AlphaLab FAQs

1) What is AlphaLab?

AlphaLab is a catalyst for launching and accelerating the growth of the next generation of software, web, mobile and entertainment technology companies.

Created by Innovation Works, AlphaLab provides funding, hands-on business assistance, advisors, services, and office space to up to six companies at a time through an intensive program.

AlphaLab helps companies rapidly develop early versions of their product, reach the critical stage of initial customer feedback and validation, and hone their go-to-market strategies.

2) What is Innovation Works?

Innovation Works (IW) is the Pittsburgh region’s largest and most active seed-stage investor. Since the creation of its seed fund in late-1999, IW has invested over $40 million in almost 120 technology startups in the Pittsburgh region – a pace that places IW among the most active seed-stage investors in the United States.

IW is a private non-profit corporation, which is largely funded by the Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority.

The IW portfolio is comprised of many of the most promising high-growth technology companies in the Pittsburgh region.

To date, these companies have been successful in attracting over $600 million in follow-on funding from VCs, angels and other investors. IW’s combination of capital and expertise helps companies move quickly and effectively to commercialize products, gain customers, and form relationships with investors and advisors.

3) How is AlphaLab different from other investors?

AlphaLab is different from other investors due to its immersive program, its collaborative environment, and the fact that it leverages the relationships and experience of Innovation Works, one of the nation’s most active seed stage investors.

AlphaLab has been tailored to help companies develop and launch new software and Internet-related products, including software-as-a-service, web and mobile applications, among others. It has been designed to help connect startups with the funding, technical and business resources they will need for success. The components of AlphaLab include:

$25,000 investment
On-site staff resources guiding you on product and business strategy including market definition, market analysis, user experience testing, and business model definition.
Access to advisors, mentors, and industry experts.
Free office space to develop your product and build your company in a collaborative environment with fellow entrepreneurs and technologists.
Access to the AlphaLab user community to provide valuable feedback regarding your product designs and usability.
Access to AlphaLab educational programs for practical advice on building your team, securing investment, market entry strategies, and other critcal topics.
Participation in AlphaLab networking events to introduce you to other technology entrepreneurs in Southwestern Pennsylvania.
A vibrant environment to launch your company and entrepreneurial career.

4) How can we apply to be part of AlphaLab? Do we need a business plan?

Just fill out the online application before the application deadline. No business plan is required.

5) How do we know if we're a good fit for AlphaLab? At what stage can we apply?

We are looking for capital-efficient companies that can make rapid progress in their product and market development and reach significant milestones at the end of the AlphaLab program.

If you are developing an innovative software-based product/service that can be rapidly developed and launched, you are encouraged to apply. If you have developed an early version of a web, mobile, gaming application and are developing your customer acquisition strategies and business model, you are also encouraged to apply. You can apply to participate in AlphaLab if you have already formed a company or if you just have a concept.

We are looking for companies that have the passion to take full advantage of the AlphaLab program and possess the capabilities and drive to make things happen.

6) Do we have to be developing a software product to be considered for AlphaLab?

We are looking for the best companies and concepts that can make rapid progress and reach critical product and market development milestones (e.g. a working version for customer feedback, early customer acquisition) in a short amount of time with a $25,000 investment.

Software, web and entertainment technology-based startups best fit these criteria but we are open to your idea if you think it fits within these parameters.

7) Does our company need to be incorporated?

No. If you are selected to participate in AlphaLab, we can help you connect with attorneys who have experience working with technology startups.

8) Will you sign a non-disclosure agreement (NDA)?

We look at hundreds of business plans each year. We don’t sign NDAs, but we will work with you to find the balance between understanding your company’s unique advantage without requiring you to divulge proprietary information. In your application, please avoid disclosing any technical information that you consider to be your ‘secret sauce,’ but be as clear as possible about your competitive advantage.

9) How do you choose the participants?

A review committee consisting of our advisors, investors, and the AlphaLab team will review all of the applications and select a subset of the companies for in-person meetings. After the face-to-face meetings, we will select the companies based on the originality of the concept, the technology’s market potential and the teams’ ability to develop and launch a winning product/service.

10) How is the investment structured?

Innovation Works receives 5% common stock in the company in return for the $25,000 AlphaLab investment, plus space and services. More important than financial return, however, is the opportunity for AlphaLab and Innovation Works to help create the next great technology company in Pittsburgh. As a non-profit, any financial returns to Innovation Works are re-deployed into the community to support future generations of technology entrepreneurs.

11) What will we do once we are a part of AlphaLab?

You will have the opportunity to immerse yourself in the AlphaLab program. You will build your company while taking part in weekly events or discussions geared to helping you with the questions and challenges most entrepreneurs face. You will have opportunities to meet advisors, investors, fellow entrepreneurs and industry experts. You will work with our on-location team members who are there to help you make your company successful. Most of all, you’ll have fun while working hard to make your dream a reality.

12) Where are you located? What is the office like?

AlphaLab is located at 2325 East Carson Street in the historic Southside neighborhood of Pittsburgh. It’s a convenient location, near coffee shops, restaurants, and more importantly, numerous other startup technology companies.

The AlphaLab location is a 5,000 square foot facility that contains open space for working or collaborating, individual offices for each company, conference rooms for larger meetings, and an engaging atmosphere.

13) Do we have to stay in Pittsburgh after the program ends?

Companies are expected to remain in Pittsburgh after the end of the AlphaLab program. Our goal is to help you build a successful technology company and to add to the critical mass of flourishing tech companies in the Pittsburgh region. We believe that Pittsburgh is a great place to build a company and after your experience at AlphaLab we are confident that you will agree.

14) What happens if our company fails?

We recognize that not all startup companies succeed. While we want to give you every chance for success, sometimes market and customer feedback says otherwise. In that case, it’s better that you had the opportunity to find out that data earlier and more cost-effectively than might have otherwise been possible. And we believe that your experience with AlphaLab will be extremely valuable for your next venture.

15) Whom should we contact with other questions?

Send an email to info@alphalab.org, and a member of our team will be happy to answer any additional questions for you.