From the President
The commercialization and delivery of discovery to the marketplace is a cornerstone of Purdue’s entrepreneurial enterprise. Couple this with our tremendous strengths in the science, technology, engineering and math (STEM) fields and we can be a powerhouse for innovation with the potential to change the world in ways we might not yet imagine.
Earlier this year, we took steps — based on input from internal and external partners — to overhaul Purdue’s entrepreneurial and commercialization efforts. We began by consolidating our fragmented efforts in the Purdue Research Foundation and naming PRF’s president the first-ever chief entrepreneurial officer.
We took unprecedented steps to support the University’s many student innovators by granting them — for the first time — intellectual property rights over their inventions. Another policy change will return to faculty inventors the rights to pursue patent protection if the University decides not to do so.
Essentially, we’ve created an entirely new eco-system, one conducive to and encouraging of invention and entrepreneurism. We have moved quickly to establish smoother pathways for our researchers with faster assessment of their discoveries, express startup licenses, zero-fee small business grants and free mentoring.
No level of encouragement and support will be useful, however, without the proper infrastructure to support it. To this end, we created the Purdue Foundry, an entrepreneurship and commercialization hub in the Burton D. Morgan Center for Entrepreneurship. The Foundry will support the longstanding activities already happening and increase rising demand from Purdue innovators with an interest in forming startups and licensing discoveries. We are also welcoming the formation of the Anvil, a nonprofit entity created by students that will provide flexible workspace for entrepreneurial groups.
Making the most of these resources, and having the practical knowledge, aptitude and determination to make technology transfer happen on a large and powerful scale takes a unique set of skills. This “business of STEM” is where Krannert graduates come in.
According to the U.S. Bureau of Labor Statistics, in the next five years, STEM jobs are projected to grow twice as quickly as those in other fields, and jobs requiring some degree of technical skill will account for 80 percent of the jobs on the market in the next decade. Purdue is fortunate to have a premier, globally recognized business school in our midst that integrates the STEM disciplines into a complete business education for tomorrow’s leaders.
Krannert’s ability to lead the field in commercializing STEM advancements will play a key role in Purdue’s success as an entrepreneurial hub. These pursuits have never been easier, more supported or more encouraged. We are poised to reach new levels of excellence in teaching, research and innovation of ideas around entrepreneurship. All of us on campus welcome Krannert’s significant contributions, and are eager to see what comes next.