In celebration of several milestones in local entrepreneurial success, Innovation Works invited its early stage businesses, investors and friends to a soiree in the former Chocolate Factory, now RedZone’s headquarters, in Lawrenceville.
The news was all good. In 2007, IW funded its 100th investment and claimed bragging rights as the largest seed-investor in SW PA and among the most active in the country. Since 1999, IW has channeled $36 million in state money to local startups, companies that went on to receive $446 million in follow-on funding from other sources. In 2007 alone, 365 net new jobs were created in the region.
And the numbers get better every year.
“This new crop of companies is showing great signs,” beamed Rich Lunak, CEO, during a brief presentation of IW highlights. “We’re well on our way to being the next Raleigh, Durham and Seattle.”
Ten of the latest businesses from the IW portfolio were also on hand to showcase their companies. Here’s a sampler of some of a few of the local success stories:
Knopp Neurosciences continues development of a drug therapy to slow the progression of Lou Gehrig’s Disease, having achieved orhan drug status from the FDA and closed on a $20 million round in venture capital.
TalkShoe reached a milestone of more than one million podcasts downloaded from their website each month.
SRF America received a $50,000 IW grant to work with one of the top experts to design a wind tunnel. When completed, the 25-foot long chamber will enable the company to test its systems and see how they withstand extreme conditions.
Bossa Nova received a $24,000 University IW grant to fund a market study
Writer:
Debra SmitSource: Rich Lunak, Innovation Works