Purdue selected for new fund to commercialize university intellectual property, grow rural communities

WEST LAFAYETTE, Ind. – Purdue University has been hand-picked by Big Idea Ventures LLC, a global leader in early-stage food technology and alternative protein investment, for a new fund to commercialize university intellectual property.

The new Generation Food Rural Partners (GFRP) fund is a $125 million target fund that will fuel economic development in rural communities across the United States through the commercialization of food and agricultural technologies, protein innovation and other university intellectual property.

“We are proud to join a select group of universities for this new opportunity focused on commercialization, higher education and rural economies,” said Wade Lange, vice president and chief entrepreneurial officer of the Purdue Research Foundation. “Purdue has a strong network of innovators focused on technologies to provide food and agricultural solutions.”

The new fund is designed to capture universities’ breakthrough technologies that will impact the global food supply chain.

“Indiana’s agbioscience economy generates more than $52 billion in revenue with more than half of that coming from value-added food and nutrition,” said Mitch Frazier, president and chief executive officer of AgriNovus Indiana. “Indiana’s strengths across agbioscience, technology, manufacturing and logistics provide a powerful platform for post-pandemic food supply chain innovation and growth.”

About Purdue Research Foundation

Purdue Research Foundation supports Purdue University’s land-grant mission by helping the university improve the world through its technologies and graduates. Established in 1930, PRF is a private, nonprofit foundation. The foundation helps patent and commercialize Purdue technologies; builds places to encourage innovation, invention, investment, commercialization and entrepreneurship; and makes equity available to students to finance their Purdue education. For more information on licensing a Purdue innovation, contact the 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.

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

Media contact: Kelly Nicholl, khnicholl@prf.org

Source: Wade Lange, walange@prf.org