The McCune Foundation has given $3.5 million to Innovation Works to make sure that its impact remains long after the philanthropy is gone.
“Here in Southwestern Pennsylvania, it will help fill funding gaps, ensure high-growth companies have the resources to grow and ensure our region can attract and retain the entrepreneurs and talent to fuel these companies,” said Rich Lunak, president and CEO of Innovation Works, a Hazelwood-based economic development group.
The nonprofit is the second recipient of McCune’s “Big Ideas” grant. Innovation Works has invested more than $52.3 million in 168 technology startups — usually in the life sciences and medical devices, robotics, advanced materials and advanced electronics fields — and provided business expertise. Its website reported that those companies have established thousands of jobs and attracted more than $1.5 billion to the region since its seed fund began in 1999.
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