WEST LAFAYETTE, Ind. and INDIANAPOLIS – Purdue University’s impact on lives around the globe may grow even stronger thanks to a new partnership.
An agreement between venture studio and fund Boomerang Ventures, the Purdue Foundry and the Purdue Research Foundation Office of Technology Commercialization will assist in developing Purdue-related health care startups and health care-related intellectual property yet to reach the market.
Purdue Foundry and OTC will provide lists of startups and intellectual property to Boomerang, which will vet the lists to determine which seem most promising to them.
Oscar Moralez, founder and managing partner at Indianapolis-based Boomerang, said the health care venture studio builds companies out of promising ideas by collaborating with founders, universities, health systems and entrepreneurial ecosystems.
“Purdue University stands out in Indiana and the Midwest because of its College of Engineering and the Krannert School of Management. Also, Purdue Foundry and Purdue Research Foundation have been active in life science innovations for years,” Moralez said. “This partnership is a great way to access new technologies and increase the opportunity to bring new health care innovations to life.”
Wade Lange, chief entrepreneurial officer at Purdue Foundry, said commercializing intellectual property so it solves problems in the health care space is a team sport. He said it requires adding Boomerang’s complementary skills, including product development and marketing, to Purdue scientists’ deep technological expertise in health care.
“Boomerang brings an impressive team of highly experienced professionals who are well-steeped in the disciplines of product development, sales, marketing and others to team up with Purdue researchers and bring those big ideas to market,” Lange said.
Audrey Beckman, chief innovation officer at Boomerang, said the firm is excited about the synergistic opportunities that the partnership represents.
“We have already seen strong life science intellectual property coming from Purdue innovators and entrepreneurs,” Beckman said. “Oscar Moralez has long-standing business relationships with leaders at Purdue Foundry and Purdue Research Foundation, leading to him teaching Intro to Entrepreneurship this fall. Boomerang Venture Studio looks forward to continuing to evaluate health care IP originating from Purdue University through this new partnership.”
About Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization hub whose professionals help Purdue innovators create startups. The Purdue Foundry is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. Contact the Purdue Foundry at foundry@prf.org.
About Purdue Research Foundation Office of Technology Commercialization
The Purdue Research Foundation Office of Technology Commercialization operates one of the most comprehensive technology transfer programs among leading research universities in the U.S. Services provided by this office support the economic development initiatives of Purdue University and benefit the university's academic activities through commercializing, licensing and protecting Purdue intellectual property. The office recently moved into the Convergence Center for Innovation and Collaboration in Discovery Park District, adjacent to the Purdue campus. In fiscal year 2020, the office reported 148 deals finalized with 225 technologies signed, 408 disclosures received and 180 issued U.S. patents. The office is managed by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. In 2020, IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Contact otcip@prf.org for more information.
About Boomerang
Boomerang Ventures is on a mission to help solve the most pressing health care challenges facing the world today through our venture fund and studio, ensuring a better quality of life for all. We do that by building, launching and funding new health care and life sciences companies with disruptive technologies and processes aimed at improving patient outcomes and lowering the cost of care.
Writer: Steve Martin, sgmartin@prf.org
Sources: Wade Lange, walange@prf.org
Oscar Moralez, oscar@boomerang.vc
Audrey Beckman, audrey@boomerang.vc