Purdue startups achieve successes as they ‘double down’

VinSense is among the 14 Purdue University-affiliated startups to find success through Purdue Foundry’s Double Down Experiment. (Image provided) Download image

WEST LAFAYETTE, Ind. – From doubled conversion rates to significantly increased margins, 14 Purdue University-affiliated startups have found success through a new program with the Purdue Foundry.

Started in 2019, the Double Down Experiment (DDX) is designed to help startups identify and overcome the challenges of launching a high-growth business. DDX just graduated its first two cohorts.

Some of the DDX successes from the latest cohort include:

• A SaaS startup doubling its freemium-to-subscription conversion rate.
• An agriculture company increasing its profit margins by 9%.
• A medical device company launching an outbound sales strategy that has led to a 36% prospect-to-lead conversion rate.

DDX focuses on experimentation, iteration and constant learning so founding teams are ready for next stage growth. Founders attend monthly meetups with industry experts and their peers to help accelerate growth and identify new opportunities. Each founder receives custom consulting projects.

DDX is among the startup-focused programs offered by Purdue Foundry, an entrepreneurship and commercialization hub whose professionals help Purdue innovators create and grow startups.

“We are incredibly proud to see the growth of the DDX startups,” said Wade Lange, vice president and chief entrepreneurial officer of the Purdue Research Foundation. “The Purdue Foundry has worked with these entrepreneurs to overcome challenges and experience high growth opportunities.”

Elevate Ventures, a venture capital company based in Indianapolis, sponsored the DDX program through a higher education grant. This sponsorship supports consulting services for each DDX company.

The Purdue Foundry held a virtual Fall Showcase on Oct. 8 to feature startups that were part of DDX. One of the startups, VinSense, received the Audience Choice Award during the showcase.

VinSense focuses on wine grape agriculture through Purdue-patented technology. The startup offers an innovative SaaS platform for agriculture crop production. It is actively fundraising and during DDX, focused on improving its lead generation and sales outreach process.

“We are proud of VinSense’s progress over the last year and excited to present them with the Audience Choice Award, a testament to the team’s momentum,” said Angela Goldenstein, director of growth for Purdue Foundry. “We look forward to more great things to come.”

About Purdue Foundry

The Purdue Foundry is an entrepreneurship and commercialization hub whose professionals help Purdue innovators create and grow startups. The Purdue Foundry is housed in the Convergence Center for Innovation and Collaboration in Discovery Park District, adjacent to the Purdue campus. The Purdue Foundry has been involved with creating more than 300 companies. The Purdue Foundry 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. For more information about involvement and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at foundry@prf.org.

About Purdue University

Purdue University is a top public research institution developing practical solutions to today’s toughest challenges. Ranked the No. 5 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.

Writer: Chris Adam, cladam@prf.org 
Sources: Wade Lange, walange@prf.org

Angela Goldenstein, amgoldenstein@prf.org