Ben Franklin Technology Partners’ work in 2017 resulted in the creation or retention of 5,097 northeastern Pennsylvania jobs, for a cumulative total of 49,896 job creations or retentions since the program’s inception in 1983. Client companies raised an additional $34.5 million in follow-on funding from angel investors, venture capitalists, and other investors in 2017, for a total of $1.5 billion in follow-on investment received 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 direct result of Ben Franklin funding and support. Ben Franklin reports its results to the Pennsylvania Department of Community and Economic Development, which funds the statewide Ben Franklin program.
“Ben Franklin’s work has played a pivotal role in building northeastern Pennsylvania’s technology economy,” said Joe Lane, Vice President of Enterprise Development of BFTP/NEP. “The companies in which we invest create the high-paying, sustainable jobs that are the foundation of a strong economy.”
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 incubators are members of the BFTP/NEP-led, 15-member Ben Franklin Business Incubator Network. This network is among the largest in the United States.
The Ben Franklin Technology Partners of Northeastern Pennsylvania reported the following 2017 results:
Created 641 New Jobs
Retained 4,456 Existing Jobs
Started 19 New Companies
Developed 142 New Products and Processes
BFTP/NEP was established in 1983 and has achieved the following cumulative results:
Created 18,056 New Jobs
Retained 31,840 Existing Jobs
Started 511 New Companies
Developed 1,733 New Products and Processes
In 2017, BFTP/NEP assisted 339 companies. Since 2007, the organization has assisted 3,107 client firms.
Coverage via Lehigh Valley Business.