Elevate Purdue Foundry Fund
Funding Amount
$20,000 (First-Tier Black Awards); up to $60,000+ (Gold/Tier Two level)
Deadline
Deadline not published
Grant Type
Foundation
Deadline history & next window
- Cycle
- Rolling — applications accepted year-round
- Tracked since
- April 2026
From the program guidelines: “Status: Active; accepting submissions on rolling basis”
Can we apply?
Check your organization against each line. Taken from the listing; confirm with the funder's guidelines.
Eligible organizations
- Owned by Purdue students, faculty, or staff
Geography
- AND/OR based on intellectual property patented through the Purdue Research Foundation
Other requirements
- Must be a Purdue Foundry client
- Companies evaluated on
- Strength of market potential
- Operational viability
Overview
Geographic Scope: Indiana (Purdue University-affiliated companies)
Award Amount:
- First-Tier Black Awards: $20,000 each
- Gold/Tier Two level: Additional $60,000+
- Total program: $2 million targeted investment over three years
Focus Areas: Technology-based startups commercializing Purdue innovations across all sectors including:
- Biomedical and life sciences
- High-tech and software
- Agricultural technology
- Healthcare
Eligibility Requirements
- Must be a Purdue Foundry client
- Owned by Purdue students, faculty, or staff
- AND/OR based on intellectual property patented through the Purdue Research Foundation
- Companies evaluated on:
- Strength of market potential
- Operational viability
- Leadership team quality
What Funding Supports
- Market research
- Product development
- Prototype creation
- Commercialization activities
Program History
- Created: 2014
- As of December 2016: $1.06 million awarded to 44 Purdue-affiliated startups
- First round: $720,000 to 36 startups (as of May 2016)
- Second year (November 2016): $160,000 to 8 startups, plus $180,000 to 3 companies reaching Gold level
Contact Information
- Purdue Foundry: foundry@prf.org
- John Hanak, Purdue Ventures Managing Director: jmhanak@prf.org
- Elevate Ventures: elevateventures.com
- Address: 1 Virginia Avenue, Suite 200, Indianapolis, IN 46204
- Phone: 317.975.1901
How to Apply
How to Apply
- Submit application through Purdue Foundry in designated submission windows
- Next submission window: Early 2017 (check with Purdue Foundry for specific dates)
- Required information:
- Demonstrate Purdue Foundry client status
- Show ownership by Purdue students, faculty, or staff
- Provide documentation of Purdue Research Foundation patent/IP
- Submit information on market potential
- Describe operational viability
- Detail leadership team credentials
Funding Format
- Investment Structure: Nonrecourse convertible promissory note
- Finalization: Directly with Elevate Ventures
Contact for More Information
- Entrepreneur-in-Residence at Purdue Foundry (on-site support available)
- John Hanak, Purdue Ventures Managing Director: jmhanak@prf.org
- Purdue Foundry: foundry@prf.org
What Elevate Ventures Inc actually gave
Source: IRS Form 990, 2024
- Grants in 2024
- 8
- Total given
- $898K
- Median grant
- $58K
- Range
- $8,000–$330K
- By dollars: Indiana 89%, Michigan 7%, Kentucky 3%. Top recipient cities: Evansville, IN; West Lafayette, IN; Fort Wayne, IN.
- 0% of grants with a stated purpose were for general or operating support.
Example grants
Northeast Indiana Regional Partnership Inc · Fort Wayne, IN
Direct Regional Grants
$330K
Circular · Evansville, IN
Direct Regional Grants
$248K
Rose-Hulman Institute of Technology · Terre Haute, IN
Innovation Voucher
$145K
Indiana University Research · Detroit, MI
Innovation Voucher
$66K
Amplified Sciences Inc · West Lafayette, IN
Sbir/sttr
$50K
Focus Areas & Funding Uses
Fields of Work
- Startups
- Science research
- Technology
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