10 Facts about BFTP/NEP
- Pennsylvania’s Ben Franklin Technology Partners is a statewide, state-funded economic development initiative that was established in 1982 and has been recognized nationally and internationally as a successful model program.
- Both early-stage and established companies are eligible for Ben Franklin funding.
- Ben Franklin investments vary based on client needs, and are typically in the range of $30,000 to $150,000 per year for up to three years.
- Ben Franklin investments in early-stage technology firms are provided in the form of subordinated debt. These investments require payback, the form of which depends on the nature of the investment. Funds that come back from successful investments are reinvested in other northeastern Pennsylvania companies.
- Ben Franklin provides a 1:1 matching grant up to a maximum of $50,000 for technology-based manufacturing innovation in established manufacturers. The support is directed to enterprise-wide solutions, to enhance clients’ entire way of doing business. including improvements in companies’ manufacturing processes, development of new products, and/or improvements to existing products.
- Ben Franklin is evaluated on the basis of the commercial success achieved by its clients and the high-value jobs created and retained as a direct result of its assistance.
- Ben Franklin provides capital to clients as well as crucial links to business and technical experts, college and university resources and facilities, professional associates and mentors, and sources of follow-on funding.
- The Ben Franklin network is comprised of four centers statewide, one each headquartered in the Lehigh Valley, Philadelphia, Pittsburgh, and State College. Collectively, these centers comprehensively address Pennsylvania’s technology economic development needs .
- According to an independent study released by the Pennsylvania Economy League in 2009, Pennsylvania’s Ben Franklin program boosted the state economy (gross state product) by $9.3 billion from 2002 to 2006. Tax dollars invested in Ben Franklin provided a return of 3½-to-1 and created thousands of new high-wage jobs.
- In addition to its work with companies, Ben Franklin collaborates with an array of regional partners to promote an innovative infrastructure through new research, development and commercialization models, business incubators, and university-based research centers. Through these initiatives, Ben Franklin fosters a favorable business environment for high-growth companies in northeastern Pennsylvania.
