PITTSBURGH, Nov. 10 /PRNewswire/ -- Innovation Works, Inc. announced today that John R. Hammer has joined the organization as Chief Financial Officer and Chief Investment Officer. In this position, Mr. Hammer is responsible for overseeing the financial operations of Innovation Works and capitalizing technology companies in accordance with the organization's new mission. (Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991012/PHTU030 ) Prior to joining Innovation Works, Mr. Hammer worked as a director for Axia Partners, LLC, a New York City based investment bank and management consultancy specializing in early-stage technology firms. In this role, he managed consultancy and investment banking operations. He also headed Capital Access Partners, an investment and strategy advisory firm focused exclusively upon counseling and raising capital for early-stage telecommunications, electronics, software, Internet, and medical device ventures. Other positions held by Mr. Hammer include vice president at Weatherly Private Capital, a New York merchant bank, and MMC Group, a Pittsburgh leveraged buy-out firm. Mr. Hammer is the latest addition to Innovation Works' expanding staff of seasoned high-tech professionals who bring private industry experience to Innovation Works' companies. "John's experience is essential to implementing our new funding approach which is investment driven versus grant oriented. John will help us assess the financial quality of investments and structure payback terms that are mutually beneficial to both Innovation Works and entrepreneurs," said Douglas Goodall, President and CEO of Innovation Works. "Innovation Works provides tremendous opportunity for quality technology firms to obtain funding where few other investors dare tread," said Mr. Hammer. "I am quite excited to be a part of this process and have the ability to contribute and shape the methodology that will be in place for years to come." Mr. Hammer has a Bachelor of Science degree in Industrial Engineering from Northwestern University and a Master's of Business Administration from the University of Pittsburgh's Katz Graduate School of Business. Mr. Hammer and his wife reside in Pittsburgh, Pa. Innovation Works is a community-funded investment organization that emerged from the Ben Franklin Technology Center of Western Pennsylvania and the Enterprise Corporation. 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; are less than three years old; 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.