limited to therapeutics, drug discovery and development, diagnostics, and agriculture. The technology must not be under any option or license.
Innovation Sparks for Physical Sciences. Eligible innovations are engineering, chemistry, computer sciences applications, and other fields outside of life sciences. The technology must not be under any option or license.
Commercialization Partner Spark. Technologies in any domain are eligible if OTC has signed an option agreement with a potential licensee or the applicant is engaged with PRF to establish a commercialization partnership and will sign an option for the technology before receiving Trask funding.
Abhijit Karve, director of business development at OTC, explained how the Trask Innovation Fund complements activity done by OTC personnel.
“The fund supports the step to move innovative work from concept or even a first prototype to a more mature, proven innovation,” Karve said. “That step strengthens OTC’s ability to apply for intellectual property protection, market and even license innovations so they can reach the public to improve people’s lives.”
About Purdue Research Foundation Office of Technology Commercialization
The Purdue Research Foundation Office of Technology Commercializationv operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university’s academic activities through commercializing, licensing, and protecting Purdue intellectual property. The office is housed in the Convergence Center for Innovation and Collaboration in Discovery Park District at Purdue, adjacent to the Purdue campus. In the fiscal year 2021, the office reported 159 deals finalized with 236 technologies signed, 394 disclosures received and 187 issued U.S. patents. The office is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. In 2020, IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Contact firstname.lastname@example.org for more information.
Information Alicia South-Hurt
Purdue Research Foundation contact: Steve Martin, email@example.com
Source: Abhijit Karve, firstname.lastname@example.org