Innovation Works Inc
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.
Key facts about Innovation Works Inc
- EIN
- 25-1588611
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $517,664
- Grants made (2024)
- 13
- Average grant
- $39,820
- Median grant
- $25,000
- New grantees (estimate)
- 100% first-time grantees (12 of 12, 2024)
- Total assets
- $45,772,445
- Primary geography
- Pennsylvania (100% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Innovation Works Inc funds
By grant dollars, the top recipient states for Innovation Works Inc's 13 itemized 2024 grants were Pennsylvania (100%). The most frequent recipient cities were Pittsburgh, PA (10 grants). None of its 13 grants with a stated purpose were described as general or operating support.
Is Innovation Works Inc open to new grantees?
100%
first-time grantees, 2024
In 2024, 12 of 12 grantees (100%) were first-time recipients. First grants averaged $43K. How we count
Estimate from itemized IRS Form 990-PF grant lists (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Next steps with Innovation Works Inc
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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
Share of all 13 itemized 2024 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| 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 | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
50 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include Farm to Flame Energy Inc ($150,000), Korion Health Inc ($90,000 across 2 grants), Sustainible LLC ($75,000).
| Recipient | Purpose | Amount |
|---|---|---|
| FARM TO FLAME ENERGY INC Duquesne, PA | AWARD, UPPRIZE ($150,000) | $150,000 |
| KORION HEALTH INC Pittsburgh, PA | AWARD, UPPRIZE ($75,000) | $75,000 |
| SUSTAINIBLE LLC Pittsburgh, PA | AWARD, UPPRIZE ($75,000) | $75,000 |
| TESTA SEAT INC Pittsburgh, PA | AWARD, UPPRIZE ($50,000) | $50,000 |
| VELOAI INC Pittsburgh, PA | SCALEABLE MANUFACTURING GRANTS ($25,000) INTERN PROGRAM GRANT ($2,500) | $27,500 |
| ADMIRRA INC Pittsburgh, PA | EMERGING TECHNOLOGY ASSISTANCE PROGRAM ($25,000) | $25,000 |
| LEAFICIENT INC Evans City, PA | SCALEABLE MANUFACTURING GRANTS ($25,000) | $25,000 |
| THIOPOLY LLC Pittsburgh, PA | SCALEABLE MANUFACTURING GRANTS ($25,000) | $25,000 |
| SHELFMARK INC Pittsburgh, PA | SCALEABLE MANUFACTURING GRANTS ($18,966.77) | $18,967 |
| KORION HEALTH INC Pittsburgh, PA | SCALEABLE MANUFACTURING GRANTS ($15,000) | $15,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Ms Catherine Mott Thru 1223 | Board Chair | 2.5 | — |
| Mr Rob a Rutenbar | Board Member | 0.75 | — |
| Dr Steven Reis | Board Member | 0.75 | — |
| Mr Joe Ferrara | Board Member | 0.75 | — |
| Ms Donna Myers | Board Member | 0.75 | — |
| Mr Jimmy Williams | Board Member | 0.75 | — |
| Mr William Sanders | Board Member | 0.75 | — |
| Mr Tom Jones | Board Chair (As of 1/24) | 2.5 | — |
| Mr Ron Bianchini Jr | Board Member (As of 1/24) | 0.75 | — |
| Ms Rebecca Doerge | Board Member (Thru 7/23) | 0.75 | — |
| Mr Ven Raju | President & CEO | 40 | $524,732 |
| Mr Kirk Botula | VP & Csoo | 40 | $253,489 |
| Ms Kelli McMurray | Secretary & Controller | 40 | $157,479 |
| Ms Kelley Benson | VP HR & Inclusion | 40 | $217,606 |
| Ms Terri Glueck Thru 124 | VP of Communication & Community Dev. | 40 | $205,960 |
| Mr Robert Starzynski | VP Business Dev. & Treasurer | 40 | $231,272 |
| Ms Afshan Khan | Portfolio Executive | 40 | $190,444 |
| Mr Jeffery McDaniel | Portfolio Executive | 40 | $207,962 |
| Mr Aaron Tainter | Director of Accelerator Programs | 40 | $169,626 |
| Ms Deborah Walker | Sr. Legal Counsel | 40 | $189,747 |
| Ms Cigdem Hajipouran Benam | Portfolio Executive | 40 | $148,114 |
| Mr Richard R Lunak | Former President & CEO | 40 | $218,638 |
| Mr Jim Jen | Former VP & COO | 40 | $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.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings.