WEST LAFAYETTE — Up to 10 teams of entrepreneurs will develop relationships with industry mentors and receive business-building guidance, and could earn up to $30,000 apiece through a new Purdue Foundry program called Boost. The program runs Oct. 29 through Feb. 24, 2022.
Teams will participate in 10 weeks of programming, including consultations with entrepreneurs-in-residence, mentors and industry professionals. Teams have until Oct. 18 at 11:59 p.m. to apply.
Teams will be competitively selected; they must have proven that their solution addresses market needs, and that they are on the cusp of launching a business or product. Upon acceptance into Boost, each team will receive a $5,000 non-dilutive grant.
Bill Arnold, managing director of the Purdue Foundry, said Boost will help entrepreneurs avoid pitfalls that affect many early-stage startups’ ability to gain traction in their market.
“Each team will design and iterate on growth-hacking experiments that prepare them for pre-seed or seed-stage funding,” Arnold said. “Participants will test their business model, develop a customer acquisition strategy, create a repeatable sales model, develop or refine unit economics and financials, design a defensible IP strategy, strategize on building a winning team and develop equity strategy.”
Boost will conclude with business pitches to a panel of early-stage venture capitalists and angel investors. If two panelists decide a team is worthy of investment, Purdue Foundry will invest $25,000 in that business.
Arnold said investing as much as $250,000 in up to 10 entrepreneurial teams, along with $50,000 in non-dilutive grants, highlights the Purdue Foundry’s dedication to developing Purdue University’s entrepreneurial ecosystem.
“Supporting entrepreneurs and their business ventures through these investments can lead to more successful, sustainable businesses. It’s difficult to get started on the path to a scalable company that makes a difference in the world. We are hoping that Boost will make it easier for these companies to make an impact,” Arnold said.