2025-05-15T14:46:11-05:00 2024-06-30 251467156 SISTERSON & CO LLP 501 GRANT STREET SUITE 450 PITTSBURGH PA 15219 990 2023-07-01 251588611 INNOVATION WORKS INC INNO 4126811520 TWO ALLEGHENY CENTER 100 PITTSBURGH PA 15212 VEN RAJU PRESIDENT & CEO 4126811520 2025-05-15 1 0 KIMBERLEY A MILLER P01324554 4122812025 2023 2025-03-06 01:10:19Z VEN RAJU TWO ALLEGHENY CENTER 100 PITTSBURGH PA 15212 19759884 0 X WWW.INNOVATIONWORKS.ORG X 1988 PA 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. 8 5 42 50 0 0 12537505 10671016 2024660 1815284 1234754 724374 1166 7395 15798085 13218069 446560 559460 0 0 6287904 6095632 0 0 109841 9132205 9956582 15866669 16611674 -68584 -3393605 49208659 45772445 7710198 5993293 41498461 39779152 X 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. 0 0 14348251 559460 1822679 SEE SCHEDULE O 14348251 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 55 0 42 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 8 5 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA X KELLI MCMURRAY 4126811520 NOVA TOWER 2 TWO ALLEGHENY CENTER PITTSBURGH PA 15212 MS CATHERINE MOTT THRU 1223 BOARD CHAIR 2.50 X 0 0 0 MR ROB A RUTENBAR BOARD MEMBER 0.75 X 0 0 0 DR STEVEN REIS BOARD MEMBER 0.75 X 0 0 0 MR JOE FERRARA BOARD MEMBER 0.75 X 0 0 0 MS DONNA MYERS BOARD MEMBER 0.75 X 0 0 0 MR JIMMY WILLIAMS BOARD MEMBER 0.75 X 0 0 0 MR WILLIAM SANDERS BOARD MEMBER 0.75 X 0 0 0 MR TOM JONES BOARD CHAIR (AS OF 1/24) 2.50 X 0 0 0 MR RON BIANCHINI JR BOARD MEMBER (AS OF 1/24) 0.75 X 0 0 0 MS REBECCA DOERGE BOARD MEMBER (THRU 7/23) 0.75 X 0 0 0 MR VEN RAJU PRESIDENT & CEO 40.00 X 524732 0 51309 MR KIRK BOTULA VP & CSOO 40.00 X 253489 0 45309 MS KELLI MCMURRAY SECRETARY & CONTROLLER 40.00 X 157479 0 19336 MS KELLEY BENSON VP HR & INCLUSION 40.00 X 217606 0 39476 MS TERRI GLUECK THRU 124 VP OF COMMUNICATION & COMMUNITY DEV. 40.00 X 205960 0 37664 MR ROBERT STARZYNSKI VP BUSINESS DEV. & TREASURER 40.00 X 231272 0 41189 MS AFSHAN KHAN PORTFOLIO EXECUTIVE 40.00 X 190444 0 46585 MR JEFFERY MCDANIEL PORTFOLIO EXECUTIVE 40.00 X 207962 0 44230 MR AARON TAINTER DIRECTOR OF ACCELERATOR PROGRAMS 40.00 X 169626 0 16908 MS DEBORAH WALKER SR. LEGAL COUNSEL 40.00 X 189747 0 18357 MS CIGDEM HAJIPOURAN BENAM PORTFOLIO EXECUTIVE 40.00 X 148114 0 15289 MR RICHARD R LUNAK FORMER PRESIDENT & CEO 40.00 X 218638 0 27789 MR JIM JEN FORMER VP & COO 40.00 X 320952 0 22902 3036021 0 426343 21 1 1 0 BUCHANAN INGERSOLL & ROONEY PC 501 GRANT STREET SUITE 200 PITTSBURGH PA 15219 LEGAL 249265 1 9300990 1370026 10671016 LOAN & EQUITY INCOME 900000 1814466 1814466 ROYALTIES 900000 818 818 1815284 1418120 1418120 5848069 6539779 2036 -691710 -2036 -693746 -693746 MISCELLANEOUS REVENUE 900000 7395 7395 7395 13218069 1822679 0 724374 559460 559460 1597571 853600 700322 43649 3353190 2847319 470452 35419 458353 362884 87788 7681 427133 332347 85717 9069 259385 205028 50654 3703 301179 102237 198942 48845 48845 49787 49787 46896 46896 1265398 1157330 108068 22717 12660 10057 329528 316927 12009 592 234004 178294 51698 4012 903129 840613 57758 4758 22805 16047 6758 73226 47514 25712 60461 35138 25323 60598 48194 11456 948 INVESTMENT IN PORTFOLIO 5723298 5723298 0 0 PROGRAM EXPENSES 450474 440565 9909 0 OFFICE FURNITURE & EQUI 161312 161161 141 10 SUBSCRIPTIONS AND MEMBE 28741 21618 7123 0 174184 36230 137954 16611674 14348251 2153582 109841 17251795 11696628 1382758 2122395 117556 103323 610613 337827 65991 272786 23782875 21026792 5461598 8551480 1146086 1999041 49208659 45772445 2116827 2277162 4436210 1684670 1157161 2031461 7710198 5993293 X 40977816 39219190 520645 559962 41498461 39779152 49208659 45772445 -3393605 1674296 0 X 0 1 X 1 1 1 X 5951631 6371144 5845179 10221293 10671016 39060263 5951631 6371144 5845179 10221293 10671016 39060263 3165966 35894297 658510 472475 528037 1478907 1418120 4556049 3600 1166 7395 12161 43628473 33127976 0.82270 0.87080 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 1 49787 0 0 49787 0 PART II-B, LINE 1: LOBBYING ACTIVITIES INCLUDE DIRECT CONTACT WITH LEGISLATORS, THEIR STAFF, GOVERNMENT OFFICIALS OR A LEGISLATIVE BODY. 241623 203205 38418 346981 112613 234368 22009 22009 0 272786 RIVERFRONT VENTURES 5272119 F IW MANAGEMENT COMPANY 130906 F COGNITION THERAPEUTICS, INC. 414802 F RIVERFRONT VENTURES II 2613645 F IW MANAGEMENT COMPANY II 52900 F PALLADYNE AI CORP 67106 F 8551478 LEASE LIABILITY 2031461 2031461 X PART X, LINE 2: THE FASB ASC ON INCOME TAXES CLARIFIES RECOGNITION, MEASUREMENT, PRESENTATION AND DISCLOSURE RELATING TO UNCERTAIN TAX POSITIONS. IW EVALUATES UNCERTAIN TAX POSITIONS FOR RECOGNITION BY DETERMINING WHETHER EVIDENCE INDICATES IT IS MORE LIKELY THAN NOT THAT A POSITION WILL BE SUSTAINED IF EXAMINED BY TAXING AUTHORITIES. AS OF JUNE 30, 2024, IW IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS. IW'S TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2021 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. 1 ADMIRRA INC 2282 ELMHILL ROAD PITTSBURGH PA 15221 993687293 25000 0 CASH EMERGING TECHNOLOGY ASSISTANCE PROGRAM ($25,000) FARM TO FLAME ENERGY INC 30 S LINDEN STREET DUQUESNE PA 15110 831027442 150000 0 CASH AWARD, UPPRIZE ($150,000) KORION HEALTH INC 520 COYNE TERRACE PITTSBURGH PA 15207 882960763 75000 0 CASH AWARD, UPPRIZE ($75,000) SUSTAINIBLE LLC 2927 GILMORE AVE PITTSBURGH PA 15235 853621853 75000 0 CASH AWARD, UPPRIZE ($75,000) TESTA SEAT INC 100 SOUTH JACKSON AVENUE PITTSBURGH PA 15202 923064863 50000 0 CASH AWARD, UPPRIZE ($50,000) LEADING TECHNOLOGIES INC 1153 INDUSTRIAL PARK ROAD PITTSBURGH PA 15656 510363266 12122 0 CASH INNOVATION ADOPTION PROGRAM ($12,121.71) FORSIGHT ASSISTIVE DEVICES LLC 8400 DELAWARE AVENUE NORTH HUNTINGDON PA 15642 932962298 9150 0 CASH SCALEABLE MANUFACTURING GRANTS ($9,150.05) KORION HEALTH INC 520 COYNE TERRACE PITTSBURGH PA 15207 882960763 15000 0 CASH SCALEABLE MANUFACTURING GRANTS ($15,000) LEAFICIENT INC 163 TUNNEL ROAD EVANS CITY PA 16033 882711539 25000 0 CASH SCALEABLE MANUFACTURING GRANTS ($25,000) OPTIMUS TECHNOLOGIES INC 6901 LYNN WAY PITTSBURGH PA 15208 475200642 9925 0 CASH SCALEABLE MANUFACTURING GRANTS ($9,925) SHELFMARK INC 544 MILTENBERGER STREET PITTSBURGH PA 15219 884013880 18967 0 CASH SCALEABLE MANUFACTURING GRANTS ($18,966.77) THIOPOLY LLC 764 OSAGE ROAD PITTSBURGH PA 15243 923982142 25000 0 CASH SCALEABLE MANUFACTURING GRANTS ($25,000) VELOAI INC 244 S ATLANTIC AVE PITTSBURGH PA 15224 881604465 27500 0 CASH SCALEABLE MANUFACTURING GRANTS ($25,000) INTERN PROGRAM GRANT ($2,500) 0 13 PART I, LINE 2: INNOVATION WORKS' EMPLOYEES WORK DIRECTLY WITH GRANTEES THROUGHOUT THE LIFE OF THE GRANT. FINAL FINANCIAL AND PROGRESS REPORTS ARE ALSO REQUIRED TO BE SUBMITTED BY EACH GRANTEE. X X X X X 1 0 0 0 0 0 0 0 0 MR VEN RAJU PRESIDENT & CEO 396357 0 128375 0 0 0 39600 0 12051 0 576383 0 0 0 MR JIM JEN FORMER VP & COO 258692 0 62150 0 110 0 7520 0 15428 0 343900 0 0 0 MR KIRK BOTULA VP & CSOO 224811 0 28678 0 0 0 27380 0 18225 0 299094 0 0 0 MR ROBERT STARZYNSKI VP BUSINESS DEV. & TREASURER 180616 0 50050 0 606 0 22290 0 19239 0 272801 0 0 0 MS KELLEY BENSON VP HR & INCLUSION 170261 0 46773 0 572 0 21043 0 18770 0 257419 0 0 0 MR JEFFERY MCDANIEL PORTFOLIO EXECUTIVE 172485 0 35477 0 0 0 21676 0 22892 0 252530 0 0 0 MR RICHARD R LUNAK FORMER PRESIDENT & CEO 167009 0 51629 0 0 0 3012 0 24778 0 246428 0 0 0 MS TERRI GLUECK THRU 124 VP OF COMMUNICATION & COMMUNITY DEV. 163884 0 41525 0 551 0 20017 0 17980 0 243957 0 0 0 MS AFSHAN KHAN PORTFOLIO EXECUTIVE 157656 0 32252 0 536 0 19706 0 27212 0 237362 0 0 0 MS DEBORAH WALKER SR. LEGAL COUNSEL 157830 0 31416 0 501 0 18357 0 332 0 208436 0 0 0 MR AARON TAINTER DIRECTOR OF ACCELERATOR PROGRAMS 144001 0 25625 0 0 0 16908 0 329 0 186863 0 0 0 MS KELLI MCMURRAY SECRETARY & CONTROLLER 122937 0 34083 0 459 0 15111 0 4550 0 177140 0 0 0 MS CIGDEM HAJIPOURAN BENAM PORTFOLIO EXECUTIVE 129139 0 18562 0 413 0 15179 0 430 0 163723 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF INNOVATION WORKS, INC. IS MPC CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A THE MPC CORPORATION SHALL HAVE THE RIGHT TO APPROVE CANDIDATES NOMINATED BY THE BOARD OF DIRECTORS OF INNOVATION WORKS, INC. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER IN DETAIL. A COPY OF FORM 990 IS THEN PROVIDED TO THE ORGANIZATION'S EXECUTIVE AND AUDIT COMMITTEES OF THE BOARD OF DIRECTORS FOR THEIR REVIEW. COMMENTS/QUESTIONS ARE DIRECTED TO THE BOARD CHAIRMAN OR PRESIDENT AND CEO. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES EACH BOARD MEMBER, OFFICER, AND STAFF TO ANNUALLY COMPLETE A CONFLICT OF INTEREST AND FINANCIAL DISCLOSURE FORM AND DISCLOSE ANY POSSIBLE PERSONAL, FAMILIAL, OR BUSINESS RELATIONSHIP THAT REASONABLY COULD GIVE RISE TO A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S COMPENSATION FOR THE OFFICERS AND KEY POSITIONS IS REVIEWED EVERY TWO YEARS BY AN INDEPENDENT COMPENSATION CONSULTANT. THE COMPENSATION COMMITTEE CONSIDERS THE INFORMATION PROVIDED BY THE COMPENSATION CONSULTANT TO DETERMINE EMPLOYEE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART III, LINE 4A: THE COMPANIES SERVED BY IW IMPACT SOUTHWESTERN PENNSYLVANIA IN SEVERAL WAYS: (1) THEY CREATE JOBS; (2) THEY HELP RETAIN KEY REGIONAL TALENT; (3) THEY ATTRACT INVESTMENT DOLLARS AND TALENT TO THE REGION; AND (4) THEY CREATE A SUSTAINABLE COMPETITIVE ADVANTAGE FOR THE REGION'S COMPANIES. INNOVATION INVESTMENT FUND - THE CORE OF THE INNOVATION WORKS MODEL IS THE INNOVATION INVESTMENT FUND, SOUTHWESTERN PENNSYLVANIA'S LEADING SOURCE FOR SEED-STAGE CAPITAL FOR START UP TECHNOLOGY COMPANIES. INNOVATION WORKS HAS DEVELOPED AN EVALUATION PROCESS THAT IS STRUCTURED TO HELP FACILITATE WISE INVESTMENT DECISION-MAKING WITHIN INNOVATION WORKS. THE PROCESS IS DESIGNED TO LEVERAGE THE KNOWLEDGE OF INDUSTRY CONTACTS, STAFF DOMAIN EXPERTS, BOARD MEMBERS, AND MARKET EXPERTS, AS WELL AS TO GATHER THE OPINIONS AND RECOMMENDATIONS OF THE FOLLOW-ON INVESTMENT COMMUNITY. ALPHALAB - AN INTENSIVE PROGRAM FOR LAUNCHING THE NEXT GENERATION OF SOFTWARE, ENTERTAINMENT TECHNOLOGY HARDWARE, AND INTERNET-RELATED COMPANIES. ALPHALAB PROVIDES FUNDING, FREE OFFICE SPACE, AND EXPERTISE TO HELP COMPANIES RAPIDLY DEVELOP THEIR TECHNOLOGY, GAIN EARLY USER FEEDBACK, DEVELOP GO-TO-MARKET STRATEGIES, AND MOVE TOWARD COMMERCIALIZATION. ALPHALAB GEAR - THIS PROGRAM WAS LAUNCHED IN 2013 AS THE HARDWARE ACCELERATOR PROGRAM BASED ON THE ALPHALAB ACCELERATOR MODEL TO SUPPORT PHYSICAL PRODUCT COMPANIES. PROGRAM COMPONENTS INCLUDE THE SAME CORE PROGRAMMING AS ALPHALAB PLUS PRODUCT DESIGN, MANUFACTURING, SUPPLY CHAIN AND RETAIL DISTRIBUTION. ALPHALAB GEAR COMPANIES ALSO BENEFIT FROM BEING A PART OF THE EXTENDED ALPHALAB NETWORK, LEVERAGING THE ALUMNI AND MENTOR NETWORKS, SOFTWARE/INTERNET EXPERTISE BUILT OVER PRIOR ALPHALAB PROGRAM CYCLES. ALPHALAB HEALTH - THIS PROGRAM WAS LAUNCHED IN SEPTEMBER 2020 AS THE HEALTHCARE AND LIFE SCIENCES ACCELERATOR PROGRAM BASED ON THE ALPHALAB AND ALPHALAB GEAR ACCELERATOR MODELS TO SUPPORT HEALTHCARE COMPANIES. PROGRAM COMPONENTS INCLUDE THE SAME CORE PROGRAMMING AS ALPHALAB PLUS DATA COLLECTION, PROOF-OF-CONCEPT TRIALS, CLINICAL TRIALS, REGULATORY STRATEGY, AND REIMBURSEMENT AND REVENUE MODELS. ALPHALAB HEALTH COMPANIES ALSO BENEFIT FROM BEING A PART OF THE EXTENDED ALPHALAB AND ALPHALAB GEAR NETWORKS, LEVERAGING THE ALUMNI AND MENTOR NETWORK. ADDITIONALLY, BENEFITTING FROM THE EXTENDED NETWORK PROVIDED THROUGH THE COLLABORATION WITH ALLEGHENY HEALTH NETWORK. ROBOTICS FACTORY - THE ROBOTICS FACTORY INCLUDES THREE PROGRAMS: THE CREATE PROGRAM WILL DRIVE INNOVATION TO MEET INDUSTRY DEMANDS BY BRINGING ENTREPRENEURS, TECHNOLOGY EXPERTS, AND RESEARCHERS TOGETHER WITH SPECIFIC INDUSTRY EXPERTS TO DEFINE EXISTING AND EMERGING PROBLEMS AND IDENTIFY SOLUTIONS; THE ACCELERATE PROGRAM IS AN OPPORTUNITY FOR UP TO SIX PRE-SEED ROBOTICS STARTUPS EACH YEAR TO RECEIVE FUNDING FROM IW, MENTORSHIP, AND RESOURCES TO TAKE THEIR COMPANY TO THE NEXT STAGE OF GROWTH; AND THE SCALE PROGRAM PROVIDES EXPERTISE IN PRODUCT PROTOTYPING AND SERVICES TO HELP STARTUPS DEVELOP PRODUCTION-READY PRODUCTS. UNIVERSITY GRANTS (UIG) - IW WORKS IN PARTNERSHIP WITH WORLD-RENOWNED UNIVERSITIES IN THE PITTSBURGH REGION TO IDENTIFY AND CULTIVATE RESEARCH IDEAS THAT HAVE VIABLE MARKETS, AND PROVIDE FUNDING TO HELP ACCELERATE COMMERCIALIZATION. INTERNSHIP PROGRAM - THROUGH OUR ONGOING RELATIONSHIPS WITH AREA UNIVERSITIES, IW IDENTIFIES HIGH-CALIBER MBA AND UNDERGRADUATE STUDENTS WHO SHOW HIGH POTENTIAL IN BUSINESS, ENGINEERING AND OTHER IN-DEMAND FIELDS, FOR PLACEMENT AS INTERNS IN REGIONAL TECHNOLOGY START-UPS AND INNOVATIVE MANUFACTURING COMPANIES. INVESTOR DEVELOPMENT - IN THE CURRENT ENVIRONMENT, ASSISTING COMPANIES WITH RAISING CAPITAL IS ONE OF THE MOST IMPORTANT, AND MOST REQUESTED, SERVICE OFFERINGS THAT INNOVATION WORKS PROVIDES. EVERY COMPANY IN THE INNOVATION WORKS PORTFOLIO, REGARDLESS OF INDUSTRY, STAGE OF GROWTH OR EXPERIENCE OF THE ENTREPRENEUR, HAS FUNDRAISING AS A CONSTANT AND NECESSARY PRIORITY. INVESTOR DEVELOPMENT ASSISTS INNOVATION WORKS PORTFOLIO COMPANIES IN ALL ASPECTS OF THEIR FUNDRAISING EFFORTS. FROM 1999 - 2024, IW'S PORTFOLIO COMPANIES AND ACCELERATOR COMPANIES RAISED $4.07B OF FOLLOW-ON INVESTMENT-MOSTLY FROM SOURCES OUTSIDE OUR REGION. PORTFOLIO EXECUTIVES - ONE OF THE KEYS TO INNOVATION WORKS SUCCESS IS ITS APPROACH TO HELPING COMPANIES BY PROVIDING NOT ONLY CAPITAL, BUT ALSO BUSINESS EXPERTISE. INNOVATION WORKS' PORTFOLIO EXECUTIVES ALSO IDENTIFY AND ASSEMBLE THE ESSENTIAL BUSINESS RESOURCES, SKILLS, ADVICE AND INFORMATION THAT ARE NEEDED BY ITS PORTFOLIO COMPANIES BEYOND WHAT IS PROVIDED BY INNOVATION WORKS INTERNAL RESOURCES. THIS IS AN IMPORTANT ELEMENT OF INNOVATION WORKS VALUE PROPOSITION, BECAUSE ALL EARLY STAGE TECHNOLOGY COMPANIES CAN GREATLY IMPROVE THEIR CHANCES OF SUCCESS IF GIVEN ACCESS TO THE RIGHT EXPERTISE AND ASSISTANCE. STARTABLE - A COMMUNITY- AND SCHOOL-BASED PROGRAM THAT TEACHES THE BUILDING BLOCKS OF ENTREPRENEURSHIP AND CULMINATES IN A BUSINESS PITCH COMPETITION. SCALABLE INNOVATION - SCALABLE INNOVATION PROGRAM EXPANDS OPPORTUNITIES FOR BOTH MANUFACTURERS AND STARTUPS AND HELPS THEM OVERCOME INHERENT CHALLENGES IN SCALING THEIR BUSINESSES. THE PROGRAM HELPS REGIONAL STARTUPS BUILD SUPPLY CHAIN PARTNERSHIPS WITH THE LOCAL MANUFACTURING COMMUNITY. THROUGH THE PROGRAM, MANUFACTURERS CAN FIND NEW CUSTOMERS AND MARKETS. AS A STARTUP GROWS AND BECOMES MORE SUCCESSFUL, THEY WILL BECOME A BIGGER CUSTOMER FOR THE LOCAL MANUFACTURERS WITH WHICH THEY WORK. LIKEWISE, STARTUPS BENEFIT FROM THE EXPERTISE OF EXPERIENCED MANUFACTURERS, WHO CAN HELP OVERCOME ENGINEERING, DESIGN AND OTHER TECHNICAL CHALLENGES SO THE STARTUP CAN REACH COMMERCIAL SUCCESS FASTER, CHEAPER AND MORE RELIABLY. THE SCALABLE INNOVATION PROGRAM HELPS MAKE THE CONNECTIONS AND PROCESSES WORK SMOOTHLY SO BOTH STARTUPS AND THEIR SUPPLIERS BENEFIT. INNOVATION ADOPTION PROGRAM (IAP) - IW PROVIDES FUNDING AND CONNECTS SMALL MANUFACTURERS WITH THE REGION'S CENTERS OF EXCELLENCE TO HELP THEM IMPROVE PRODUCT AND PROCESS ENGINEERING FOR COMPETITIVE ADVANTAGE. EARLY STAGE TECHNOLOGY ASSISTANCE PROGRAM (ETAP) - SIMILAR TO THE UIG PROGRAM, BUT OUTSIDE OF THE UNIVERSITY CONTEXT, IW'S ETAP PROGRAM ATTEMPTS TO ANSWER FUNDAMENTAL QUESTIONS REGARDING THE COMMERCIAL POTENTIAL OF FORMATION-STAGE COMPANIES THAT HAVE REQUESTED ASSISTANCE FROM IW. THROUGH ETAP FUNDING, IW PROVIDES COMPANIES WITH DIRECT INVESTMENT OF UP TO $50,000 AND OFTEN LINKS THE COMPANY WITH A CONSULTANT OR INDUSTRY EXPERT TO ASSIST THE COMPANY IN ANSWERING FUNDAMENTAL BUSINESS QUESTIONS EARLY IN THE LIFE CYCLE, THEREBY ACCELERATING THE COMPANY'S DEVELOPMENT. UPPRIZE - INNOVATION WORKS ASSUMED THE ADMINISTRATION OF THE BNY MELLON UPPRIZE SOCIAL IMPACT CHALLENGE IN 2019. THE UPPRIZE COMPETITION WAS DESIGNED TO IDENTIFY PROMISING TECHNOLOGICAL SOLUTIONS FOR ISSUES AFFECTING MARGINALIZED POPULATIONS AND/OR NON-PROFIT ORGANIZATIONS IN SOUTHWESTERN PA. IN 2013, INNOVATION WORKS, INC. FORMED IW MANAGEMENT COMPANY, LLC FOR THE PURPOSE OF MANAGING RIVERFRONT VENTURES, LLC, A FOR-PROFIT VENTURE CAPITAL FUND WITH COMMITMENTS OF $23.7 MILLION. SCHEDULE A, PART II, LINE 1 THE GRANTS AND CONTRIBUTIONS ON LINE 1 WERE UPDATED TO RESTATE THE TOTAL AMOUNTS AS REPORTED ON THE ACCRUAL BASIS. THIS CHANGE DOES NOT CREATE AN ADVERSE RESULT FOR THE PUBLIC SUPPORT TEST AS THE OVERALL PUBLIC SUPPORT PERCENTAGE IS 82.27%. 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