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 2011, the most recent year for this data, we invested roughly $5M in 80 early-stage technology companies and provided business assistance to 189 companies. These efforts resulted in 454 net jobs created and retained. In addition, in 2011, IW portfolio companies raised $218M in follow-on funding.
Since the launch of Innovation Works' seed fund nearly 13 years ago, IW has invested more than $52.3 million in over 168 companies that have gone on to raise more than $1.5 billion in follow-on financing. In that 13-year time, IW has helped transform Pittsburgh's entrepreneurial community from a nascent stage to one of the most advanced, robust and successful technology clusters in the U.S.
Over the last several years, total annual investment in IW's portfolio has been trending upward, with over $218 million being invested in 2011 (most recent year for this data). Nearly three of four venture deals in the region go to companies that have previously received IW seed funding. These figures are a reflection not only of the growing maturity of IW's portfolio, but also the quality of investments and the increasing ability of IW to connect portfolio companies with the right investors.