How do researchers turn laboratory discoveries into intellectual property? That's a question the Office of Research is trying to help faculty members on the cutting edge of discovery answer.
Our Office of Research works hand in hand with the Office of Technology Commercialization - a division of Purdue Research Foundation that helps to protect, market and license Purdue's commercially viable technologies. To date, more than 40 Purdue faculty-entrepreneurs have engaged in the process of starting companies based on their work. OTC has helped to license other inventions to appropriate industry partners.
Our faculty's research continues to contribute to regional and national economic development. During the last five years, the number of invention disclosures and provisional patents submitted by the college's faculty has more than doubled from 80 in 2001 to almost 180 in 2005. At the same time, the number of issued patents has increased from 21 in 2001 to 40 in 2005. Likewise, the royalty income from intellectual property has increased from $1.8 million to $3 million in the last five years.
The Guidant Foundation and the C. R. Bard Foundation, both dedicated to improving the future of healthcare, have provided generous financial support to Purdue's innovative Biomedship graduate program. For this program, the Krannert School of Management and the Weldon School of Biomedical Engineering (BME) have teamed with the Indiana University School of Medicine to train the next generation of leaders in biomedical innovation and management. The program began in January 2006 to provide students with a solid entrepreneurial foundation within the medical device industry. Upon completing the program, students will be positioned to not only help advance existing medical companies, but also work in or create new firms.