Innovation Works Inc. has announced the appointment of its new president. A promotion from within, Ven Raju has now been tasked with leading the organization effective October 6 after previously serving as IW's chief investment officer as well as the managing director of Riverfront Ventures, which maintains a $24 million fund from IW that invests in startups alongside venture capital firms. He first joined IW to take on those roles in July 2021. Raju succeeds outgoing CEO and president Rich Lunak, who held the post for 17 years after announcing plans to retire by year's end in February.

IW said Raju bested over 135 applicants who applied for the role following a national search, which IW hired global consulting firm Korn Ferry to conduct. With more than 25 years of experience in venture capital and startup investment funding, Raju said this appointment is the most significant of his career. He'll immediately be tasked with overseeing the recent fresh infusions of significant capital into the organization, including over $19.6 million from Pennsylvania's Direct Venture Investment program [3] and $14.2 million as part of the Build Back Better challenge [4] the region won in September, among other recent funding scores.

He declined to characterize his planned leadership style as being either similar or different to that of Lunak's. Instead, he said he plans to lead IW through an evolving ecosystem - one he described as robust and vibrant compared to other cities - to ensure IW's relevance in the local startup scene remains. Prior to joining IW, Raju served as the vice president and managing director of Northwell Ventures, a corporate venture group of New York-based health care provider Northwell Health. He also held roles as a partner at Choate Capital Partners and Chestnut Ventures.

Raju holds an MBA from the University of Pennsylvania, a master's from the University of Oxford and a bachelor's from George Washington University. He resides in Wexford with his wife and two daughters.