Innovation Works names Ven Raju new president, CEO

Pittsburgh-based Innovation Works (IW) announced Thursday that Ven Raju would take the helm as its new president and CEO.

Raju will succeed Rich Lunak, who announced his retirement in February after 17 years with IW. Lunak led IW into its position as one of the most active pre- and seed-stage investors in the country and the most active early-stage investor for tech startups in southwestern Pennsylvania. Officials said Raju was selected from more than 135 candidates after a nationwide search by IW’s Board of Directors.

“Pittsburgh’s transformation from an industrial powerhouse to a 21st-century technology hub is a testament to the region’s incredible talent, world-renowned research institutions, and a robust entrepreneurial ecosystem,” Raju said. “Rich and the team have brought to bear the necessary resources to support regional startups and have been a seminal force in developing that entrepreneurial ecosystem and advancing the regional innovation economy.”

Previously, Raju served as IW’s Chief Investment Officer, leading the organization’s investment decision process for new investments, helping portfolio companies achieve their fundraising strategies, and managing relations with IW’s partners in southwestern Pennsylvania. He also previously served as managing director of Riverfront Ventures, the for-profit fund managed by IW.

“The board is confident that Ven’s combination of skills and experience will continue to drive the IW legacy of nurturing and growing the entrepreneurial ecosystem built over the last 40 years,” said Catherine Mott, chair of Innovation Work’s board of directors. “Ven has worked with investors and startups all around the world and knows firsthand the incredible opportunities we have to offer in the Pittsburgh region. He also inherently understands the entrepreneur’s personal journey — the challenges of building a concept to a thriving business.”

The board said Raju’s start date was Oct. 6.