The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 1,408 northeastern Pennsylvania jobs were created or retained as a result of its work in 2008. These results were accomplished in the organization’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.”Creating high-paying, sustainable jobs in growing technology sectors is a proven way to build a region’s economy,” said R.Chadwick Paul, Jr., President and CEO of BFTP/NEP. “Our work will help cushion the economic downturn, hasten recovery, and position northeastern Pennsylvania for future success.”
The Ben Franklin Technology Partners of Northeastern Pennsylvania links Pennsylvania companies with universities, funding, and other resources to help them prosper in today’s knowledge-based economy 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 fosters a favorable business environment for high-growth companies.
The northeastern center, headquartered on the campus of Lehigh University, is part of a four-center, state-funded economic development initiative. In addition to the headquarters in Bethlehem, BFTP/NEP has regional offices in Lewisburg, Reading, and Wilkes-Barre, and operates Ben Franklin TechVentures, a technology business incubator/post-incubator facility on Lehigh University’s Mountaintop Campus.
In 2008, the Ben Franklin Technology Partners of Northeastern Pennsylvania reported the following results:
Started 19 New Companies
Developed 96 New Products and Processes
Created 888 New Jobs
Retained 520 Existing Jobs
The Ben Franklin Technology Partners of Northeastern Pennsylvania was established in 1983, and has achieved the following cumulative results:
Started 398 New Companies
Developed 865 New Products and Processes
Created 13,931 New Jobs
Retained 20,772 Existing Jobs
Impact results are a summation of the accomplishments of Ben Franklin projects as reported by client companies. Clients credit the impact figures as having been a result of Ben Franklin assistance. Results are reported by Ben Franklin to the Pennsylvania Department of Community and Economic Development, which funds the Ben Franklin program.
A new study released by the Pennsylvania Economy League shows that Pennsylvania’s investment in Ben Franklin Technology Partners statewide from 2002 to 2006 injected billions into the state economy, returned $3.50 in new tax revenue for each $1 spent and created thousands of new high-wage jobs. The economic impact study shows that technology companies funded by the Ben Franklin Technology Partners boosted the state economy (gross state product) by $9.3 billion in that time period.