Purdue’s commercialisation unit witnessed the equivalent of almost one invention per day during the 2018-2019 fiscal year, spawning 48 new business of which 17 were based on the university’s research.

Purdue University’s commercialisation arm, Purdue Research Foundation, processed a record 360 invention disclosures during the 2018-2019 fiscal year, up from 302 in 2017-2018.

The number of technologies licensed through PRF’s Office of Technology Commercialization climbed to 231 from 215 in 2018, while licensing and option agreements also rose year-over-year to 136 and 126.

Purdue University formed 48 new businesses during the period, 17 of which were spinouts based on university patents, compared with 45 businesses and 25 spinouts launched last year.

The Purdue commercialisation operation has now spawned more than 250 businesses since the beginning of 2013-2014 which have collectively lured more than $350m in funding and created nearly 350 new jobs.

Much of the innovation has clustered around the health, artificial intelligence, sustainability and space segments, the university said.

Services in the university’s entrepreneurial ecosystem include accelerator Purdue Foundry, which operates the Elevate Purdue Foundry university venture fund alongside VC firm Elevate Ventures.

Entrepreneurs can also avail of assistance through the Office of Technology Commercialization and access Purdue student-run startup hub The Anvil.

Scott Henderson, vice-president and chief entrepreneurial officer of Purdue Foundry, said: “Creating new companies requires a solid team effort, and we are fortunate to have a strong entrepreneurial community to support these teams.

“What is most exciting about the past year is how our collective success has come from many different sources, including undergraduates, researchers and the Greater Lafayette community.”