Innovation Works, one of the country’s most active investors in seed-stage technology companies, is launching AlphaLab to accelerate the development of software, interactive games and Internet-related companies. AlphaLab provides funding, free office space, and intense business mentoring for up to twelve companies per year that will be selected in two, six-month cycles.
About AlphaLab (www.iwAlphaLab.org)
AlphaLab provides the essential elements for startup companies to get off the ground successfully: funding, space, advisors, services, and a supportive entrepreneurial community. By combining these ingredients in an intensive six-month program, AlphaLab provides companies a unique opportunity to accelerate their growth and development. Twice a year, AlphaLab will select up to six companies to participate in the program. The application deadline for the Summer/Fall 2008 session is March 31st, 2008! Selected companies will receive:
Funding
Innovation Works will invest $25,000 in each AlphaLab company in return for 3% of the common stock of the company. This funding should support company operations during the AlphaLab program. As Innovation Works utilizes funds from the Commonwealth of Pennsylvania, each company receiving funding is expected to maintain a significant presence in Pennsylvania after the program.
Space
Free office space is provided to AlphaLab companies for five months of the program. Through co-location in AlphaLab's collaborative environment, companies will have the opportunity to share ideas and gain exposure to the breadth of Pittsburgh's entrepreneurial, investment and software expertise. Located at 2325 East Carson Street in Pittsburgh's historic Southside neighborhood, AlphaLab's location is easy to reach and near coffee shops, restaurants, retail shops, and dozens of other startup software technology companies.
Advisors
Throughout the six-month cycle, AlphaLab companies receive guidance and hands-on assistance from the AlphaLab team and advisors, including experienced entrepreneurs, investors and other leading experts in various software, game design and Internet-related fields. AlphaLab companies will meet regularly with and learn from these experts in one-on-one sessions and group discussions that cover topics about running and building a successful business. The collaborative nature of AlphaLab fosters peer learning as well, as entrepreneurs and company teams go through the program together. At the end of the program, companies will have an opportunity to network with and present their company to potential investors.
Services
The AlphaLab team will provide hands-on assistance in critical areas that support product and company development. AlphaLab team members will help companies develop plans to define and build their products by: conducting market and competitive analyses, soliciting user feedback on prototypes, recruiting alpha/beta users through the AlphaLab Community, and working with companies to conduct end-user tests.
AlphaLab will also provide strategic business guidance to help companies develop a business model, marketing plans and fundraising strategies. The AlphaLab team has deep experience preparing companies to present their business plan to investors with maximum impact and will help hone the investor pitch. Finally, AlphaLab will help companies access other types of startup support including technical, legal, accounting and IT services.
Join the AlphaLab Community!
Want to test new apps before they launch? Stay plugged in to what’s happening in the software and Internet community? Interested in testing new gaming technology? Sign up for the AlphaLab Community to receive early invites to participate in private alpha and beta tests of our companies’ products. If you have a Facebook account, search AlphaLab and become a fan of our page! If you are not on Facebook, send an email to info@iwAlphaLab.org and we will send you updates!
