Innovation Works named Ven Raju as its new president and CEO

At the beginning of 2022, Rich Lunak announced that after 17 years of serving as president and CEO of Innovation Works, he’d be stepping down to retire. Now with only months of the year left, the North Side-based early-stage investment firm has chosen someone familiar as Lunak’s successor: Ven Raju.

Raju has served as the organization’s chief investment officer and the Innovation Works-based Riverfront Ventures’ managing director since 2021. As this week marks the beginning of Raju’s tenure, he told Technical.ly he’s excited about what his future at Innovation Works will bring.

“I am honored to have the opportunity to lead IW, particularly at a time when the region is experiencing unprecedented growth. IW’s commitment to supporting companies and entrepreneurs at all stages of the business and development lifecycle is unwavering,” Raju said. “I look forward to continuing to strengthen our support and help take our entrepreneurial ecosystem to the next level.”

Prior to joining Innovation Works, Raju held positions such as managing director and VP of  Northwell Ventures; partner at Chestnut Street Ventures; partner at Choate Capital Partners; and a guest lecturer at the University of Pennsylvania.

In 2021, Pittsburgh was struggling to bring in significant venture capital deals, but in Q1 2022 the region saw a bump — around $240 million, more than the total invested over the first three quarters of the previous year. The region then saw a strong Q2, too, amid economic uncertainty. Raju attributed the progress to a combination of the “cluster effect,” meaning the result of interconnected businesses working together in a region, the research institutions and the tech talent in Pittsburgh.

I think you're seeing all of that bear fruit in the context of not only capital but in the context of companies forming and growing here.

“You are seeing kind of the cluster effect come to bear. We have world-renowned research institutions. We have tremendous tech talent in the region,” Raju said. “We have organizations like IW, and others who helped to really shepherd companies at the earliest stages where they’re at the highest risk. And so I think you’re seeing all of that bear fruit in the context of not only capital but in the context of companies forming and growing here.”

Raju said it’s the time he’s spent at Innovation Works as its chief investment officer combined with his background in technology, his past experiences as an investor, and his familiarity with ecosystems both inside and outside of Pittsburgh that make him a good fit for the job. Furthermore, having worked under Lunak prior to his departure, he gained a good understanding of the job and an appreciation for the initiatives started under the former leader that he’s excited to see through.

“One of the initiatives that is near and dear to me is our diversity and equity and inclusion initiative. We all know that venture has not the greatest kind of stats around diversity,” Raju said. “So IW has made inclusion, diversity and important operational portfolio and programming goal and I’m very much excited to continue our programs in that realm.”

Raju cited the 2020 Crunchbase report that an estimated 2.6% of all venture dollars went to minority-led businesses and 2.2% of all venture dollars went to women-led businesses as evidence of the disparity. On the flipside, he said, 60% of Innovation Works’ portfolio companies have founders or leaders who are women and/or minorities.

The new CEO is beginning the job with a vote of confidence from his predecessor.

“Ven has vast investment experience and connections as well as a hands-on background working with startups and entrepreneurs at every level of development,” Lunak said in a release.  “Not every worthwhile company will go on to attain follow-on funding — and that’s OK. Ven has the right experience, empathy and knowhow to support our entire portfolio.  I cannot be more excited about what the future holds for Ven and his vision for IW.”

Atiya Irvin-Mitchell is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Heinz Endowments.