Innovation Fund Boosts Commercialization of Purdue Technologies
News Jan 31, 2013
The Purdue Research Foundation-managed Trask Innovation Fund is a technology development program to assist faculty who have disclosed a discovery to the Purdue Office of Technology Commercialization.
"The Trask Innovation Fund provides critical financial support to Purdue researchers who have patented a technology but need to develop a prototype or finalize research data that supports the discovery’s move to the public," said Joseph B. Hornett, senior vice president, treasurer and COO of the Purdue Research Foundation.
The 10-member Trask Innovation Advisory Council is composed of external business executives and representatives from the Purdue Research Foundation, Purdue University Office of the Vice President for Research and Purdue faculty researchers.
"The process is competitive and the recipients must demonstrate how the discovery will meet a public need, how soon the technology can be commercialized, and how the Trask funds will help the researcher advance its development," said Richard O. Buckius, Purdue's vice president for research and co-director of the Trask Advisory Council.
Project managers from the Purdue Office of Technology Commercialization collaborate with Purdue researchers to move their discoveries through the patent and commercialization process.
"One of our primary goals is to encourage and support the development of new products that have commercial potential," said Elizabeth Hart-Wells, assistant vice president of the Purdue Office of Technology Commercialization and co-director of the Trask Advisory Council. "Each of our project managers is specialized in a specific discipline, and they work directly with researchers to protect Purdue’s intellectual property, and to translate and ultimately license a new technology to appropriate industry partners."