HARRISBURG, Pa., Oct. 28 /PRNewswire-USNewswire/ -- New state investments will help start-up companies succeed and equip Pennsylvania's research universities with capital to commercialize energy-efficient technologies and bring life-saving solutions to the healthcare industry, Department of Community and Economic Development Secretary Austin Burke said today.
"The $1.7 million we are investing today will support Pennsylvania's tech-based economy for years to come," Burke said of the money approved today at the quarterly meeting of the Ben Franklin Technology Development Authority. "By providing our partners with the resources they need, we are securing the state's place as a leader in emerging technologies and strengthening our economic base."
The investments approved today follow an announcement earlier this month that the National Association of Seed and Venture Funds had recognized the Ben Franklin Technology Development Authority with its "Award for Excellence in Entrepreneurial Capital Formation." The group acknowledged the authority as a role model because of its outstanding investment track record, leadership, new and successful investment programs, and outstanding performance.
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. Together with the Department of Community and Economic Development's technology investment office, the authority has leveraged more than $5 billion since 2003, helping to create more than 34,000 jobs.
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 today by the Ben Franklin Technology Development Authority include:
Drexel University received a $100,000 University Research Commercialization grant to support the Health Innovation Partnership of Southeastern Pennsylvania (formerly the Translational Research Partnership Institute). The partnership is a multi-institutional consortium of universities and research institutes in southeastern Pennsylvania that will work to bring life saving solutions to healthcare by moving discoveries from academic laboratories to clinical practice
Temple University received a $600,000 University Research Commercialization grant to support the Pennsylvania Environmental Technologies for Pharmaceutical Industry, or PEPTI. With this funding, the PEPTI center will develop innovative, cost- and energy-efficient environmental technologies – including research equipment for analytical and pilot-scale testing laboratories – for waste treatment for the pharmaceutical industry.
Pennsylvania Angel Network, Erie, received a $25,000 technology development grant to support services to Pennsylvania's network of "angel investors," who are high-net-worth individuals who invest in the growth of emerging Pennsylvania companies.
Of the $1.7 million in investments, the authority awarded $1 million to 12 Keystone Innovation Zones under the program's new, competitive guidelines that allow the network of 29 KIZs to compete for up to $100,000.
- Pittsburgh Central Keystone Innovation Zone received $100,000 to support its internship program and provide grant funding to Keystone Innovation Zone companies.
- Lackawanna Luzerne Keystone Innovation Zone received $100,000 to support its internship program and a business plan competition.
- Southside Bethlehem Keystone Innovation Zone received $100,000 to support its technology transfer grant program and its student internship program.
- Greater Susquehanna Keystone Innovation Zone received $100,000 to support its internship program, micro-grant program and business plan competition.
- York Keystone Innovation Zone received $100,000 to support its research facilitation and commercialization initiative, a micro-loan program and its internship program.
- A partnership formed between the Chester and Delaware Keystone Innovation Zones received $100,000 to support a business plan competition, a mentor-entrepreneur program and an internship program.
- Greater Reading Keystone Innovation Zone received $50,000 to help it work with the Innovation Transfer Network to receive tech transfer support.
- Greater Oakland Keystone Innovation Zone received $95,000 to utilize funds to support its Kick Start Grant program to provide grants to KIZ companies.
- Harrisburg Market Keystone Innovation Zone received $85,000 to support its relationship with the Innovation Transfer Network to continue to provide resources relating to tech transfer.
- Tri-County Keystone Innovation Zone received $25,000 to support its business plan competition, workshop series and research grants.
- University City Keystone Innovation Zone will receive $85,000 to support a micro-grant program to support companies in the commercialization.
- Westmoreland Keystone Innovation Zone will receive $60,000 to support its internship program, micro-grant program and training seminars.
SOURCE Pennsylvania Department of Community & Economic Development