Purdue’s entrepreneurial ecosystem undergoes record-breaking growth in 2024

WEST LAFAYETTE, Ind. — Since the creation of Purdue Innovates in 2023, the comprehensive system has worked to streamline access and strengthen support to technology commercialization and startup support resources. The push to provide top-tier resources for entrepreneurial activities in Indiana is paying off.

In fiscal year 2024 Purdue once again reached new entrepreneurial milestones, shattering records set just last year, according to a summary report presented to the university’s Board of Trustees by President Mung Chiang.

“The excellence at scale of Purdue inventions is yet again reflected in the metrics I shared for fiscal year 2024,” Chiang said. “Boilermakers continue to translate fundamental research breakthroughs to societal impact, changing the world with their innovations. Supported by Purdue Innovates, I expect the support for Boilermaker inventors and entrepreneurs in years to come will intensify — and records will continue to be broken.”

Under the banner of Purdue Innovates, the Office of Technology Commercialization (OTC) operates one of the most comprehensive and active technology transfer programs among leading research universities in the United States. Among the most notable statistics, OTC reported the following in fiscal 2024:

• Intellectual property disclosures surged nearly 17% to 466 from 400.
• Patents issued for Boilermaker innovations increased by 11% to 290.
• Patent licenses skyrocketed by 49% to 224.

By turning knowledge into impact at scale, Purdue University researchers ranked No. 4 among all U.S. universities and No. 5 among all international universities in U.S. patents received in 2023. Its 201 patents for the calendar year ranked first both in Indiana and the Big Ten Conference. Purdue has ranked in the top five in the U.S. for three years running.

Purdue Innovates’ entrepreneurial ecosystem also helped establish 16 companies based on Purdue research, which includes companies like Aerovy, an advanced air mobility software provider that completed an $800,000 pre-seed funding round, and Emboa Medical, which won first place and $10,000 in the Purdue Innovates Incubator New Venture Challenge for developing a novel blood clot extraction device to improve patient outcomes after strokes.

For more on Purdue’s historic fiscal year of awards, fundraising, enrollment and beyond, see the full story.

About Purdue University

Purdue University is a public research institution demonstrating excellence at scale. Ranked among top 10 public universities and with two colleges in the top four in the United States, Purdue discovers and disseminates knowledge with a quality and at a scale second to none. More than 105,000 students study at Purdue across modalities and locations, including nearly 50,000 in person on the West Lafayette campus. Committed to affordability and accessibility, Purdue’s main campus has frozen tuition 13 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap — including its first comprehensive urban campus in Indianapolis, the Mitch Daniels School of Business, Purdue Computes and the One Health initiative — at https://www.purdue.edu/president/strategic-initiatives.

About Purdue Innovates Office of Technology Commercialization

The Purdue Innovates Office of Technology Commercialization operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university’s academic activities through commercializing, licensing and protecting Purdue intellectual property. In fiscal year 2024, the office reported 145 deals finalized with 224 technologies signed, 466 invention disclosures received and 290 U.S. and international patents received. The office is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. In 2020, IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Contact otcip@prf.org for more information.