A business incubator in Pittsburgh has landed a nearly $1 million grant to help attract new investors.
The $800,000 federal grant was awarded to Innovation Works to support its fairly successful AlphaLab program.
AlphaLab brings early-stage businesses into its workspace on the South Side where it provides the entrepreneurs with a small cash investment, goal-specific education, key mentorship opportunities, and an entrée into the Pittsburgh high-tech community.
“It’s that special sauce, it’s the mixture together, that makes this program and these companies successful,” said AlphaLab spokesperson Terri Glueck.
The funds come from the U.S. Commerce Department's Economic Development Administration. Glueck said the program will use the grant to build partnerships with area businesses and find new investors for the fledgling companies as they emerge from the incubator.
“They need additional money, additional investors and additional partners to help these companies grow,” Glueck said. “So part of our activity is to find those hand off partners, the next person in the marathon.”