Harrisburg, PA (www.benfranklin.org) – The Ben Franklin Technology Partners (BFTP) – Pennsylvania’s leading statewide network for catalyzing and investing in the transformation of the Commonwealth’s economy through technology, innovation and strategic partnerships – has joined the Boeing Technology Alliance (BTA), a network of trusted, technology referral agents throughout the world who work with Boeing to advance new technology insertion into the company.
“Participation by the Ben Franklin Technology Partners in the Boeing Technology Alliance offers the Commonwealth’s technology-focused enterprises an unprecedented opportunity to learn more about the technology requirements of this world-class company and create innovative potential solutions,” said Terry Singer, BFTP’s Director of Statewide Affairs. “Our participation in the alliance also offers an opportunity to develop supplier relationships with the Ben Franklin Technology Partners’ current portfolio and alumni companies.”
Boeing created the technology alliance several years ago as an innovative supplement to the company’s existing technology sourcing efforts in support of the company’s major business units and programs, according to Keith Williamson, senior manager of Technology Sourcing, Evaluation and Integration in Boeing’s Global Technology organization.
“Our intent is to discover and integrate new technologies, obtain technology referrals of high-quality, gain outside perspectives on technology trends, and have exposure to a wide audience of active industry leaders with expertise in different technology domains,” Williamson said. “We’re very pleased that Ben Franklin Technology Partners is part of our alliance.”
Boeing Technology Alliance members are provided with an overview of the company’s business units, products, processes and markets, as well as the company’s technology needs. In addition, they are able to participate in the early stages of Boeing’s technology acquisition decision process and collaborate with other influential BTA members.
Along with the Ben Franklin Technology Partners, the BTA includes about 30 other domestic and international members from a variety of backgrounds and organizations, including economic trade and development organizations, regional technology alliances, selected major corporations, technology incubators, and university technology transfer offices. Each BTA member is selected on the basis of having broad technical knowledge in one or more markets, is technology agnostic in searching for solutions, and is motivated to interact with other BTA members and Boeing.
BFTP intends to refer approximately 20 quality, vetted technology solutions per year to Boeing from its four regional locations that are positioned strategically throughout Pennsylvania, Singer said.
About Ben Franklin Technology Partners
Since 1982, Ben Franklin Technology Partners (BFTP) has helped the Commonwealth’s technology-based companies prosper in serving as catalyst for economic growth by providing access to capital, business expertise and a network of resources that fosters innovation, growth and success. BFTP is positioned strategically throughout Pennsylvania, with headquarters in four regions: Lehigh Valley, Philadelphia, Pittsburgh, and State College. The Partners support and execute the Commonwealth’s technology agenda, build on regional strengths, capitalize on new opportunities and address the specific needs of the state’s diverse communities.
BFTP investments often catalyze additional funding. In 2008, BFTP portfolio companies generated more than $872 million in follow-on financing. In addition, BFTP provided financial assistance or investments to 1,139 companies; created or retained 3,334 technology-based jobs; and helped clients develop 273 new or improved products or processes.
The results of a new, independent Pennsylvania Economy League evaluation of the economic impact of Ben Franklin in Pennsylvania from 2002 through 2006 determined that BFTP’s work with client companies allowed Pennsylvania to generate more than $517 million in additional state tax revenues. That represents a 3½-to-1 payback on the Commonwealth’s investment of $140 million during the same period. The BFTP program boosted Pennsylvania’s gross state product by $9.3 billion in that five-year period. Further, on average, BFTP clients employed five more people in each year following funding than they would have in the absence of the BFTP investment. BFTP is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
About The Boeing Company
The Boeing Company is the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined, with capabilities in rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems. Headquartered in Chicago, Ill., Boeing employs approximately 157,000 employees across the United States and in 70 countries. Total company revenues for 2008 were $60.9 billion.
About the Boeing Technology Alliance
By working together to leverage the best minds and technologies in the world, Boeing is helping to better serve the world with higher performance, lower-cost products and services. With the worldwide rate of technology advancement accelerating, and investments approaching $1 trillion (U.S.), the alliance provides Boeing with further opportunities to gain rapid access to mature technology in other industries that can add value to the company’s products. The Boeing Technology Alliance is one of a portfolio of methods for discovering and integrating new technologies to enhance Boeing’s access to non-traditional technology sources, obtain perspectives on technology trends, and have exposure to a wide audience of active industry leaders.