Center to move Purdue discoveries to market

WEST LAFAYETTE, Ind. — Purdue University says it’s starting a new center to move research discoveries to the marketplace more quickly, providing revenue expected to reduce the college’s dependence on state funding and tuition increases.

Purdue President France Cordova announced the founding of the Innovation and Commercialization Center Tuesday.

She says Purdue does almost $600 million a year in research and owns almost all the intellectual property that research generates.

The center will offer faculty and staff inventors seed grants and other funding for testing concepts, developing prototypes or participating in joint projects with outside partners. First-year activities will be supported by $1 million donated by alumni. Purdue trustees chairman Keith Krach says the center will attract investors and venture capitalists.

Officials say the center also will help spur economic development in Indiana.