Goodall Leaving Innovation Works to Join Redleaf

    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.

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