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Innovation Works Inc

PITTSBURGH, PA EIN: 25-1588611 Website

SEE SCHEDULE OINNOVATION 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.

Financial Overview

From 2024 IRS Form 990-PF · View filing

Total Assets

$45.8M

-7.0% YoY

Annual Giving

$518K

+34.7% YoY

Grant Count

13

+62.5% YoY

Avg Grant Size

$40K

-17.1% YoY

About Innovation Works Inc

Based on IRS filings

Innovation Works Inc is a nonprofit organization, based in PITTSBURGH, PA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $45.8M in total assets. In 2024, it awarded 13 grants totaling $518K. Net investment income was $724K.

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

2states

States

MarylandPennsylvania

Cities

Allison ParkBeaver FallsBethel ParkButlerCoraopolisDuquesneEighty FourEvans CityLatrobeMarsMt PleasantN HuntingdonNew BrightonNorth HuntingdonNorth VersaillesPhoenixvillePittsburghRockville

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Qualifying Distributions
Net Investment Income
$0$7M$13M$20M$26M20202021202220232024
Metric202420232022
Total Assets$45,772,445$49,208,659$48,998,670
Revenue$13,218,069$15,798,085$24,072,729
Expenses$16,611,674$15,866,669$10,978,543
Qualifying Distributions———
Net Investment Income$724,374$1,234,754$481,904
Distributable Amount———

Giving Over Time

Total grant dollars and number of grants per year

$0$156K$312K$468K$624K17 grants20209 grants20213 grants20228 grants202313 grants2024

Grant Insights

How this funder distributes its grants

Top Recipients

Top 10 recipients in 2024

FARM TO FLAME ENERGY INC$150KKORION HEALTH INC$75KSUSTAINIBLE LLC$75KTESTA SEAT INC$50KVELOAI INC$28KADMIRRA INC$25KLEAFICIENT INC$25KTHIOPOLY LLC$25KSHELFMARK INC$19KKORION HEALTH INC$15K

Grant Size Distribution

50 grants across all recorded years

39<$50K6$50–100K5$100–250K$250–500K$500K–1M$1–5M$5M+

Giving History

Grant recipients and amounts by year

Among its reported 2024 grants, the largest include Farm to Flame Energy Inc ($150,000), Korion Health Inc ($75,000), Sustainible Llc ($75,000).

RecipientPurposeAmount
ADMIRRA INC PITTSBURGH, PAEMERGING TECHNOLOGY ASSISTANCE PROGRAM ($25,000)$25,000
FARM TO FLAME ENERGY INC DUQUESNE, PAAWARD, UPPRIZE ($150,000)$150,000
KORION HEALTH INC PITTSBURGH, PAAWARD, UPPRIZE ($75,000)$75,000
SUSTAINIBLE LLC PITTSBURGH, PAAWARD, UPPRIZE ($75,000)$75,000
TESTA SEAT INC PITTSBURGH, PAAWARD, UPPRIZE ($50,000)$50,000
LEADING TECHNOLOGIES INC PITTSBURGH, PAINNOVATION ADOPTION PROGRAM ($12,121.71)$12,122
FORSIGHT ASSISTIVE DEVICES LLC NORTH HUNTINGDON, PASCALEABLE MANUFACTURING GRANTS ($9,150.05)$9,150
KORION HEALTH INC PITTSBURGH, PASCALEABLE MANUFACTURING GRANTS ($15,000)$15,000
LEAFICIENT INC EVANS CITY, PASCALEABLE MANUFACTURING GRANTS ($25,000)$25,000
OPTIMUS TECHNOLOGIES INC PITTSBURGH, PASCALEABLE MANUFACTURING GRANTS ($9,925)$9,925

Leadership & Key People

Officers and directors from IRS filings

Compensation Overview

From 2024 IRS filing

MR VEN RAJUPRESIDENT & CEO$525KMR JIM JENFORMER VP & COO$321KMR KIRK BOTULAVP & CSOO$253KMR ROBERT STARZYNSKIVP BUSINESS DEV. & TREASURER$231KMR RICHARD R LUNAKFORMER PRESIDENT & CEO$219KMS KELLEY BENSONVP HR & INCLUSION$218KMR JEFFERY MCDANIELPORTFOLIO EXECUTIVE$208KMS TERRI GLUECK THRU…VP OF COMMUNICATION & COMMUN…$206KMS AFSHAN KHANPORTFOLIO EXECUTIVE$190KMS DEBORAH WALKERSR. LEGAL COUNSEL$190KMR AARON TAINTERDIRECTOR OF ACCELERATOR PROG…$170KMS KELLI MCMURRAYSECRETARY & CONTROLLER$157KMS CIGDEM HAJIPOURAN…PORTFOLIO EXECUTIVE$148K

From 2024 filing

NameTitleHoursCompensation
MS CATHERINE MOTT THRU 1223BOARD CHAIR2.5—
MR ROB A RUTENBARBOARD MEMBER0.75—
DR STEVEN REISBOARD MEMBER0.75—
MR JOE FERRARABOARD MEMBER0.75—
MS DONNA MYERSBOARD MEMBER0.75—
MR JIMMY WILLIAMSBOARD MEMBER0.75—
MR WILLIAM SANDERSBOARD MEMBER0.75—
MR TOM JONESBOARD CHAIR (AS OF 1/24)2.5—
MR RON BIANCHINI JRBOARD MEMBER (AS OF 1/24)0.75—
MS REBECCA DOERGEBOARD MEMBER (THRU 7/23)0.75—
MR VEN RAJUPRESIDENT & CEO40$524,732
MR KIRK BOTULAVP & CSOO40$253,489
MS KELLI MCMURRAYSECRETARY & CONTROLLER40$157,479
MS KELLEY BENSONVP HR & INCLUSION40$217,606
MS TERRI GLUECK THRU 124VP OF COMMUNICATION & COMMUNITY DEV.40$205,960
MR ROBERT STARZYNSKIVP BUSINESS DEV. & TREASURER40$231,272
MS AFSHAN KHANPORTFOLIO EXECUTIVE40$190,444
MR JEFFERY MCDANIELPORTFOLIO EXECUTIVE40$207,962
MR AARON TAINTERDIRECTOR OF ACCELERATOR PROGRAMS40$169,626
MS DEBORAH WALKERSR. LEGAL COUNSEL40$189,747
MS CIGDEM HAJIPOURAN BENAMPORTFOLIO EXECUTIVE40$148,114
MR RICHARD R LUNAKFORMER PRESIDENT & CEO40$218,638
MR JIM JENFORMER VP & COO40$320,952

Frequently Asked Questions

How large is Innovation Works Inc?

As of 2024, Innovation Works Inc holds $45.8M in total assets with $13.2M in annual revenue. It awarded 13 grants totaling $518K in 2024.

Where does Innovation Works Inc operate?

Innovation Works Inc has awarded grants in Maryland, Pennsylvania.

What size grants does Innovation Works Inc award?

In 2024, Innovation Works Inc awarded 13 grants totaling $518K — an average of about $40K per grant, based on its IRS Form 990 filings.

What is Innovation Works Inc's EIN?

Innovation Works Inc's EIN (Employer Identification Number) is 25-1588611. IRS Form 990 filing data is available on this page for 2020–2024.

Explore Open Grants

Browse active grant opportunities in Innovation Works Inc's focus areas in our free grants database

Pennsylvania GrantsMaryland Grants

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Data last updated April 2026. Sourced from IRS Form 990-PF filings.

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