PITTTSBURGH, Feb. 21 /PRNewswire-USNewswire/ -- Innovation Works, one
of the country's most active investors in seed-stage technology companies,
is launching AlphaLab to accelerate the development of software,
interactive games and Internet-related companies. AlphaLab provides
funding, free office space, and intense business mentoring for up to twelve
companies per year that will be selected in two, six-month cycles. The
immersive AlphaLab experience helps companies rapidly develop their
technology, test and improve 'alpha' (early iteration) releases and move
toward successful commercial launch of their software product. AlphaLab is
now accepting applications from entrepreneurs to join the first group of
companies to begin the six-month program in May. The on-line application
must be submitted by March 31, 2008 and can be found at www.iwAlphaLab.org.
Located in 5,000 square feet of space at 2325 East Carson Street on
Pittsburgh's Southside, each company will have private space as well as
being part of the collaborative environment of AlphaLab. In addition to
free office space, AlphaLab provides a $25,000 investment, dedicated
on-site staff and access to Innovation Works' business assistance team and
extensive network of investors and advisors. AlphaLab will help young
companies move quickly to gain user feedback on their prototype or early
versions, commercialize products, acquire customers, and form relationships
with investors and other strategic partners.
"The shelf life for new software, gaming and Internet applications is
measured in weeks and months," said Craig Gomulka, Director, Draper
Triangle Ventures and an AlphaLab advisor. "To take advantage of business
opportunities in this space, new concepts need to come to market very
quickly. They need to be fresh, user tested and ready to withstand pressure
from competitors. AlphaLab will give companies in our region a significant
advantage in this highly competitive and rapidly evolving landscape."
Applications for AlphaLab will be reviewed by a committee of business
advisors, software developers, and the Innovation Works' AlphaLab team. A
select number of companies will be asked to make in-person presentations.
Companies will be selected for participation in AlphaLab based on
uniqueness of the concept, the technology's market potential, and the
team's ability to develop and execute a business model with AlphaLab's
"AlphaLab fills a critical void in the local community," said Donald
Marinelli, Ph.D., Executive Producer, Carnegie Mellon Entertainment
Technology Center (ETC). "I easily see it (AlphaLab) becoming a tremendous
resource for ETC students contemplating starting a company in Pittsburgh,
especially when combined with the business expertise and acumen Innovation
Works brings to the table," Marinelli continued. Nearly a dozen interactive
digital media companies have already spun out of ETC and Innovation Works
has invested in a number of them.
Innovation Works (IW) has extensive experience working with software
development, interactive game design and related startups. IW has invested
in and provided business assistance to more than 40 software, gaming and
Internet-related startups since 2000. "With more than 100 companies in our
portfolio, Innovation Works has gained a depth of experience by working
with so many companies and deal transactions that our advice, contacts and
resources are invaluable to startup entrepreneurs," said Rich Lunak,
President & CEO of Innovation Works. "AlphaLab is a new way to apply what
we know works. We have engaged a network of more than 50 entrepreneurs,
investors, students, academics, game designers, and software developers
from around the country to help us refine our model for AlphaLab. We have
the right toolset to help these new companies get to product launch
efficiently and successfully," Lunak added.
Pittsburgh has a sophisticated and growing segment of software
development, game design and Internet application companies, support
networks, and student talent that can benefit from AlphaLab's investment,
business advice and collaborative environment. "Having the AlphaLab
incubator will be great for Pittsburgh," said Lenore Blum, Distinguished
Career Professor of Computer Science and Director of Project Olympus at
Carnegie Mellon. "It fits in perfectly with Olympus' goals of creating
possibilities for talent and ideas to stay and grow in the region. I see
the School of Computer Science and other CMU departments being important
'feeders' for AlphaLab and AlphaLab serving as a well-connected pipeline
from the university to the start-up world and beyond."
Innovation Works (IW) invests risk capital and provides business
mentoring to high-potential, start-up technology companies in Southwestern
Pennsylvania. A private non-profit organization funded by the Commonwealth
of PA, Innovation Works is one of the most active seed-stage investors in
the US, investing in over 100 companies since 2000. IW's portfolio
companies have raised more than $440 million in follow-on funding from
venture capitalists, private investors and others.
SOURCE Innovation Works, Inc.