The kitchen that launched Respironics
In the late 1970’s and 1980’s, Mr. McGinnis developed the Continuous Positive Air Pressure (CPAP) mask. Not waiting for a big influx of capital to get his business started, he baked the original rubber parts for the CPAP masks in the family kitchen. Respironics evenutally dominated the sleep apnea industry, and the company was revered for its innovative and supportive culture. In 1988, Respironics’ IPO’d and then sold to Philips in 2007 for $5 billion.
Audrey's Kitchen began with a series of medical device startups originating from Gerald E. McGinnis's expertise and from connections formed in his Respironics’ years. Succeeding generations of McGinnis’ acquired a portion of the innovation investments and re-purposed them towards seeding Pittsburgh companies that would improve the lives of those they touched.
The partnership began adding software, material, consumer products, and financial technology to the portofolio. It diversified further by placing funds in local and national real estate and private equity partnerships to increase connectivity to larger markets and networks.