Founders on Fire with Ven Raju, CEO of Innovation Works

In this episode of Founders on Fire, host Rose Ross sits down with Ven Raju, CEO and President of Innovation Works, to discuss how his organization is fueling the startup ecosystem in Pittsburgh, Pennsylvania. As winners of the Investment Trailblazers Award, Innovation Works plays a crucial role in supporting early-stage companies across hardware, software, life sciences, and robotics through accelerator programs and investment funds.

Ven shares insights into venture capital trends, emphasizing the importance of line of sight to profitability for startups in today’s market. He also highlights the key ingredients for entrepreneurial success, including passion, adaptability, and building the right team.

Listeners will get an inside look at Pittsburgh’s thriving tech scene, the impact of university partnerships, and exciting new initiatives like the life sciences revolving fund and robotics accelerator. Whether you’re a founder, investor, or tech enthusiast, this episode is packed with valuable takeaways on startup growth, investment strategies, and innovation.

Tune in now to hear how Innovation Works is shaping the future of startups!

Standout Quotes from Ven Raju

Here are some standout quotes from Ven Raju that capture the essence of the podcast and would work well for promotion:

On the mission of Innovation Works:

“Innovation Works is here to support the broader tech ecosystem in Pennsylvania. We provide commercialization expertise as well as vertical domain expertise to help startups grow and develop their businesses.”

On investment strategy and market shifts:

“Venture investors are looking more closely at line of sight to cash flow breakeven or profitability. Investors want to see that there is a pathway for the company to be financially sustainable.”

On the entrepreneurial journey:

“The typical life cycle of an early-stage company from inception to liquidity is now 11 years. Founders must be incredibly committed and passionate to sustain the volatility and challenges of that journey.”

On the importance of customer feedback:

“Don’t solve for your idea—solve for what customers need and want. The best way to do that is to talk directly with customers or potential customers.”

On building the right team:

“Your team is very important. Think about it through the lens of your own capabilities and skills, and how to round that out with co-founders or partners who complement your strengths.”

On the new life sciences revolving fund:

“We’ve created a long-term investment vehicle to support life sciences companies in the region. Entrepreneurs who succeed contribute back to future startups, creating a self-sustaining cycle of innovation.”.

On Pittsburgh’s innovation ecosystem:

“Robotics and hardware account for about a third of investment inflows in the region, thanks to Carnegie Mellon’s Robotics Institute and its long-standing research in the field.”