2026-05-15T15:41:51-05:00 2025-06-30 251467156 SISTERSON & CO LLP 501 GRANT STREET SUITE 450 PITTSBURGH PA 15219 990 2024-07-01 251588611 INNOVATION WORKS INC INNO 4126811520 ONE ALLEGHENY SQ NOVA TOWER 1 401 PITTSBURGH PA 15212 VEN RAJU PRESIDENT & CEO 4126811520 2026-05-15 1 0 KIMBERLEY A MILLER P01324554 4122812025 2024 2025-03-06 01:10:19Z X VEN RAJU ONE ALLEGHENY SQ NOVA TOWER 1 401 PITTSBURGH PA 15212 18818713 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. 9 6 43 46 0 16261 10671016 11707979 1815284 1496403 724374 1397460 7395 8158 13218069 14610000 559460 485450 0 0 6095632 7812830 0 0 250875 9956582 10193398 16611674 18491678 -3393605 -3881678 45772445 45646740 5993293 10010223 39779152 35636517 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 14972126 485450 1504561 SEE SCHEDULE O 14972126 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 62 0 43 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 6 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 PA X KARLA KARANZA 4126811520 ONE ALLEGHENY SQUARE NOVA TOWER 1 PITTSBURGH PA 15212 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 (THRU 12/24) 0.75 X 0 0 0 MS DONNA MYERS BOARD MEMBER (THRU 12/24) 0.75 X 0 0 0 MR JIMMY WILLIAMS BOARD MEMBER 0.75 X 0 0 0 MR WILLIAM SANDERS BOARD MEMBER (THRU 6/25) 0.75 X 0 0 0 MR TOM JONES BOARD CHAIR 2.50 X 0 0 0 MR RON BIANCHINI JR BOARD MEMBER 0.75 X 0 0 0 MR STEPHEN CHEN BOARD MEMBER (AS OF 10/24) 0.75 X 0 0 0 MR DAVID ROGER BOARD MEMBER (AS OF 10/24) 0.75 X 0 0 0 MR CARL DALEY BOARD MEMBER (AS OF 4/25) 0.75 X 0 0 0 MR VEN RAJU PRESIDENT & CEO 40.00 X 569820 0 55451 MR KIRK BOTULA VP & CSOO 40.00 X 387267 0 63586 MS KELLI MCMURRAY SECRETARY & CONTROLLER 40.00 X 179828 0 30183 MS KELLEY BENSON VP HR & INCLUSION 40.00 X 228676 0 43979 MR ROBERT STARZYNSKI VP BUSINESS DEV. & TREASURER 40.00 X 251690 0 47100 MS AFSHAN KHAN PORTFOLIO EXECUTIVE 40.00 X 198145 0 48841 MR JEFFERY MCDANIEL PORTFOLIO EXECUTIVE 40.00 X 215149 0 44243 MR AARON TAINTER DIRECTOR OF ACCELERATOR PROGRAMS 40.00 X 197241 0 19123 MS DEBORAH WALKER SR. LEGAL COUNSEL 40.00 X 220411 0 20316 MR KEVIN DOWLING PORTFOLIO EXECUTIVE 40.00 X 250939 0 48478 MR RICHARD R LUNAK FORMER PRESIDENT & CEO 10.00 X 129630 0 13532 2828796 0 434832 22 1 1 0 BUCHANAN INGERSOLL & ROONEY PC 501 GRANT STREET SUITE 200 PITTSBURGH PA 15219 LEGAL 455262 GREGORY FCA COMMUNICATIONS LLC 27 WEST ATHENS AVE ARDMORE PA 19003 CONSULTING 232654 JORGEN D PEDERSEN 4478 MIDDLE ROAD ALLISON PARK PA 15101 CONSULTING 167147 3 9428360 2279619 11707979 LOAN & EQUITY INCOME 900000 1495749 1495749 ROYALTIES 900000 654 654 1496403 1219555 1219555 4386618 4208713 177905 177905 177905 MISCELLANEOUS REVENUE 900000 8158 8158 8158 14610000 1504561 0 1397460 X 485450 485450 1691656 849448 770320 71888 4674720 4037105 542229 95386 529280 425967 103313 562393 420437 102195 39761 354781 285530 69251 489446 489446 56933 56933 51078 31713 19365 41077 41077 2104314 1218250 870564 15500 43474 42624 850 315444 299175 14384 1885 498131 216146 281220 765 886033 798285 78028 9720 22611 4003 15493 3115 126632 66638 48450 11544 138395 114217 24178 62119 62119 INVESTMENT IN PORTFOLIO 4229993 4229993 0 0 PROGRAM EXPENSES 654581 528817 125764 0 OTHER MISCELLANEOUS EXP 84026 48745 34820 461 SUBSCRIPTIONS AND MEMBE 29111 20137 8974 0 360000 360000 18491678 14972126 3268677 250875 11696628 12861782 2122395 2773676 103323 112840 1088050 474760 272786 613290 21026792 18302704 8551480 9719287 1999041 1263161 45772445 45646740 2277162 2516691 1684670 6217082 2031461 1276450 5993293 10010223 X 39219190 35030857 559962 605660 39779152 35636517 45772445 45646740 -3881678 -260957 0 X 0 1 X 1 1 1 X 6371144 5845179 10221293 10671016 11707979 44816611 6371144 5845179 10221293 10671016 11707979 44816611 2635829 42180782 472475 528037 1478907 1418120 1219555 5117094 1166 7395 8158 16719 49950424 32839822 0.84450 0.82270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 0 0 0 0 1 51078 0 0 51078 0 PART II-B, LINE 1: LOBBYING ACTIVITIES INCLUDE DIRECT CONTACT WITH LEGISLATORS, THEIR STAFF, GOVERNMENT OFFICIALS OF A LEGISLATIVE BODY. 241623 227382 14241 752885 225369 527516 93542 22009 71533 613290 RIVERFRONT VENTURES 5329377 F IW MANAGEMENT COMPANY 135649 F COGNITION THERAPEUTICS, INC. 77413 F RIVERFRONT VENTURES II 3855893 F IW MANAGEMENT COMPANY II 91790 F PALLADYNE AI CORP 181600 F LONGEVITY HEALTH HOLDINGS INC 47205 F PNC BANK DEPOSIT SWEEP PROGRAM 360 F 9719287 LEASE LIABILITY 1276450 1276450 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, 2025, IW IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS. IW'S TAX RETURNS FOR THE YEARS ENDED JUNE 30, 2022 AND BEYOND REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. 1 LEAFICIENT INC 163 TUNNEL ROAD EVANS CITY PA 16033 882711539 20000 0 CASH SCALEABLE MANUFACTURING GRANTS ($20,000) ASTRIA BIOSCIENCES INC 1123 PINEWOOD DRIVE PITTSBURGH PA 15243 922354842 125000 0 CASH AWARD, UPPRIZE ($125,000) BINDR INC 1333 ROSEPOINTE DRIVE YORK PA 17404 990737995 75000 0 CASH AWARD, UPPRIZE ($75,000) CELL X TECHNOLOGIES INC 10000 CEDAR AVE CLEVELAND OH 44106 822405500 22586 0 CASH SCALEABLE MANUFACTURING GRANTS ($22,585.62) JOURNEY ROBOTICS INC 251 TAMARACK DRIVE MARS PA 16046 991591950 25000 0 CASH SCALEABLE MANUFACTURING GRANTS ($25,000) NEAR EARTH AUTONOMY INC 150 N LEXINGTON STREET PITTSBURGH PA 15208 454102356 25000 0 CASH SCALEABLE MANUFACTURING GRANTS ($25,000.00) PATHVU 1401 FORBES AVENUE SUITE 303 PITTSBURGH PA 15219 465639609 100000 0 CASH AWARD, UPPRIZE ($100,000) S & K COSMETICS 11270 BROKERS LANE N HUNTINGDON PA 15642 991203027 25000 0 CASH EMERGING TECHNOLOGY ASSISTANCE PROGRAM ($25,000) SEALION ENERGY INC 6401 PENN AVENUE 3RD FLOOR PITTSBURGH PA 15206 934294324 20000 0 CASH SCALEABLE MANUFACTURING GRANTS ($20,000.00) SUPER POWERS MOBILITY INC 2708 LORI DRIVE NEW KENSINGTON PA 15068 934000116 6769 0 CASH SCALEABLE MANUFACTURING GRANTS ($6,768.76) 0 10 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 441445 0 128375 0 0 0 41400 0 14831 0 626051 0 0 0 MR KIRK BOTULA VP & CSOO 358589 0 28678 0 0 0 35656 0 35740 0 458663 0 0 0 MR KEVIN DOWLING PORTFOLIO EXECUTIVE 218127 0 32252 0 560 0 25637 0 23620 0 300196 0 0 0 MR ROBERT STARZYNSKI VP BUSINESS DEV. & TREASURER 201094 0 50050 0 546 0 24462 0 23408 0 299560 0 0 0 MS KELLEY BENSON VP HR & INCLUSION 181390 0 46773 0 513 0 21934 0 22777 0 273387 0 0 0 MR JEFFERY MCDANIEL PORTFOLIO EXECUTIVE 196587 0 18562 0 0 0 22594 0 22404 0 260147 0 0 0 MS AFSHAN KHAN PORTFOLIO EXECUTIVE 179103 0 18562 0 480 0 20540 0 28987 0 247672 0 0 0 MS DEBORAH WALKER SR. LEGAL COUNSEL 188520 0 31416 0 475 0 20299 0 695 0 241405 0 0 0 MR AARON TAINTER DIRECTOR OF ACCELERATOR PROGRAMS 178679 0 18562 0 0 0 19106 0 655 0 217002 0 0 0 MS KELLI MCMURRAY SECRETARY & CONTROLLER 145330 0 34083 0 415 0 17733 0 13042 0 210603 0 0 0 MR RICHARD R LUNAK FORMER PRESIDENT & CEO 78001 0 51629 0 0 0 0 0 13532 0 143162 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 IX, LINE 11G OTHER CONSULTING FEES: PROGRAM SERVICE EXPENSES 1,218,250. MANAGEMENT AND GENERAL EXPENSES 870,564. FUNDRAISING EXPENSES 15,500. TOTAL EXPENSES 2,104,314. 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 - 2025, IW'S PORTFOLIO COMPANIES AND ACCELERATOR COMPANIES RAISED $4.15B 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. FORM 990, PART IX, LINE 24E THE ORGANIZATION INCURRED LEGAL EXPENSES AND SETTLEMENT COSTS DURING THE YEAR RELATED TO THE RESOLUTION OF A NON RECURRING LEGAL MATTER. MANAGEMENT BELIEVES THE MATTER IS FULLY RESOLVED. THESE COSTS WERE CLASSIFIED AS PROGRAM SERVICE EXPENSES IN ACCORDANCE WITH IRS FUNCTIONAL EXPENSE GUIDANCE. MPC CORPORATION 5000 FORBES AVENUE PITTSBURGH PA 152133890 251128244 RESEARCH AND DEVELOPMENT PA 501(C)(3) 11A - TYPE 1 N/A 0 BEN FRANKLIN TECHNOLOGY PARTNERS CORP 116 RESEARCH DRIVE BETHLEHEM PA 180153715 201326433 ECONOMIC DEVELOPMENT PA 501(C)(3) 509(A)(3) N/A 0 RIVERFRONT VENTURES LLC ONE ALLEGHENY SQUARE NOVA TOWER 1 S PITTSBURGH PA 15212 462587754 VENTURE FUND - INVESTMENTS IN EARLY STAGE TECH COMPANIES PA IW MANAGEMENT COMPANY LLC RELATED -177813 5503459 0 0 0.61420 RIVERFRONT VENTURES II LLC ONE ALLEGHENY SQUARE NOVA TOWER 1 S PITTSBURGH PA 15212 852568830 VENTURE FUND - INVESTMENTS IN EARLY STAGE TECH COMPANIES PA IW MANAGEMENT COMPANY II LLC RELATED 46086 3903901 0 0 0.97980 IW MANAGEMENT COMPANY LLC ONE ALLEGHENY SQUARE NOVA TOWER 1 S PITTSBURGH PA 15212 462574317 MANAGE RELATED ENTITY, RIVERFRONT VENTURES, LLC PA INNOVATION WORKS INC C 118444 1483151 1.00000 1 IW MANAGEMENT COMPANY II LLC ONE ALLEGHENY SQUARE NOVA TOWER 1 S PITTSBURGH PA 15212 852552038 MANAGE RELATED ENTITY, RIVERFRONT VENTURES II, LLC PA INNOVATION WORKS INC C 196941 210850 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 IW MANAGEMENT COMPANY LLC R 4743 ACTUAL CASH RIVERFRONT VENTURES LLC R 154946 ACTUAL CASH RIVERFRONT VENTURES II LLC R 1390630 ACTUAL CASH IW MANAGEMENT COMPANY II LLC R 38890 ACTUAL CASH IW MANAGEMENT COMPANY II LLC Q 177215 ACTUAL CASH