Governor Corbett Announces Funding to Ben Franklin Technology Partners to Support Early Stage Companies and Entrepreneurs in PA
HARRISBURG, Pa., Aug. 7, 2014 /PRNewswire-USNewswire/ -- Continuing to advance his JOBS1st PA initiative, Governor Tom Corbett today announced the Ben Franklin Technology Development Authority approved an investment of $14 million to the four Ben Franklin Technology Partners which provide technology-based economic development support for entrepreneurs and job creation throughout Pennsylvania.
"My administration's pro-growth policies and continued support of renowned organizations like the Ben Franklin Technology Partners are positioning Pennsylvania as a leader in innovation," said Corbett. "We're unleashing a wave of innovation and progress and transforming forward-thinking companies inspired with vision to become household names, turning Pennsylvania into the next Silicon Valley."
An initiative of the Department of Community and Economic Development and the Ben Franklin Technology Development Authority (BFTDA), the Ben Franklin Technology Partners (BFTP) is one of the nation's longest-running, technology-based, economic development programs.
The BFTP centers provide investment capital, operational assistance, and entrepreneurial support to emerging technology-based companies and small, existing manufacturers for the purpose of creating and retaining jobs in Pennsylvania.
In 2013, the four Ben Franklin centers helped client companies create 1,365 jobs, retain 951 jobs and secure more than $468 million of additional financing to support new growth and development. During that same time period, 98 new companies were formed, 318 new products and processes were launched by client companies and 118 patents and software copyrights awarded. Additionally client companies reported more than $412 million in sales revenues generated.
"Throughout Pennsylvania there are thousands of men and women working at family-sustaining jobs because of the Ben Franklin Program," said Corbett. "The results of our investment in these four outstanding partners are impactful and the effect on Pennsylvania's economy is transformational."
In 1982, four regional Advanced Technology Centers were formed to begin the work of transforming Pennsylvania's economy by then Governor Dick Thornburgh. The four centers have evolved into today's BFTP. In June 2013, Governor Corbett joined the BFTP at their 30th year celebration and has supported the program by maintaining level funding since he took office in 2011.
The BFTDA is one of the nation's largest and most reputable technology based economic development programs, providing a vehicle for investment in economic, community and university-based investments.
For more information about the BFTDA, or other community and economic development programs, visit www.newPA.com or call 1-866-466-3972.
Valerie Caras, Governor's Office; 717-783-1116
Steve Kratz, DCED; 717-783-1132
SOURCE Pennsylvania Office of the Governor