The Ben Franklin Technology Partners of Northeastern Pennsylvania has announced that innovation expert Joseph Michelli, Ph. D. will be the keynote presenter at i xchange 2010.
i xchange will be held beginning at 5:30 pm on the evening of Wednesday, May 12, 2010, at the Zoellner Arts Center, Lehigh University, Bethlehem.

The i xchange is the premier business networking opportunity in northeastern Pennsylvania. Last year, more than 600 technology entrepreneurs, business people, economic developers, venture capitalists, political leaders, educators, students, bankers, lawyers, and accountants from Ben Franklin’s 21-county service area attended, and even more are expected this year.

The i xchange will combine an executive networking session, the keynote address by Dr. Michelli, and the presentation of Ben Franklin’s annual Innovation Awards. These awards recognize and salute outstanding accomplishment in business and technology.

Dr. Joseph Michelli is an internationally sought-after speaker, author, and organizational consultant who has been described as “catching what is right in the world and playfully sparking people and businesses to grow toward the extraordinary.” In his i xchange keynote, “Innovation Leads Transformation” Dr. Michelli will explore the critical importance of creativity and innovation for delivering customer value and creating business opportunities.
 
A recession led to the innovations which produced McDonald’s, General Electric, Walt Disney, and IBM. Often, abundance lulls business leaders into complacency. In rich economic times, leaders can prop up bad ideas with money and allow those ideas to languish well beyond viability. Conversely, scarcity drives creativity.

By emphasizing how innovators are the lifeblood of economic recovery, Dr. Michelli will advocate high-quality, low-cost approaches for creating, testing, and commercializing ideas. Dr. Michelli believes that the current economy affords transformational opportunities for companies with entrepreneurial cultures and a passion for creating high-value solutions that elevate the customer experience.

Dr. Michelli authored the bestseller, The Starbucks Experience: 5 Principles for Turning Ordinary into Extraordinary, as well as The New Gold Standard, about service excellence at The Ritz-Carlton Hotel, and When Fish Fly: Lessons for Creating a Vital and Energized Workplace, about the world-famous Pike Place Fish Market in Seattle. Dr. Michelli’s i xchange insights will encourage leaders and front-line workers to grow and invest passionately in all aspects of their lives.

About the Ben Franklin Technology Partners of Northeastern Pennsylvania:
The Ben Franklin Technology Partners of Northeastern Pennsylvania links companies with experts, universities, funding, and other resources to help them prosper through innovation. The Center strategy encompasses three key areas: developing early-stage, technology-oriented companies; helping established manufacturers creatively apply new technologies and business practices; and promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies. The northeastern center is part of a four-center, state-funded economic development initiative.

BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Center staff concentrate their efforts on three key areas:

1. developing early-stage technology-oriented companies,
2. helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
3. promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.

Since beginning operation, BFTP/NEP has helped to start 398 new companies, developed 865 new products and processes, created 13,931 new jobs for Pennsylvania workers and retained 20,772 existing jobs. The Ben Franklin Technology Partners of Northeastern Pennsylvania is headquartered on the campus of Lehigh University in Bethlehem, and also operates Ben Franklin TechVentures, an award-winning business incubator/post-incubator facility, at Lehigh.

Ben Franklin announces the following early-stage company investments:

ClydeTec Systems, Inc., Orefield, Lehigh County
Ben Franklin Investment: $35,000
Complete a prototype of a semiconductor device for an optical coherence tomography system-on-a-chip for high-throughput 3-D biomedical imaging. This device will be used in the imaging of body tissues and in other biophotonic and biomedical applications. Also produce a new company business plan.

Gleason Custom Kitchens, Scranton, Lackawanna County
Ben Franklin Investment: $55,000
Implement production and administrative efficiencies at this manufacturer of custom-built and standard cabinetry for residential and commercial applications. This will allow the company to respond to increased sales volume and expand its presence in additional markets.

Icon Legacy Custom Modular Homes LLC, Selinsgrove, Snyder County
Ben Franklin Investment: $75,000
Improve production efficiencies, develop new products, and update customer service procedures for this manufacturer of custom-designed, high-end modular homes.

Infinity Access, LLC, Hazleton, Luzerne County
Ben Franklin Investment: $75,000
Complete final design and obtain UL approval of a proprietary new gate release device and new vehicle identification wireless access technology. Infinity Access manufactures innovative and proprietary electronic controls, drive devices, and power supply systems for commercial and industrial doors, particularly fire doors, overhead doors, and gates. These next-generation products comply with newly mandated safety code requirements of the Department of Homeland Security.

Pennsylvania Sustainable Technologies LLC, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $150,000
University Partner: Lehigh University
Demonstrate the feasibility of the company’s new integrated fuel synthesis process for the production of alternative fuels. Using inedible biomass and other waste materials as feedstock, the process yields long carbon chain biofuels. Increased oil demand from developing economies and limited supplies in consuming regions continue to drive demand for renewable fuels.

Viddler, Inc., Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $50,000
Continue commercializing Viddler’s on-line video distribution and sharing platform which businesses and social media professionals use to engage their clients and build their brand recognition through on-line video. Viddler offers the only platform that allows in-line text or video commenting, which has been proven to increase the amount and duration of a video’s viewership. The product has been designed to appeal to businesses, resellers, and social media professionals.

XiGo Nanotools, Ben Franklin TechVentures, Bethlehem, Northampton County 
Ben Franklin Investment: $100,000
Complete beta testing of a newly patented, shoebox-size device called the Acorn Area™ that rapidly measures the surface area of nano-particles. Also finish development of a bioanalytical version of the same device. Nano-particles are minute; they typically have diameters that are 1/1,000th the diameter of a human hair. Measuring nano-particle properties is significant in many industrial applications including energy, electronics, ceramics, and pharmaceuticals. Nanoparticle properties are key predictors of material performance, and currently there are no efficient methods to measure nano-particle surface area.

Ben Franklin announces the following established manufacturer company investments.

Amcor PET Packaging, Allentown, Lehigh County
Ben Franklin Investment: $19,800
University Partner: Lehigh University’s Enterprise Systems Center
Improve manufacturing efficiencies and improve productivity at this manufacturer of blow- molded and injection-molded containers for the personal care and liquor industries. Lehigh University’s Enterprise Systems Center will work with Amcor to implement document standard production procedures, prepare for additional production through new lines, and reduce cycle time and production costs.

Strong Industries, Inc., Northumberland, Northumberland County
Ben Franklin Investment: $40,000
University Partner: Lehigh University
Perform a complete systems, processes, and data assessment of Strong’s operation to enhance efficiencies at this manufacturer of molded pools and spas. Process improvements and enhancements will be implemented to address the company’s rapid increase in demand for its products.

Click the image above to download a PDF of the Ben Franklin Technology Partners of Northeastern PA 2009 Annual Report (2.5MB)

Pennsylvania recently created an Alternative Energy Development Program (AEDP) to save energy costs, reduce dependence on foreign fuels, expand clean energy production, and create energy-related jobs in the Commonwealth. Under the AEDP, the four Ben Franklins statewide have been provided with a total of $40 million over five years to initiate activities that encourage the development and growth of energy-related companies in Pennsylvania. The AEDP will help bring energy to economic development across the state.

Similarly, now more than ever before, companies must bring “energy” to the marketplace. They have to do something that no one else does, and constantly employ innovation in order to continue to succeed. Firms that have the courage to try new things and to identify creative solutions will achieve sustainable competitive advantage.

Inspiration can’t be purchased. You can’t will it to come forth; in fact focusing on it often makes it even more elusive. But when the vision strikes, you must be ready to act upon it. Because inspiration without energy and hard work to drive it is nothing more than a lost idea.

Inspiration can’t be purchased. You can’t will it to come forth; in fact focusing on it often makes it even more elusive. But when the vision strikes, you must be ready to act upon it.

At Ben Franklin, we help companies to act swiftly and appropriately when their inspiration is marketable. They come to us with ideas. We supply them with the tools they need to seize the opportunity and achieve their goals. We provide financial investments. We introduce clients to proven business and technical experts, to resources at area colleges and universities, and to sources of follow-on funding. When we bring these elements together on behalf of our clients, there is no limit to what their creative energies can achieve. We energize innovation.

R. Chadwick Paul

President & CEO
Ben Franklin Technology Partners of Northeastern Pennsylvania

BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage.

Ben Franklin announces the following established early-stage investments:

GrantAdler
Ben Franklin TechVentures
Bethlehem
Investment: $100,000
To complete development of a new vascular access port for easier, catheterized access to blood vessels, and support an expanded sales and distribution effort.

hField Technologies, Inc.
Ben Franklin TechVentures
Bethlehem
Investment: $70,000
To continue commercialization of the Wi-Fire™, an innovative, patent-pending wireless adapter that triples WiFi coverage for the mobile computer user. Also fund new product-line developments.

Penn Truss Systems, LLC
Middleburg
Investment: $50,000
To evaluate new product manufacturing capabilities and increase staffing to meet growing production and operation demands for this manufacturer of roof and floor trusses.

Store Eyes, Inc.
Allentown
Investment: $100,000
To conduct a pilot program of the Store Eyes retail audit business system with a major grocery retailer and packaged goods manufacturers.

Ben Franklin announces the following established manufacturer company investments:

Clark Technology Systems, Inc.
Milton
University Partner: Susquehanna University
Investment: $50,000
To implement Suppliers Excellence Alliance’s Roadmap, which establishes a process management system at this fabricator of lubrication equipment for chemical industries and refineries worldwide.

Coates Toners
Dallas
University Partner: Lehigh University’s Enterprise Systems Center
Investment: $50,000
To conduct a facilities evaluation and phased implementation for the installation and startup of a new color toner production line.

Michelman-Cancelliere Iron Works
Lehigh Valley
University Partner: Lehigh University’s Enterprise Systems Center
Investment: $19,900
Develop and implement plans to increase productivity and reduce costs in manufacturing and support areas at this structural steel fabrication firm.

Reading Alloys, Inc.
Robesonia
University Partner: Lehigh University
Investment: $6,887
To complete mechanical performance evaluations of a new powdered titanium alloy product being introduced to the market.

Sealstrip Corporation
Boyertown
University Partner: Lehigh University
Investment: $30,000
To increase the effectiveness of the engineering department and machine shop at this designer and manufacturer of easy-open and reseal systems for flexible packaging.

Tray-Pak Corporation
Reading
University Partner: Lehigh University’s Enterprise Systems Center
Investment: $11,000
To develop a facility plan that supports the company’s strategic growth plan to increase capacity. Address manufacturing operations on an enterprise-wide level that optimizes space and material resources at this custom thermoformed packaging manufacturer.

“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.

BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Center staff concentrate their efforts on three key areas:

1. developing early-stage technology-oriented companies,
2. helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
3. promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.

Since beginning operation, BFTP/NEP has helped to start 398 new companies, developed 865 new products and processes, created 13,931 new jobs for Pennsylvania workers and retained 20,772 existing jobs. The Ben Franklin Technology Partners of Northeastern Pennsylvania is headquartered on the campus of Lehigh University in Bethlehem. It has regional offices in Lewisburg, Reading, and Wilkes-Barre, and operates Ben Franklin TechVentures, an award-winning business incubator/post-incubator facility, in Bethlehem.
 
Ben Franklin announces the following early-stage company investments:

GrantAdler, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $100,000
Complete development of a new vascular access port and support an expanded sales and distribution effort. GrantAdler is developing and producing a new line of implantable products that allow easier, catheterized access to blood vessels for a variety of procedures. The company’s initial focus is access for administering chemotherapy drugs and for conducting kidney dialysis. Grand Adler’s first product, Rhapsody, which received FDA approval in 2007, has unique design features that make it competitive in the chemotherapy infusion port market.

hField Technologies, Inc., Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $70,000
Continue commercialization of the Wi-Fire™, an innovative, patent-pending wireless adapter for the mobile computer user, and fund new product line developments. hField’s proprietary technology reduces deadspots and effectively triples Wi-Fi coverage, increasing productivity and eliminating the frustrations often associated with Wi-Fi. The Wi-Fire provides reliable and fast connections even where the typical adapter fails to connect. In addition, it allows infrastructure operators to expand coverage without increased capital expenditures.

Penn Truss Systems, LLC, Middleburg, Snyder County
Ben Franklin Investment: $50,000
Evaluate new product manufacturing capabilities and increase staffing to meet growing production and operation demands for this manufacturer of roof and floor trusses. Expand marketing activities to continue to build demand.

Store Eyes, Inc., Allentown, Lehigh County
Ben Franklin Investment: $100,000
Conduct a pilot program of the Store Eyes retail audit business system with a major grocery retailer and packaged goods manufacturers. The company’s patent-pending business system cost-effectively captures digital images of conditions in retail stores on a timely and regular basis providing actionable data for the first time. The cost per observation is 1/100th of the cost of the manual processes currently in place.  Successful pilot results will lead to program expansion in 2010.
Ben Franklin announces the following established manufacturer company investments:

Clark Technology Systems, Inc., Milton, Northumberland County
Ben Franklin Investment: $50,000
University Partner: Susquehanna University
Complete the implementation of the Suppliers Excellence Alliance’s Roadmap, which involves establishing a process management system for continuous improvement at this fabricator of lubrication equipment for chemical industries and refineries worldwide. Also design a database structure for implementation company-wide. This will help Clark compete by producing systems better, faster, and cheaper.

Coates Toners, Dallas, Luzerne County
Ben Franklin Investment: $50,000
University Partner: Lehigh University’s Enterprise Systems Center
Conduct a facilities evaluation and phased implementation for the installation and start-up of a new color toner production line. Coates Toners currently produces monochrome toner for non-impact printers and copiers, and is aiming to begin manufacturing color toner. Its clients are original equipment manufacturers for high-speed print engines and the aftermarket that produce compatible cartridges for major companies in the printer industry.

Eckman Building Components, Lehighton, Carbon County
Ben Franklin Investment: $31,750
University Partner: Lehigh University’s Enterprise Systems Center
Optimize the manufacturing facility layout and equipment installation plan at this designer, manufacturer, and distributor of pre-fabricated wooden roof and floor trusses. This will allow the company to reduce production costs for SpaceJoist, a new product that is light-weight, green, and eliminates the need for electricians, plumbers and HVAC technicians to cut and drill roof trusses at job sites.

Michelman-Cancelliere Iron Works, Lehigh Valley, Lehigh County
Ben Franklin Investment: $19,900
University Partner: Lehigh University’s Enterprise Systems Center
Analyze all manufacturing and support areas at this structural steel fabrication firm. Develop and implement plans to increase productivity, reduce costs, standardize production, and track operational costs during each job to keep jobs on or under budget. Michelman-Cancelliere Ironworks specializes in the fabrication and machining of structural components for bridges and commercial/industrial building superstructures.

Reading Alloys, Inc., Robesonia, Berks County
Ben Franklin Investment: $6,887
University Partner: Lehigh University
Complete mechanical performance evaluations of a new powdered titanium alloy product being introduced to the market. Reading Alloys’ products are used for critical applications in aerospace, marine, petroleum, medical, and foundry industries.

Sealstrip Corporation, Boyertown, Berks County
Ben Franklin Investment: $30,000
University Partner: Lehigh University
Increase the effectiveness of the engineering department and machine shop at this designer and manufacturer of easy-open and reseal systems for flexible packaging. Implement improved cost evaluation procedures to reduce engineering design and inventory costs.

Tray-Pak Corporation, Reading, Berks County
Ben Franklin Investment: $11,000
University Partner: Lehigh University’s Enterprise Systems Center
Develop a facility plan that supports the company’s strategic growth plan to increase capacity. Address manufacturing operations on an enterprise-wide level that optimizes space and material resources. Tray-Pak manufactures custom thermoformed packaging, with clients in the confectionary, baked goods, and fast food industries, among others.

(l tor) Austin Burke, President of the Greater Scranton Chamber of Commerce/SLIBCO; R. Chadwick Paul, Jr., President and CEO of the Ben Franklin Technology Partners of Northeastern Pennsylvania; Kenneth Volet, CEO, RantNetwork, Inc.; John Edwards, CEO, Apeliotus Vision Science; Kenneth Kovan, President & CEO, Chaperone Technologies Inc.

It was similar to the popular television show American Idol, except with entrepreneurs instead of vocalists. During “Ben Franklin Venture Idol,” three early-stage company entrepreneurs seeking funding presented pitches to a panel of investors and the audience. Led by Venture Idol emcee, Pennsylvania State Treasurer Rob McCord, the investors asked questions, the audience voted, and Apeliotus Vision Science was named the winning “Ben Franklin Venture Idol.” John Edwards, CEO of Apeliotus Vision Science accepted the prize of a $5,000 cash investment in his company. RantNetwork, Inc. and Chaperone Technologies, Inc. also competed and received cash investments.

Apeliotus Vision Science has developed a simple diagnostic for the early detection of age-related macular degeneration (AMD). AMD is the leading cause of adult blindness in developed countries, affecting more than 30 million people worldwide, including one in six over age 65 and one in three over age 75. There are currently no good means for early detection before significant vision loss has occurred. Apeliotus’ simple, non-invasive test can detect and track AMD from its earliest stages, allowing early intervention.

Approximately 250 guests attended the day-long Ben Franklin Venture Idol – Scranton event, the theme of which was funding “winning” entrepreneurship. This event illustrates a significant way in which early-stage entrepreneurs seek and obtain seed capital. It was held on Thursday, November 5th, at the Hilton Scranton & Conference Center, Scranton.

The day began with a “speed dating” session in the morning. Twenty pre-selected companies delivered multiple rounds of two-minute “elevator pitches” to individual institutional and angel investors. Two minutes, about the length of an elevator ride, provided just enough time for the company CEOs to pique the interest of investors. To help improve the companies’ chances to obtain funding, Steve Bowman, known as the “Pitch Doctor,” helped companies seeking funding to prepare. 

The public program started with a luncheon keynote by Jack Tighe, President/CEO of TMG Health. TMG Health, a Ben Franklin client, offers Business Process Outsourcing services to the Medicare, Medicaid and retiree health plan markets. The company provides operational outsourcing solutions and information systems for health plans, providers and insurers. TMG, a major Scranton area employer, is a national company with more than 40 health plan clients and client members in all 50 states. It is one of our region’s winning entrepreneurial success stories.
 
Ben Franklin Venture Idol concluded with a networking reception. The event was hosted by the Pennsylvania Department of Community and Economic Development, the Scranton Lackawanna Industrial Building Company (SLIBCO), Ben Franklin Technology Partners, the Pennsylvania Angel Network, and the Northeastern Pennsylvania (NEPA) Venture Partnership.

Ben Franklin Venture Idol complements the Mid-Atlantic Angel Group (MAG) II meeting held on Wednesday, November 4th, at the Greater Scranton Chamber of Commerce. SLIBCO, the Greater Wilkes-Barre Chamber of Business and Industry and CAN DO, Inc. of Hazleton, have formed the NEPA Venture Partnership. The Partnership’s mission is to foster a regional culture of entrepreneurship by providing access to venture capital funding, peer support, and access to business services. The three local economic development organizations have each invested in the MAG II, a $10 million venture capital fund, as a way to promote entrepreneurship and encourage applications for funding in northeastern Pennsylvania.
 
The idea to bring Ben Franklin Venture Idol to Scranton was initiated by Austin Burke, President of the Greater Scranton Chamber of Commerce/SLIBCO, with the full support of John Sider, Deputy Secretary of the Pennsylvania Department of Community and Economic Development. The Scranton Chamber, SLIBCO, the NEPA Venture Partnership, and the Ben Franklin Technology Partners of Northeastern Pennsylvania have provided significant business and financial assistance to the region’s business technology community, and are major sponsors of the Venture Idol event.

Commerce Secretary Gary Locke, White House Chief Technology Officer Aneesh Chopra discuss Obama administration’s strategy for American innovation with local business leaders

BETHLEHEM, Pa. – U.S. Commerce Secretary Gary Locke and White House Chief Technology Officer Aneesh Chopra visited Ben Franklin Technology Partners of Northeastern Pennsylvania at Lehigh University today to discuss job creation, the American Recovery and Reinvestment Act (ARRA) and the Obama Administration’s strategy to spur American innovation.

“America’s creative thinkers and innovators will lead the way to economic recovery,” Locke said. “President Obama is taking historic steps to lay the foundation for the innovation economy of the future. Earlier this week he laid out a strategy for American innovation that builds on more than $100 billion of Recovery Act funds that support innovation. Today we move that strategy forward.”

Locke and Chopra also announced a significant new Recovery Act grant for Ben Franklin Technology Partners of Northeastern Pennsylvania to expand Ben Franklin TechVentures, its incubator/post-incubator facility. The $6 million grant, from the Commerce Department’s Economic Development Administration (EDA), will increase Ben Franklin’s ability to deliver to early-stage technology companies hands-on support, guidance and connections to key resources during the economic recovery. The construction of the facility’s addition will also create jobs in the short term.

“Ben Franklin TechVentures is an award-winning facility that now stands as a leader in Pennsylvania’s tech industry, providing space and expertise for the businesses of the future,” Locke said. “This project creates jobs and fosters a favorable business environment for high-growth companies.”

Under the Recovery Act, 4.8 million Pennsylvania families have benefited from $2.5 billion in tax relief under the Making Work Pay Tax Credit. An additional 10,868 Pennsylvanians have taken advantage of the First Time Homebuyers Credit, receiving $87 million in tax relief. All told, more than $9.5 billion has been obligated to Pennsylvania under the Recovery Act.

“I am pleased to see stimulus funds at work for Ben Franklin Technology Partners and Ben Franklin TechVentures,” U.S. Sen. Arlen Specter said. “Support for this economic development initiative advances the role of market success through technology, ensures cutting-edge industry in the Lehigh Valley and helps hasten economic stability for Pennsylvania.”

Responding to aggressive goals set out by President Obama and Vice President Biden, Secretary Locke directed the Commerce Department’s Economic Development Administration to act expeditiously to deliver Recovery Act funds to communities where they were needed most. Across the country, the department has made vital investments in initiatives like workforce development and training centers, regional business incubators and transportation projects to connect communities to key markets.

With the delivery of today’s grant, EDA has dispersed all $150 million of its Recovery Act funding one full year ahead of schedule.

“This grant should help promote economic development in the eastern part of the Commonwealth, and I am glad that the U.S. Department of Commerce is announcing this award today,” U.S. Sen. Bob Casey said. “This project is another example of how the Recovery and Reinvestment Act is delivering targeted investments that will help Pennsylvania’s economy turn the corner.”

President Obama’s strategy for American innovation seeks to harness the inherent ingenuity of the American people and the dynamic private sector to ensure that the next economic expansion is solid and broad-based. It focuses on critical areas where sensible, balanced government policies can lay the foundation for innovation that leads to quality jobs and shared prosperity.

The administration’s strategy has three parts:

1.Invest in the Building Blocks of American Innovation. Ensure that our economy is given all the necessary tools for successful innovation, from investments in research and development to the human, physical, and technological capital needed to perform that research and transfer those innovations.

2. Promote Competitive Markets that Spur Productive Entrepreneurship. It is imperative to create a national environment ripe for entrepreneurship and risk taking that allows U.S. companies to be internationally competitive in a global exchange of ideas and innovation. Through competitive markets, innovations diffuse and scale appropriately across industries and globally.

3. Catalyze Breakthroughs for National Priorities. There are certain sectors of exceptional national importance where the market is unlikely to produce the desirable outcomes on its own. These include developing alternative energy sources, reducing costs and improving lives with health IT, and manufacturing advanced vehicles. In these industries where markets may fail on their own, government can be part of the solution.

“Ben Franklin TechVentures will bring together technology entrepreneurs, Ben Franklin staff and Lehigh University faculty and students to their mutual advantage,” R. Chadwick Paul, Jr., president and chief executive officer of the Ben Franklin Technology Partners of Northeastern Pennsylvania, said. “This 47,000 square-foot building addition will accelerate growth and innovation in our technology economy as more space becomes available in our expanded incubator/post-incubator facility.”

Ben Franklin Technology Partners of Northeastern Pennsylvania is part of a four-center, state-funded economic development initiative that links companies with business and technical experts, universities, funding, and other resources to help them prosper through innovation. The organization’s strategy encompasses three key areas: developing early stage, technology-oriented companies; helping established manufacturers creatively apply new technologies and business practices; and promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies. It also operates Ben Franklin TechVentures, an award-winning incubator/post-incubator facility, on Lehigh’s campus. Ben Franklin Technology Partners helps clients to achieve and sustain market success and competitive advantage through technology.

Boeing is the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined. Additionally, Boeing designs and manufactures rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems. As a major service provider to NASA, Boeing operates the Space Shuttle and International Space Station. The company also provides numerous military and commercial airline support services. Boeing has customers in more than 90 countries around the world and is one of the largest U.S. exporters in terms of sales. 
 
The TechFast will describe Ben Franklin’s membership in the Boeing Technology Alliance and the opportunity that membership offers to northeastern Pennsylvania’s technology companies.  In addition, Boeing will present a program update on the Boeing Technology Alliance. Panel presenters are:

• Dan Hendricks, Technology Sourcing, Evaluation and Integration/Global Technology Group, The Boeing Company, Seattle, WA.
• Glenn Rossi, Chief Engineer, Horizontal & Technical Integration, Combat Systems Division, Integrated Defense Systems, The Boeing Company, Philadelphia, PA.
• Elaine Thorpe, Technology Sourcing, Evaluation and Integration/Global Technology Group, The Boeing Company, Long Beach, CA.

The Lehigh Valley Technology Network is the region’s leading organization for technology professionals.  Led by the Ben Franklin Technology Partners of Northeastern Pennsylvania, the LV TechNet has more than 600 members. In addition to increasing technology awareness, LV TechNet seeks to provide value for its members in these important areas:

Business Networking – LV TechNet provides members opportunities to make specific industry contacts, seek strategic partners, and promote their businesses.

• Capital Raising – Members learn about and meet representatives of the public and private sector sources of debt and equity financing for technology business and development.
• College and University Information – LV TechNet provides a forum for colleges and universities to share technical expertise, knowledge, and technical employee and intern availability with companies.
• Access to Public Sector Resources – Members interact with public organizations that seek to build the technology base of the Lehigh Valley. This can help companies find suitable business locations, obtain government-sponsored financial incentives, and solve regulatory issues.

Registration to this event is free, and membership to LV TechNet is free. Interested individuals may join and register for the September 24th TechFAST by visiting www.lvtechnet.com.