PHILADELPHIA, Oct. 18, 2013 /PRNewswire-USNewswire/ -- Governor Tom Corbett today met with successful start-up companies at the Ben Franklin Technology Partners' Innovation Center and joined entrepreneurs and members of the legislature to launch Innovate in PA, a new program created to accelerate high-wage job growth through supporting small, emerging companies.
"With small businesses continuing to drive job creation in Pennsylvania, Innovate in PA is a common-sense approach to economic growth," Corbett said. "Innovate in PA's investments will help forward-thinking companies inspired with vision to become household names, turning Pennsylvania into the next Silicon Valley."
Innovate in PA will offer $100 million in deferred tax credits to insurance companies in the state to raise funds over multiple years. The funds raised will be directed to the highly successful Ben Franklin Technology Partners (BFTP), three Life Sciences Greenhouses and the Venture Capital investment program.
Innovate in PA is projected to create a minimum of 1,850 technology jobs, nearly 3,500 indirect jobs and more than double the return-on-investment back to the state. For every dollar invested via Innovate in PA in early-stage businesses, it is projected that $2.37 will be returned to the state in additional tax revenues.
"With Innovate in PA we are unleashing a wave of innovation and progress – you can see it everywhere," Corbett said. "Life sciences companies are re-defining our economy; start-ups have grown into profitable businesses; and investors are selecting Pennsylvania as a high-potential location."
Today, Corbett met with CEOs and employees from some of the start-ups that have received support from the three programs who will receive partial funding from Innovate in PA. Companies included: S4W Worldwide; InfraScan, Inc.; Optofluidics; Bioconnect Systems; Core Solutions and Chandler Bats.
The BFTP of Southeastern Pennsylvania spurs technology company growth and partnerships through providing capital, knowledge and network support. Bucks, Chester, Delaware, Montgomery and Philadelphia counties are served by the BFTP of Southeastern Pennsylvania.
In 2012, the BFTP of Southeastern Pennsylvania assisted more than 350 companies, helping them commercialize new technologies and create and/or retain 490 high-skill jobs in robotics, life sciences, software and other high-growth industries. Assisted companies raised more than $200 million in follow-on funding, developed 99 new products and services, and filed 172 patents and software copyrights.
"On behalf of our clients, we are grateful to Governor Corbett and the Innovate in PA legislative champions for their advocacy and support of the innovative enterprises that are Pennsylvania's most powerful job creators," said RoseAnn B. Rosenthal, president & CEO of the BFTP of Southeastern Pennsylvania.
The governor was joined for the announcement by members of the legislature, representatives of the BFTP of Southeastern Pennsylvania, BioAdvance, Greater Philadelphia Alliance for Capital and Technologies (PACT), and the Philadelphia Industrial Development Corporation (PIDC).
"Pennsylvania has a long history of launching creative programs that address the capital needs of start-up companies and entrepreneurs," said Barbara Schilberg, managing director and CEO of BioAdvance. "Innovate in PA is another example of that leadership, and we look forward to putting these resources to work to benefit a new generation of life sciences companies."
"On behalf of all of our constituents and, in particular, our entrepreneurs and venture investors, we are thankful to Governor Corbett and the Pennsylvania legislature for their leadership and support of Innovate in PA," said Dean Miller, president and CEO of PACT. "Innovate in PA will re-establish Pennsylvania as a leader in producing high-growth emerging technology companies by funding the continuum of early-stage capital needs that are so vital to young companies at a time when that capital is very scarce."
Kelli Roberts, Governor's Office; 717-783-1116
Steve Kratz, DCED; 717-783-1132
SOURCE Pennsylvania Office of the Governor