The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 743 northeastern Pennsylvania jobs were created or retained as a result of its work in 2010. 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 work as reported by client companies. Clients credit the impact figures as having been a direct result of Ben Franklin funding and assistance. Results are reported by Ben Franklin to the Pennsylvania Department of Community and Economic Development, which funds the 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. “Now more than ever, our work will hasten our economic 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 technology-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 supports a favorable business environment for high-growth companies.
The northeastern center, headquartered in Bethlehem, is part of a four-center, state-funded economic development initiative. In addition to the headquarters in Bethlehem, BFTP/NEP operates Ben Franklin TechVentures®, a technology business incubator/post-incubator facility on Lehigh University’s Mountaintop Campus.
In 2010, the Ben Franklin Technology Partners of Northeastern Pennsylvania reported the following results:
- Created 621 New Jobs
- Retained 122 Existing Jobs
- Started 12 New Companies
- Developed 69 New Products and Processes
The Ben Franklin Technology Partners of Northeastern Pennsylvania was established in 1983, and has achieved the following cumulative results:
- Created 14,922 New Jobs
- Retained 21,358 Existing Jobs
- Started 420 New Companies
- Developed 1,017 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. 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. Jobs created by Ben Franklin’s clients pay 33% more than the average Pennsylvania salary.