PITTSBURGH, Sept. 30 /PRNewswire/ -- Today Innovation Works, Inc. formally launched its new organization and streamlined approach for investment in southwestern Pennsylvania's young high-technology companies. Innovation Works is a community-funded investment organization that was created to provide the funding and entrepreneurial services previously arranged under the Ben Franklin Technology Center of Western Pennsylvania and The Enterprise Corporation. Innovation Works Investment Approach Innovation Works strategy is to invest exclusively in early-stage, technology-based enterprises with a strong market outlook and path to commercialization. Funding decisions are made quickly; Innovation Works funding decision cycle is designed to take approximately 30 days from proposal submission to investment recommendation. Investments are structured to support key business milestones, and are coupled with the know-how and resources that are critical for success. "This investment approach is new for southwestern Pennsylvania, but it is patterned after other areas with very successful high-tech entrepreneur communities like Silicon Valley. It will provide capital and expertise early and quickly, when companies need it most," explained Douglas Goodall, President and CEO of Innovation Works. Target Technologies for First Funding Decision Cycle Innovation Works began its first cycle for funding decisions under the new investment process on September 1, 1999. Finalist technologies from this cycle include: -- 3D visualization -- biotech -- hardware systems -- robotics -- e-commerce -- multi-media self-help Investment recipients will be announced in early October. Innovation Works Organization 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. The Innovation Works organization has three key components: the Innovation Works Investment Fund, providing three levels of funding to young enterprises; Innovation Networks, a network of business expertise and services; and the Enterprise Advocates, who assist companies with proposal submission and coordinate support resources to facilitate execution. Innovation Works Investment Fund The Innovation Works Investment Fund has three investment programs: -- Innovation Investments, which provide up to $100,000 to develop a prototype or proof-of-concept. -- Commercialization Investments which provide up to $300,000 to develop a prototype into a commercially-ready solution. -- Emerging Company Investments that offer up to $500,000 to launch a commercialized offering to the market place. Innovation Works Investment Criteria Innovation Works invests in high-technology enterprises that develop high- technology based products or services; employ less than 100 employees; exist as a business for fewer than three years; and are located in Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Lawrence, Washington or Westmoreland county. Visit www.innovationworks.org or contact Kelly Coticchia at 412-681-1520 or firstname.lastname@example.org. for more information.
SOURCE Innovation Works, Inc.