Innovation Works

Innovation Works
Industry Venture capital
Founded 1999
Headquarters Pittsburgh, Pennsylvania
Key people
 Rich Lunak, Jim Jen
Products Investments
Website www.innovationworks.org

Innovation Works is the Ben Franklin Technology Partner of the Pittsburgh area. Their mission is to foster the technology economy in Southwest Pennsylvania through direct investment and business expertise. Their programs include seed accelerator AlphaLab and the i6 Agile Innovation System, which operates in conjunction Carnegie Mellon University's Donald H. Jones Center for Entrepreneurship. Innovation Works is supported by Pennsylvania's Department of Community and Economic Development.

They have invested over $52.3 million in 152 technology start-ups companies.[1]

AlphaLab

AlphaLab is a 20-week seed accelerator program where six companies are selected to receive initial investment, mentorship, and office space.[2] Their initial investment is $25,000 for 5% common stock in the company, giving each company an initial valuation of $500,000. AlphaLab is a charter member of the Global Accelerator Network.[3]

AlphaLab companies are assigned 1 "quarterback" mentor, and 2 additional mentors. The mentors are closely affiliated with Innovation Works, and are assigned to the companies based on domain expertise.

Graduates of AlphaLab include The Resumator, NoWait, Shoefitr, and Black Locus.

i6 Agile Innovation System

The i6 Agile Innovation System was created in 2010 when Innovation Works and Carnegie Mellon University won the i6 challenge, an initiative of the U.S. Department of Commerce's Economic Development Administration aimed at "identifying and supporting the nation's best ideas for technology commercialization and entrepreneurship". i6 companies receive small monetary investment designated for meeting with customers, as well as mentorship from Innovation Works affiliates and Pittsburgh professors.

References

  1. ↑ "About Us". Innovationworks.org. Retrieved 2012-12-10.
  2. ↑ Pound, Michael (2012-10-27). "Graduation day for Pittsburgh's latest biz accelerator class - Timesonline.com: Business". Timesonline.com. Retrieved 2012-12-10.
  3. ↑ AlphaLab (2012-10-27). "AlphaLab > Our Members > Global Accelerator Network". Gan.co. Retrieved 2012-12-10.
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