Purdue amplifies startup support

Purdue University is boosting its role as a support system for local startups.

The university announced on Wednesday a new collaboration with an outside firm to identify Purdue technologies and startups that could benefit from funding, mentoring and networking, and business competition activities.

The partnership between Purdue Foundry — which fosters business or product ideas by students, faculty and local alumni — and M25 Group , a Chicago-based venture capital firm, aims to increase funding for startups and move more Purdue innovations into the public, said Greg Deason, director of innovation and entrepreneurship for Purdue Research Foundation, in a press release.

In the past two years, 49 startups originated from Purdue-patented intellectual property, according to the university.

The Elevate Purdue Foundry Fund also invested $100,000 in five university-affiliated startups earlier this week.

Applicants for the First-Tier Black Award had to be a Purdue Foundry client, owned by Purdue students, faculty or staff, or their idea had be based off intellectual property patented through Purdue Research Foundation.

In the two years since it was created, the Elevate Purdue Foundry Fund has invested $720,000 in 36 startups through the Black Award. The fund also has put $180,000 into three other companies, according to a press release.

The five winners receive $20,000 each, which can help them establish their businesses and positions them in good places to potentially receive more funding from other investors, said John Hanak, Purdue Ventures managing director.

"It suddenly becomes real world when you have people invest in you," he said.

The investment also can be a reassurance for a business that it's on the right track to becoming successful.

"Obviously, the money is always nice, but the fact that professionals and investors have looked at our idea and considered us worthy of their support is the main thing we’re excited about," said Robert Bott, CEO of Paperclip Fitness, one of the startups that received funding.

Paperclip Fitness aims to help recreational facility owners and staff members to better engage with their customers through mobile and web-based apps.

Bott received his master's degree from the Purdue Polytechnic Institute last spring. He conceived the idea for the business more than a year ago while still in school. He then approached fellow Purdue Poytechnic graduate student Corey Seliger and then-undergraduate marketing student Joe Fleagle to help get it started.

Purdue has been supportive not just financially, but also through classes it offers for startups and by encouraging entrepreneurs, Bott said.

"The Purdue ecosystem is already great, but they’re trying to make it even better," he said. "We wouldn’t be here where we are today without Purdue."