The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 527 northeastern Pennsylvania jobs were created or retained as a result of its work in 2012. 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.
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. Results are reported by Ben Franklin to the Pennsylvania Department of Community and Economic Development, which funds the statewide Ben Franklin program.
“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 investment in and support of early-stage technology firms and established manufacturers will hasten our economic recovery and position northeastern Pennsylvania for future success.”
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.
In 2012, the Ben Franklin Technology Partners of Northeastern Pennsylvania reported the following results:
Created 341 New Jobs
Retained 186 Existing Jobs
Started 13 New Companies
Developed 62 New Products and Processes
The Ben Franklin Technology Partners of Northeastern Pennsylvania was established in 1983, and has achieved the following cumulative results:
Created 15,820 New Jobs
Retained 21,645 Existing Jobs
Started 442 New Companies
Developed 1,189 New Products and Processes
An independent study released by the Pennsylvania Economy League shows that Pennsylvania’s investment in Ben Franklin Technology Partners statewide from 2002 to 2006 returned $3.50 in new tax revenue for each $1 spent and created thousands of new high-wage jobs. Technology companies funded by the Ben Franklin Technology Partners boosted the state economy (gross state product) by $9.3 billion in that time period. Jobs created by Ben Franklin’s clients pay 33% more than the average non-farm Pennsylvania wage.