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

ture capital, many high profile national venture firms invested in companies starting, growing, and staying in Pittsburgh.
  • Merger & Acquisition activity is accelerating as evidenced by having 28 companies exit in 2011-2012 generating $2B in disclosed value.
  • "Pittsburgh's economy has proved to be a model for many regions of the country since being singled out to host the G-20 Summit in 2009," said Lynette Horrell , Managing Partner, Pittsburgh Office, Ernst & Young LLP.  "Pittsburgh has weathered the national recession better than many comparable regions and this report is greater proof that our long-term strategy to diversify our economy is paying dividends.  We have a growing entrepreneurial community, a talented and dedicated workforce and unparalleled research institutions which have been a winning combination to start and grow great technology companies here," continued Ms. Horrell.

    "We were very encouraged by the five-year results," stated Rich Lunak , President & CEO of Innovation Works, the most active seed-stage investor in the Pittsburgh region.  "The investment community is recognizing that there are great companies here and that Pittsburgh has globally competitive strengths in software, life sciences, robotics and other sectors.   If we can maintain the momentum in our pipeline and increase the pool of local investment capital to support the growing number of high-quality startups, Pittsburgh can ascend to being one of the nation's top-tier startup communities," said Mr. Lunak.

    About Ernst & Young:

    Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwa
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    SOURCE Innovation Works, Inc.
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