PITTSBURGH, Oct. 12 /PRNewswire/ -- Innovation Works today announced the
five recipients of its first round of investments. Each company is receiving
an Innovation Fund Investment, which provides up to $100,000 for prototype
development of a technology-based product or service. The investment requires
the companies to deliver results within six months. The recipients include:
TissueInformatics, Inc. Allegheny Digital Corporation
Allegheny County Allegheny County
Computer Hardware/Software Robotics
InterScope Technologies, Inc. PHT, Inc.
(formerly DFD Information Systems) Allegheny County
Allegheny County $100,000
OnGuard Systems, Inc.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 )
These enterprises are the first to receive funding under Innovation Works'
new, streamlined investment process, which targets technology oriented
companies and returns investment recommendations quickly. Funding proposals
are carefully evaluated to focus on a handful of high-potential opportunities,
and investment decisions are made within approximately 30 days of proposal
"These companies have exciting ideas and concept technologies that they
need to develop to take to the next step in their growth," said Douglas
Goodall, Innovation Works' President and CEO. "Our quick funding decisions
help them keep a project on track for aggressive development dates while our
investment helps pay for resources. Ultimately, our fast turn-around should
accelerate their progress toward commercialization."
In addition, Innovation Works offers a Commercialization Investment of up
to $300,000 for beta development and market validation and an Emerging Company
Investment of $500,000 for a full market launch.
Innovation Works is a state and community-funded investment organization
and is a member of Pennsylvania's Ben Franklin Technology Partners.
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; have been in business three years or
less; 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.