Frequently Asked Questions

How much does IW invest in companies each annually?
IW invests capital and business expertise in early-stage technology companies in Southwestern PA and provides grants to small manufacturers and university researchers.
 
What type of experts does IW have on staff?
Our team of seasoned experts includes former CEOs, investors, Silicon Valley veterans and technologists who have founded companies, developed their go-to-market strategies, and successfully positioned them for growth and future investment.
 
How is IW funded?
Innovation Works is part of the Ben Franklin Technology Partners in Pennsylvania, which is an initiative of the PA Department of Community and Economic Development. In addition to funding from the Commonwealth, IW also receives funding from area foundations.
 
What is IW’s impact on Southwestern PA?
As the largest seed-stage investor in Southwestern PA, and one of the most active in the country, IW plays a significant role in catalyzing the technology economy. Our impact is defined not only in hard numbers, but in the achievements of our portfolio companies. In 2008, the most recent year for this data, we invested $5.4M in 84 early-stage technology companies and provided business assistance to 181 companies. These efforts resulted in 437 net jobs created. In addition, in 2008, IW portfolio companies raised $149M in follow-on funding. But the work and achievements of our portfolio companies tell an even more compelling story. For example, Plextronics set a world record for efficiency of solar cells; nanoLambda won the 2007 Nanotech Ventures Award in electronics from the Nano Science and Technology Institute; Thorley Industries, LLC signed a $215M partnership with Hasbro to develop a new product line; and Clearcount received Food and Drug Administration clearance for the world's first RFID surgical sponge counting system. These stories, and countless others, demonstrate the deep and rich base of talent and innovation that reside here.