PA Manufacturing Week — Ben Franklin Invests in Established Manufacturers and Early-Stage Tech-Based Manufacturers
In recognition of Pennsylvania Manufacturing Week, September 28 to October 3, the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has announced that its work with clients resulted in the creation or retention of 10,074 manufacturing jobs from 1994 to 2014. Clients attributed these jobs to their work with BFTP/NEP.
The Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development (DCED) and is funded by the Ben Franklin Technology Development Authority. PA DCED, in conjunction with the national Manufacturing Day initiative, is helping to promote PA’s manufacturers and to stress the importance of manufacturing and the jobs associated with these critical sectors.
BFTP/NEP’s mission is to promote, sustain, and invest in the development of our regional economy through innovation and partnering. Ben Franklin helps established manufacturers apply new technology to achieve industry leadership and compete effectively in global markets. In 1994 to 2014, BFTP/NEP made 333 investments, totaling $20,047,555, in established manufacturers, which was matched with $77,744,574 in company investments. The focus of BFTP/NEP’s work with established manufacturers is on enterprise-wide solutions, including product redesign, production line efficiency, and information systems optimization. The result of these investments were 4,846 new jobs created and 5,228 jobs retained.
In addition, Ben Franklin supports the development of new manufacturers through its investments in early-stage technology firms. More than 76 percent of BFTP/NEP’s start-up and early-stage clients in 1994 through 2014 have or will become the technology-based manufacturing firms of tomorrow. BFTP/NEP’s investment focus for its early-stage clients is on new product development and commercialization.
About the Ben Franklin Technology Partners of Northeastern Pennsylvania:
The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) creates and retains highly paid, sustainable jobs by linking early-stage technology-based firms and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation. It is part of an award-winning, four-center economic development initiative of the Pennsylvania Department of Community and Economic Development. Since beginning operation, BFTP/NEP has helped to create 16,600 new jobs for Pennsylvania workers and to retain 22,958 existing jobs, to start 470 new companies, and to develop 1,356 new products and processes. Since 2007, BFTP/NEP clients have generated more than $1.357 billion in follow-on funding. The Pennsylvania Ben Franklin Technology Partners network has returned $3.60 to the state treasury for every $1.00 invested in the program.