Innovation Works Inc

Organization Overview

Innovation Works Inc is located in Pittsburgh, PA. The organization was established in 1989. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. As of 06/2021, Innovation Works Inc employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovation Works Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2020, Innovation Works Inc generated $8.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $10.5m during the year ending 06/2020. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, Innovation Works Inc has awarded 63 individual grants totaling $2,307,091. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

INNOVATION WORKS' MISSION IS TO INCREASE THE SUCCESS RATE OF THE REGION'S TECHNOLOGY AND TECHNOLOGY ADOPTING COMPANIES THROUGH DIRECT INVESTMENT, BUSINESS ASSISTANCE, AND INFRASTRUCTURE DEVELOPMENT. UNDERLYING IW'S MISSION IS THE BELIEF THAT INNOVATION IS A KEY ENGINE OF GROWTH FOR THE SOUTHWESTERN PENNSYLVANIA REGION. ACTIVITIES UNDERTAKEN BY INNOVATION WORKS IN PURSUIT OF THIS MISSION HAVE RESULTED IN SIGNIFICANT COMMUNITY DEVELOPMENT BENEFITS, INCLUDING CREATION OF JOBS, ATTRACTION OF INVESTMENT, AND INCREASED COMPETITIVE ADVANTAGE FOR COMPANIES LOCATED IN SOUTHWESTERN PENNSYLVANIA.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SEE SCHEDULE O


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Venture 2
Consulting
$166,900
Buchanan Ingersoll & Rooney Pc
Legal
$135,287
Buchanan Ingersoll & Rooney Pc
Legal
$135,287
Venture 2
Consulting
$166,900
View All Vendors

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$5,831,337
Investment income $658,510
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$274,269
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $8,003,735

Grants Awarded

Over the last fiscal year, Innovation Works Inc has awarded $121,278 in support to 9 organizations.

Grant RecipientAmount

PATHWAY ACCESSIBILITY SOLUTIONS INC DBA PATHVU

PURPOSE: SCALEABLE MANUFACTURING GRANT ($25,000), INTERN PROGRAM ($2,420)

$27,420

PIMIOS LLC

PURPOSE: INNOVATION ADOPTION PROGRAM ($15,000), INTERN PROGRAM ($2,125)

$17,125

STERILE VISION INC

PURPOSE: EMERGING TECHNOLOGY ASSISTANCE PROGRAM

$15,000

D SQUARED PLANT TRAPS LLC

PURPOSE: SCALEABLE MANUFACTURING GRANT

$15,000

BANSEN LABS LLC

PURPOSE: SCALEABLE MANUFACTURING GRANT

$13,092

LEADERS OF CHANGE LLC

PURPOSE: EMERGING TECHNOLOGY ASSISTANCE PROGRAM

$11,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 5 grants that Innovation Works Inc has recieved totaling $1,185,000.

Awarding OrganizationAmount
Bny Mellon Foundation Of Southwestern Pennsylvania

Pittsburgh, PA

PURPOSE: GENERAL OPERATING

$565,000
Richard King Mellon Foundation Dtd 01-01-47

Pittsburgh, PA

PURPOSE: TO PROVIDE HANDSON BUSINESS ASSISTANCE TO TECHNOLOGY STARTUPS TO IDENTIFY THEIR MOST PRESSING NEEDS AND MAXIMIZE THEIR PROSPECTS FOR COMMERCIAL SUCCESS

$250,000
Richard King Mellon Foundation Dtd 01-01-47

Pittsburgh, PA

PURPOSE: TO PROVIDE HANDSON BUSINESS ASSISTANCE TO TECHNOLOGY STARTUPS TO IDENTIFY THEIR MOST PRESSING NEEDS AND MAXIMIZE THEIR PROSPECTS FOR COMMERCIAL SUCCESS

$250,000
Ciervo Foundation

Pittsburgh, PA

PURPOSE: ALPHA LAB GEAR PROGRAM ($100,000) AND ARTIST-IN RESIDENCE ($5000)

$105,000
Eqt Foundation

Pittsburgh, PA

PURPOSE: EDUCATION & WORKFORCE

$15,000
View Grant Recipient Profile

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