The American Entrepreneur

Innovation Works

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Radio Segments

  • Ron Profiles Innovation Works and AlphaLab with the help of Rich Lunak

    “The American Entrepreneur” Ron Morris talks with Rich Lunak of Innovation Works about the roaring success of IW “spinoff” Alphalab’s “Demo Day”, and what Rich thinks of the direction of Pittsburgh’s tech landscape.

About Innovation Works

Innovation Works (IW) invests in and provides business mentoring to high-potential, start-up technology companies in the Pittsburgh region.  Innovation Works is the most active seed-stage investor in Southwestern PA, investing more than $48M in roughly 130 companies since IW’s seed fund began in 1999.  IW’s portfolio companies have raised more than $750 million in follow-on funding.  The depth of experience gained from working with so many companies and deal transactions makes IW’s business advice an invaluable resource.  The combination of capital and expertise helps companies move quickly and effectively to commercialize products, gain customers, and form relationships with other investors and advisors who can help these companies realize their full potential.

IW 10-Year Community Report
www.alphalab.org

Richard Lunak – President & CEO, Innovation Works

Rich Lunak is President & CEO of Innovation Works, the nation’s third most active early-stage investor according to Entrepreneur Magazine.  Rich leads Innovation Works’ efforts to provide business expertise, seed capital and other resources to high-potential, technology start-up companies in Pittsburgh.  Since 2000, Innovation Works has invested in more than 125 regional technology start-ups which have gone on to raise more than $700 million in follow-on investment.  Additionally, 72% of the Pittsburgh region’s venture capital investments went to Innovation Works’ portfolio companies since 2007.

Prior to joining Innovation Works in 2005, Rich was a successful technology entrepreneur.  He helped lead Automated Healthcare from a three-person start-up to a $65 million acquisition by McKesson Corporation, the nation’s 16th largest company.  Rich became Group President, McKesson Automation, where he led five autonomous business units that served more than 13,000 customers, generated several hundred million in revenues and managed more than 1,800 employees with operations in four states.  He was responsible for acquiring new technologies and the design, development and rollout of numerous robotic, automated and software products that are installed in leading healthcare providers across the country and around the world.

A technologist as well as an entrepreneur, Rich Lunak received a Bachelor’s Degree in Electrical and Computer Engineering from Carnegie Mellon, a Master’s Degree in Business Administration from the University of Pittsburgh, and holds several U.S. patents.  He is a guest lecturer at the University of Pittsburgh and Carnegie Mellon and is a member of numerous Boards of Directors.  For several years, Rich served as an officer of the Pittsburgh Venture Capital Association.  He is the winner of the 2008 Carnegie Science Center entrepreneur’s award.