WEST LAFAYETTE, Ind. (AP): Purdue University has announced $10 million is available to help entrepreneurs create and grow their startups.

The Purdue Startup Fund will be jointly funded by Purdue alumni and the Purdue Research Foundation. University President Mitch Daniels says that while the university already has several funding competitions and programs to help advance startups, the Startup Fund presents an opportunity for alumni to become even more engaged by financially supporting the translation of Purdue innovations to the public.

The fund is designed to increase seed capital available to investment-worthy startups, increase the generation and commercialization of intellectual property at Purdue and support Purdue’s mission to serve the state of Indiana.

The fund will be managed by the Purdue Foundry, the university’s startup acceleration hub, and its development office.