Application Development Case Study: Emerging Innovations Fund - Purdue University
Online Fund Application and Talent Database Solution
Company Overview
In 2008, Purdue Research Foundation introduced the Emerging Innovations Fund, an integrated approach to research innovation, development and commercialization. A partnership between the Purdue Research Foundation and Discovery Park at Purdue University, the Emerging Innovations Fund is a unique, self-sustaining, initiative that brings together money, people, and ideas to accelerate the commercialization of early-stage technologies in the Purdue community.
Challenge
At Purdue, innovation defines the University’s approach to the creation and commercialization of new technology, an approach that would ultimately redefine how American universities conduct their research enterprises, and in the long run, make them even more powerful sources of innovation than they are today. Stormfront Productions stepped in and was ready to deliver an application to fit the bill.
Strategy
With the establishment of the Emerging Innovations Fund and company formation efforts, Purdue wanted to create a new national model for academic entrepreneurship. It would designed to bridge the gap between research labs, Wall Street and Main Street by providing entrepreneurial faculty, staff, students and Purdue Research Park startup companies with infusions of practical business knowledge, early stage and seed funding, and management support and guidance at critical junctures in a new technology’s life cycle. The intent would be to fast track the development of Purdue-related technologies and increase the number of commercial successes.
Results
As with most things in life, timing is everything. The Emerging Innovations Fund was designed to bridge the gap between the lab and the marketplace by infusing funds and management expertise at critical junctures. The online web application helps Purdue entrepreneurs develop prototypes, assess patentability issues, ensure solid business plans, and improve the probability of attracting the next level of funding for nascent companies based on Purdue technologies. The ultimate goal of the software is to help the Emerging Innovations Fund create “investor ready” companies, thus improving the probability of attracting additional funding and market interest.
Solutions
If you are looking to streamline your business processes, contact us today for a free quote. We specialize in creating custom web-based software to help your business run more efficiently. A custom-built solutions can be designed for your needs or we can integrate one of many third party options into your current online media.
