PITTSBURGH, May 9 /PRNewswire/ -- Innovation Works, Inc., a community- funded entrepreneurial development and support organization, today announced that Doug Goodall will be ending his role as Chief Executive Officer (CEO) of Innovation Works to join the Pittsburgh offices of Redleaf LLC, an Internet operating and investment company. (Photo: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 ) "Over the past 18 months I have truly enjoyed the opportunity, challenge, and accomplishments offered by the role that I have played with the Innovation Works team, its board, and the community," said Mr. Goodall. "As I look back at what we have all achieved, I am proud to have been a part of the process. Innovation Works is a true demonstration of community-based economic development." Mr. Goodall's move to Redleaf reflects a key component of Innovation Works' strategy to recruit proven, senior management talent from the private sector who serve for one to two years, then return to the local entrepreneurial community. "Innovation Works was founded on the idea that the best ideas for supporting entrepreneurship come from entrepreneurs like Doug. We were very fortunate to have someone like him driving the organization during our start- up and are pleased that he will continue to be an active participant in the region's growing technology community in his new assignment," said Mr. William Hulley, Chairman of the Innovation Works board of directors. In its first year of operation, Innovation Works funded 27 regional, early-stage technology companies with investments totaling $5.2 million. It has also established an on-line regional entrepreneurial support center to assist entrepreneurs, service providers, volunteer mentors, and local investors (www.innovationworks.org). A pilot mentoring program for first-time CEOs of Innovation Works' portfolio companies has been launched. Innovation Works has also partnered with Lycos Corporation to initiate a formal university internship program to students and early-stage technology companies. The organization is an active promoter of community-based collaboration in economic development, working with regional universities and agencies such as the Pittsburgh Technology Council, SPIRC, PRA, and the Allegheny Conference. The Department of Economic Development of the Commonwealth of Pennsylvania, alongside regional foundations, has supplied the majority of funding for Innovation Works. The Innovation Works board of directors has formed a search committee to recruit a new CEO. Mr. Goodall will continue to act in the capacity of CEO during the recruitment process. About Innovation Works Innovation Works' mission is to increase the new enterprise success rate in southwestern Pennsylvania by insuring that high-potential technology companies have efficient access to the right people, expertise, and risk capital. Innovation Works invests in firms that develop high-technology products or services; have fewer than 100 employees; and reside in Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Lawrence, Washington or Westmoreland county. Please call 412-681-1520 or visit www.innovationworks.org for more information.
SOURCE Innovation Works, Inc.