Purdue student startups expand to statewide presence
February 20 2019
WEST LAFAYETTE, Ind. – Networking is a cornerstone to entrepreneurial success, and continuing to expand and grow such networks can expand and grow a business, and two Purdue University student startups are taking advantage of such opportunities across the state of Indiana.
“The university is a great environment to spark creative ideas and turn them into successful business ventures that are vital to our global competitiveness,” said Yarkin Sakucoglu, CEO of Socio, a software company that began as a Purdue student startup. “We are very excited to be part of the growing startup and tech ecosystem and provide hundreds of jobs to fellow Hoosiers here in Indianapolis.”
Sakucoglu said Socio plans to significantly scale up its Indiana workforce, creating more than 100 new jobs by the end of 2022. Mimir founder and CEO Prahasith Veluvolu said that after living on the West Coast, he knew there were significant financial advantages to headquartering a business in Indiana.
“The evolving tech community in Indianapolis was a huge incentive for our move,” said Veluvolu, who studied computer science at Purdue. “Legislation in our state and city have allowed us to repurpose what would be operating costs in more expensive cities and use them to enhance our business. Our time in West Lafayette helped our team create, define and begin what is now Mimir Classroom.”
“The growing entrepreneurship community at Purdue and in the Greater Lafayette area provides great opportunities for business leaders and innovators to turn their ideas into impact across the state and country,” said Greg Deason, senior vice president for entrepreneurship and place making for the Purdue Research Foundation.
In 2013-18, Purdue University’s acceleration in creating startups saw 223 new startups. The university hit that milestone last year, along with more than $350 million in funding and investments generated and more than 300 new jobs.
Both Sakucoglu and Veluvolu point to Purdue and Purdue Research Foundation resources such as the Purdue Foundry and the Anvil for helping to contribute to their success.