The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $87,964 in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas:
- developing and growing early-stage technology-oriented companies,
- helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
- promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.
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. BFTP/NEP clients have generated $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. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. BFTP/NEP owns, manages, and is headquartered in Ben Franklin TechVentures®, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem, PA. BFTP/NEP also manages the Bloomsburg Regional Technology Center in Bloomsburg.
Ben Franklin announces the following early-stage company investment that is provided in the form of loans with warrants.
PROVA Systems & Technologies, Inc. (www.provasys.com) Carbondale, Lackawanna County
Ben Franklin Investment: $75,000
Accelerate revenue growth for PROVA™ Systems’ Fleet Genius®, a fleet management software system for small- and medium-sized enterprises. PROVA’s software collects, monitors, and analyzes the performance of vehicles and drivers, allowing enhanced and proactive fleet management. The investment will facilitate stronger inventory positions to address backlog and further enhance product features including support for WiFi and GPS capabilities. Fleet Genius can reduce fleet operation costs by more than 60% versus current technology.
Ben Franklin announces the following established manufacturer company investment. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
PhytogenX, Inc.(www.phytogenX.com) Morgantown, Berks County
Ben Franklin Investment: $12,964
University Partner: Northampton Community College’s Emerging Technology Applications Center
Analyze and select a new boiler and heat exchanger system to increase processing capacity at this contract manufacturer for the skincare industry. The enhancements will support growing batch production levels and provide ample heated deionized water, which is a major ingredient in many PhytogenX products. Achieving efficiencies in these areas will greatly enhance throughput.