Terms of Award

  • All project aims and budget funds must be completed/expended within six (6) months from the date of award. No extensions of time will be granted, unless extraordinary circumstances can be demonstrated, which must be described in detail in a written request to OTC as soon as timely completion of the project is in question, but no later than 30 days prior to the end of the project term.
  • Three (3) months into the project, award recipients must meet with the assigned Business Development Manager to provide a status on the project. Insufficient progress on a project at this meeting can result in early termination of the Trask Innovation Fund award, and return of the Fund monies.
  • Progress report(s) must be submitted to OTC within 30 days of the end of the award period, or an approved extended term if applicable. At the end of the project term, all remaining funds will be refunded to the Trask Innovation Fund.
  • Award recipients may re-apply in subsequent rounds, up to a maximum of three (3) times, for support of the same technology (e.g., as a second phase, for example), not to exceed an aggregate cap of $100,000 per technology.
    • In order to be eligible for any subsequent request for applications, the final progress report of the previous award(s) on the same technology must have been timely submitted to the OTC.
    • Applications that are directed to a technology that was previously funded will be subject to the full review process and considered in the same pool as first-time Trask Innovation Fund award applicants.
  • For Trask Innovation Fund applications made under Startup Sparks track, execution of an option agreement by the startup is required before funds can be released by OTC.
  • All funds provided will be applicable for recovery, in full, as identified costs of development pursuant to Purdue University Intellectual Property Policy I.A.1.

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