Frequently Asked Questions
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 most active seed-stage investor in the Pittsburgh region, IW serves an important role in Pittsburgh’s entrepreneurial ecosystem, providing technology entrepreneurs with the risk capital needed to develop new products and enter new markets. In 2015, IW provided $5.5 million in financial assistance, filling critical gaps in private sector funding at the riskiest phases of company development. Since its launch in 1999, IW has supported more than 300 companies with investments totaling $72.2 million.
With its large and growing portfolio of high-quality companies, IW serves as a nexus of regional investment opportunities for venture capitalists and angel investors. In 2015, IW’s seed fund and accelerator companies were successful in attracting over $149 million in investment from VCs, angels, corporate/strategic investors and other sources.
Since the launch of IW’s seed fund in 1999 the entrepreneurs and companies supported by IW have helped to change the image of Pittsburgh in the minds of investors nationwide. To date, more than 100 venture capital firms from across the United States have invested in IW-funded companies. By connecting entrepreneurs to investors across the country, IW has helped to catalyze more than $1.8 billion in total follow-on investment.
Since the seed fund began, more than 100 venture capital firms clustered in major financial and technology centers across the country have invested in the IW portfolio.