In recognition of Pennsylvania Manufacturing Week, October 1-7, the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has announced that its work with clients resulted in the creation or retention of 10,762 manufacturing jobs from 1994 to 2015. 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 2015, BFTP/NEP made 350 investments, totaling $20,485,690, in established manufacturers, which was matched with $79,301,954 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 4,949 new jobs created and 5,813 jobs retained.
In addition, Ben Franklin supports the development of new manufacturers through its investments in early-stage technology firms. More than 75 percent of BFTP/NEP’s start-up and early-stage clients in 1994 through 2015 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.