Purdue ranked 3rd nationally in startup creation

IPWatchdog report covering 11-year period of technology transfer activities of nearly 200 universities and research entities lists Purdue University just behind Columbia and MIT

WEST LAFAYETTE, Ind. — A report covering an 11-year period of technology commercialization activities lists Purdue University as third in the U.S. for startup creation. Purdue also is in the top 20 for patents issued compared with legal expenditures and for the most invention disclosure forms when compared with published research.

The report, compiled and reported by the respected IPWatchdog Institute, covers data collected by AUTM over the period of 2008-18. The information is reported annually by members to AUTM, a nonprofit organization that collects technology transfer data, among other things, from more than 800 universities, research centers, hospitals and government organizations around the globe. IPWatchdog excluded the University of Texas System and the University of California System from its study because those schools report startup data that includes the state’s collective results and not individual university results.

“What this means is that Purdue is being extremely efficient in its patent-filing strategy and that when faculty scientists publish peer-reviewed articles, their research is highly likely to be disclosed, patented and become a product to help people,” said Brooke Beier, vice president of the Purdue Research Foundation Office of Technology Commercialization. “As a land-grant university, Purdue’s greatest mission is to improve lives around the world and educate tomorrow’s leaders, and moving innovation to the market is an important part of that mission.”

Beier talks about the technology transfer process at Purdue at this video link.

The IPWatchdog report also recognized Purdue for its leadership and support for startups and for its societal impact through biotechnology innovations and economic development. In 2013, the Purdue Research Foundation created the Purdue Foundry, an entrepreneurship and commercialization hub whose professionals have helped more than 300 entrepreneurs create startups.

“We are doing something that matters. Not just for Purdue but for all universities that strive to turn technologies into products with impact,” said Greg Deason, senior vice president of entrepreneurship and place making for Purdue Research Foundation. “In startup creation we are converting life-changing technologies to the market that create new jobs, new opportunities and new ways to positively impact our global society.”

Deason talks about the startup creation process at Purdue at this video link.

The Purdue Foundry has worked with nearly 300 startups that generated around $400 million in funding and investments generated and more than 350 new jobs since 2013. 

Purdue also is recognized in the report for the number of startups that have been acquired by larger companies. Ten Purdue startups have been acquired by major national or international companies, including Endocyte Inc., which was acquired in 2018 for $2.1 billion by Swiss pharmaceutical giant Novartis AG.

IPWatchdog ranks Purdue University No. 3 in the U.S. for startup creation. Some faculty leaders such as Philip Low, Purdue’s Ralph C. Corley Distinguished Professor of Chemistry, have kicked off multiple startups. He and his son, Stewart Low (on left), founded Novosteo to develop and commercialize a targeted drug combination that, when injected, is shown to expedite bone fracture healing. (Purdue Research Foundation photo). Download image

Philip S. Low, the Purdue Ralph C. Corley Distinguished Professor of Chemistry, is a co-founder of Endocyte and several other promising startups based on Purdue innovations. Among these startups are On Target Laboratories Inc., a company developing tumor-targeted fluorescent dyes to help surgeons “see” cancer cells during surgeries. Endocyte has raised more than $90 million and completed phase 3 clinical trials on its lead candidate in preparation for submission of an NDA to the FDA for drug approval. Another startup founded by Low and son Stewart Low is Novosteo Inc. Novosteo is developing an injectable drug to accelerate bone fracture repair and strengthen weak bones. It has raised more than $3 million. A fourth company co-founded by Low, Umoja Biopharma, has recently raised $8 million in startup funds to develop a promising immunotherapy for cancer.

“Like many researchers at Purdue and elsewhere, our strongest desire is to improve lives, and the best way we can do that is by moving our inventions to the public,” Low said. “It’s not an easy process, but it’s highly rewarding to know at the end of the day you are helping people live longer, healthier and happier lives.”

More than 100 countries around the globe use Purdue-patented technologies.

In other rankings, Purdue was 12th in the world among universities granted U.S. utility patents in 2018, in the annual rankings put out by the National Academy of Inventors and the Intellectual Property Owners Association.

To support continued growth, Purdue is undertaking Discovery Park District, a $1 billion-plus transformation of the west side of its campus that includes strong support to advance research, partnerships with global companies and startup creation. In the past two years, the district has been actively involved with long-term research and development collaborations with Rolls-Royce, Schweitzer Engineering Laboratories and Saab Global Defense and Security. 

About IPWatchdog

Launched in October 1999, IPWatchdog has been a trusted resource on intellectual property for tens of millions of unique visitors for nearly two decades. Recognized as one of the leading sources for news, information, analysis and commentary in the patent and innovation industries, IPWatchdog.com has grown into the largest online intellectual property publication in the world, with 1,632,736 users in 2019, accounting for 2,678,318 sessions and 3,806,192 page views throughout 2019. We also offer growing coverage of matters relating to trade secrets, copyrights and trademarks. 

About AUTM

AUTM’s mission is to support and advance technology transfer worldwide. From its inception in the mid-1970s as the Society of University Patent Administrators (SUPA), AUTM has developed best practices for university technology transfer offices and facilitated relations with industry to ensure that inventions with high commercial potential reach the marketplace for the benefit of people everywhere. Along the way, AUTM’s work on behalf of its members has contributed to improved intellectual property protection and the establishment of a profession dedicated to technology transfer.

About Purdue University

Purdue University is a top public research institution developing practical solutions to today’s toughest challenges. Ranked the No. 6 Most Innovative University in the United States by U.S. News & World Report, Purdue delivers world-changing research and out-of-this-world discovery. Committed to hands-on and online, real-world learning, Purdue offers a transformative education to all. Committed to affordability and accessibility, Purdue has frozen tuition and most fees at 2012-13 levels, enabling more students than ever to graduate debt-free. See how Purdue never stops in the persistent pursuit of the next giant leap at purdue.edu.

About Purdue Research Foundation

The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park, Purdue Technology Centers and University Development Office. In 2020, the IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The foundation received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. For more information on licensing a Purdue innovation, contact the Purdue Office of Technology Commercialization at otcip@prf.org. For more information about involvement and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at foundry@prf.org.

Writer: Cynthia Sequin, casequin@prf.org

Sources: Brooke Beier, blbeier@prf.org

Greg Deason, gwdeason@prf.org

Phil Low, plow@purdue.edu