HARRISBURG, Pa., Jan. 28, 2011 /PRNewswire-USNewswire/ -- New state investments in Pennsylvania's technology sector will help bring innovative products to the marketplace and strengthen Pennsylvania's energy industry, Department of Community and Economic Development acting Secretary C. Alan Walker announced today.
The $4 million investment, funding for which was included in the state's General Fund budget, was approved by the Ben Franklin Technology Development Authority. The authority is designed to help Pennsylvania entrepreneurs build globally competitive technology companies in the commonwealth.
"Pennsylvania has the ability to not only be a contender in the innovation economy but to be a global leader," Walker said. "The investments we are making today will strengthen Pennsylvania's economic core and build the framework for a strong future.
"Our universities, researchers and entrepreneurs are some of our greatest assets, and these investments are giving them the momentum they need to take new products to market, build new companies and, ultimately, create good jobs."
The Ben Franklin Technology Development Authority is one of the nation's largest and most-replicated state technology development programs, providing a vehicle for investment in economic, community and university-based innovation.
In 2009-10, the programs administered by the Ben Franklin Technology Development Authority created more than 3,000 jobs, retained another 4,500 jobs, helped to form 140 new companies, and leveraged $994 million in public and private investments.
For more information about the Ben Franklin Technology Development Authority, or other community and economic development programs, visit www.newpa.com or call 1-866-466-3972.
Media contact: Jamie Yates, 717-783-1132
Editor's Note: Projects approved Jan. 27 by the Ben Franklin Technology Development Authority include:
University City Science Center received a $100,000 technology development grant to support the QED Proof-of-Concept Program, a regional collaboration aimed at catalyzing the transfer and commercialization of early stage life science technologies from universities and research institutes. QED is the first multi-institutional proof-of-concept program in the nation. Currently, there are 18 universities and research institutions participating in the QED program under a single operating agreement.
Idea Foundry received a $100,000 technology development grant to assist entrepreneurs in the concept stage of an information technology or related engineering discipline to create a viable business. This is achieved through the TechMentor™ process, which is an iterative methodology that includes market analysis, product management, manufacturing strategy, management team development, and financial planning. With this latest round of funding, the Idea Foundry is expected to spin out five new companies
Pennsylvania NanoMaterials Commercialization Center received a $450,000 university research commercialization grant to further facilitate the creation of an industry/university network using advanced materials research for building the energy sector in Pennsylvania.
The Energy Commercialization Institute received a $1 million University research commercialization grant to accelerate the commercialization of alternative energy-related technologies through unique multi-institutional collaborations and intellectual property sharing agreements. The institute is the first regional partnership in southeast Pennsylvania for advancing alternative and clean energy technologies.
Lehigh University received a $600,000 university research commercialization grant to support the university's Energy and Environmental Research Initiative. The initiative will help to expand Lehigh University's portfolio of energy research that can be commercialized and educational programs devised specifically to deploy a workforce capable of implementing energy-related technologies.
Lehigh University also received a $600,000 university research commercialization grant to support the Pennsylvania Materials Research Science and Engineering Center, which will increase new technologies, expand research capabilities, commercialize innovative, high-value products, assist start-ups and Keystone Innovation Zone companies, and provide outreach and curriculum development to ensure a flow of talented graduates for businesses that will depend upon nanotechnology.
The Pennsylvania State University received a $600,000 university research commercialization grant to support the distributed power management project at the Philadelphia Navy Yard. The project will help address the national need for energy independence and create business growth and new quality jobs in Pennsylvania through development and commercialization of improved technology for distributed power management.
The University of Pittsburgh received a $600,000 university research commercialization grant to support the Interfaces of Electric Power and Energy Research Commercialization project. The project will advance, develop and commercialize technologies for an emerging direct current infrastructure environment, including advancements within the power electronics, renewable energy, smart grid, and related electric power fields.
SOURCE Pennsylvania Department of Community & Economic Development