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Pittsburgh's Positive Investment Growth Bucks National Trends According to Ernst & Young and Innovation Works Report
Date:4/10/2013

PITTSBURGH, April 10, 2013 /PRNewswire-USNewswire/ -- While the rest of the nation generally saw declines in the number of venture capital dollars and deals last year, Pittsburgh's investment scene roared to life with a 54% increase in the number of financing deals while investment totals also outpaced the previous year.  In a joint report entitled "Optimizing Opportunities," Ernst & Young and seed-stage investor Innovation Works report that over a five-year period deals and investment levels increased, mergers and acquisitions increased and the stage has been set for future growth.

Highlights of the report:

  1. Nationally, the number of venture deals declined 6% (from 3,937 to 3,698) and dollars invested declined 10% (from $29.5B to $26.5B), while Pittsburgh investment performance during 2012 was more positive with a significant 54% increase in the number of financings (123 to 190) while invested dollars reflected a slight increase ($326.9M to $329.1M). 
  2. Over the 5-year period of the report (2008-2012), the Pittsburgh region saw $1.3B being invested in the region's early stage technology companies during the nation's worst economic recession --an indicator of the region's resilience with a broad-based economy of enterprise software, consumer software, medical devices, healthcare, and biotech.
  3. Pittsburgh experienced a dramatic increase in the number of very early stage companies attracting funding with pre-revenue companies nearly doubling--an indicator that the research universities and broader entrepreneurial community are starting the next generation of promising technology companies that will ultimately drive the region's future growth.
  4. Despite low levels of indigenous ven
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SOURCE Innovation Works, Inc.
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