Purdue Vice President for Research Richard Buckius says the university has doubled its annual research expenditures to $600 million since 2006-07.
He says grants for research and development dropped 4% between the previous two academic years, primarily because of the loss of federal stimulus money. But Buckius says the success of research at a university isn’t solely based on the amount of money it brings in.
He acknowledges getting Purdue inventions to the marketplace is a key component of the ten-year plan to generate new sources of revenue. Buckius says that money is intended to help minimize tuition increases.
The head of the Purdue Research Foundation says the university ranks 6th among higher education institutions for the number of business start-ups last year.
Joe Hornett says bringing Purdue discoveries to the marketplace is an important step in generating more revenue. He says the right product could bring in millions of dollars.
He says the university’s four research parks are key in this effort. Hornett says the network has an annual economic impact on Indiana of roughly $1.3 billion; employs more than 4,000 people; and is a top 20 private employer in the state.
He says another important factor is the new Innovation and Commercialization Center designed to help Purdue faculty and staff inventors move their discoveries to the marketplace even more quickly.