The stable and nurturing environment of a business incubator greatly enhances the chances of success for early-stage companies. Ben Franklin collaborates with regional economic development organizations to support a ten-member incubator network.
The incubator network is an important element in Ben Franklin’s strategy for developing the technology infrastructure in its 21-county northeastern Pennsylvania region. Collectively the member incubators have graduated more than 80 successful companies.
The concept of business incubators in Pennsylvania originated with BFTP/NEP in 1983 with what was then called the Ben Franklin Business Incubator. In 2008, the incubator was expanded and relocated to a larger incubator/post-incubator facility, Ben Franklin TechVentures®.
Reduced operating costs are typically what draw early-stage companies to business incubators. But resident companies in Ben Franklin incubators gain so much more than rental space. The tremendous benefits include:
- Business support services and resources tailored to early-stage firms, including management guidance, business planning, strategic planning and marketing counsel
- Connections to angel investors and venture capitalists
- Assistance in preparing and perfecting funding presentations
- An entrepreneurial culture that fuels innovation
- Below-market rental space rates with flexible leases
- Shared basic office services and access to equipment, conference rooms, high-speed Internet and other amenities