The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 987 northeastern Pennsylvania jobs were created or retained as a result of its work in 2015, creating a cumulative total of 40,747 job creations or retentions since the program’s inception in 1983. Client companies raised an additional $20 million in follow-on funding from angel investors, venture capitalists, and other investors in 2015, for a total of $1.424 billion since 2007. These results were accomplished in BFTP/NEP’s 21-county service area, including Berks, Bradford, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Montour, Northampton, Northumberland, Pike, Schuylkill, Snyder, Sullivan, Susquehanna, Tioga, Union, Wayne, and Wyoming counties.
Impact results are a summation of the accomplishments of Ben Franklin’s work as reported by client companies. Clients credit the impact figures as having been a result of Ben Franklin funding and support. Results are reported by Ben Franklin to the Pennsylvania Department of Community and Economic Development, which funds the statewide Ben Franklin program.
“High-paying, sustainable jobs are the foundation of a strong regional economy,” said R. Chadwick Paul, Jr., President and CEO of BFTP/NEP. “Our investments and support accelerate the success of early-stage technology firms and help established manufacturers apply technology to increase their competitiveness.”
The Ben Franklin Technology Partners of Northeastern Pennsylvania links clients with universities, funding, and other resources to help them prosper through innovation. BFTP/NEP’s strategy encompasses three key areas: developing early-stage, technology-oriented companies; helping established manufacturers creatively apply new technology and business practices; and promoting an innovative community-wide infrastructure that supports a favorable business environment for high-growth companies.
The northeastern center is part of a four-center, state-funded economic development initiative. BFTP/NEP is headquartered in, owns, and manages Ben Franklin TechVentures®, an award-winning technology business incubator/post-incubator facility on Lehigh University’s Mountaintop Campus in Bethlehem. BFTP/NEP also owns and manages the Bloomsburg Regional Technology Center, both members of the BFTP/NEP-led Ben Franklin Business Incubator Network.
The Ben Franklin Technology Partners of Northeastern Pennsylvania reported the following 2015
Created 383 New Jobs
Retained 604 Existing Jobs
Started 7 New Companies
Developed 65 New Products and Processes
The Ben Franklin Technology Partners of Northeastern Pennsylvania was established in 1983 and has achieved the following cumulative results:
Created 16,986 New Jobs
Retained 23,761 Existing Jobs
Started 482 New Companies
Developed 1,433 New Products and Processes
In 2015, BFTP/NEP assisted 298 companies. Since 2007, the organization has assisted a total of 2,465 client firms.
An independent study produced by the Pennsylvania Economy League shows that Pennsylvania’s investment in Ben Franklin Technology Partners statewide from 2007 to 2011 returned $3.60 in new tax revenue for each $1 spent. The study also concluded that, since 1989, Ben Franklin statewide network has created 51,000 additional jobs in client firms and has boosted the Pennsylvania economy by more than $23.5 billion. Jobs created by Ben Franklin’s clients pay 36% more than the average non-farm wage in Pennsylvania.