Elevate Purdue Foundry Fund
Funding Amount
$20,000 (First-Tier Black Awards); up to $60,000+ (Gold/Tier Two level)
Deadline
Rolling / Open
Grant Type
foundation
Overview
Elevate Purdue Foundry Fund
Funder: Elevate Ventures and Purdue Foundry (joint operation)
Geographic Scope: Indiana (Purdue University-affiliated companies)
Status: Active; accepting submissions on rolling basis
Award Amount:
Focus Areas: Technology-based startups commercializing Purdue innovations across all sectors including:
- 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
Eligibility Requirements
- Market research
- Product development
- Prototype creation
- Commercialization activities
What Funding Supports
- 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
Program History
- 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
Contact Information
How to Apply
How to Apply
1. Submit application through Purdue Foundry in designated submission windows
2. Next submission window: Early 2017 (check with Purdue Foundry for specific dates)
3. 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
- Investment Structure: Nonrecourse convertible promissory note
- Finalization: Directly with Elevate Ventures
Funding Format
- Entrepreneur-in-Residence at Purdue Foundry (on-site support available)
- John Hanak, Purdue Ventures Managing Director: jmhanak@prf.org
- Purdue Foundry: foundry@prf.org
Contact for More Information
Focus Areas & Funding Uses
Fields of Work
Categories
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