Purdue Portals (click here for flyer) is designed to accelerate new business growth by creating vital links between product research and commercial application. The program provides tangible assistance that can significantly reduce the entrepreneur’s time, effort and resources needed to commercialize their product, service or process. Principal areas of assistance include business plan development, seasoned counsel, test marketing, financial and technical input and direction from market-specific mentors.
The Purdue Research Foundation established the Purdue Technology Centers in Indiana to create an environment in which private business and industry could interact with Purdue University for mutual benefit. The Technology Centers provide an opportunity for developing technology-based companies to participate in a stimulating work environment designed to assist new and emerging businesses.
Purdue Portals recognizes the need to
- Leverage a proven model for the commercial “launching” of new firms with innovative products, processes and services.
- Establish sound business plans and financing strategies for emerging high-tech firms.
- Implement a system to assist technologists, entrepreneurs and Purdue University researchers in the commercialization of intellectual property.
Stage Gate Methodology
Purdue Portals utilizes a “stage-gate” methodology to identify, evaluate and assist commercial business opportunities. The program employs seven development features critically important to the commercial development process, including:
- Establishing a clear pathway of development structured to employ three phases of review and assistance.
- Forming an Evaluation Team to evaluate and guide the development process.
- Strategically selecting a Mentor and Advisory Board representing special technical market knowledge and access.
- Accelerating the business development timetable.
- Placing the products and services into an initial “trial-sell” in the market place.
- Developing financing strategies that address early stage gap financing resources, attraction of angel investors and identification of sustainable financial resources.
- Assisting with the formation of a management team.gateways picture
These seven features, when combined, form the type of matrix that’s necessary to launch today’s new products and services successfully. Purdue Portals strives to maintain a “full court press” in working with prospective entrepreneurs. In accelerating the development of technology-based businesses, the program functions as a “hands-on” strategic advisor, helping negotiate, implement and manage all phases of the acceleration process. For more information about the program, contact John Hanak, Statewide Director of the Purdue Technology Centers, Purdue Research Park.