The state of Pennsylvania recently announced more than $6.5 million in investments by the Ben Franklin Technology Development Authority (BFTDA) to support his technology-focused economic development strategy and the creation of advanced technology and high-tech jobs.

“Today we are funding ground-breaking initiatives and programs to support our strong commitment to the advancement of technology across the commonwealth,” said Gov. Ed Rendell. “Not only will these programs support the commonwealth’s emerging small businesses, but also our universities and communities where new ideas and new technologies are emerging.

The BFTDA is a state-funded network dedicated to fostering technology innovation, strengthening the commonwealth’s economy and creating and retaining high-salary jobs that require advanced skill levels. The BFTDA provides funding for a host of technology initiatives and supports four Ben Franklin Technology Partners throughout Pennsylvania that identify the most promising technological ventures and support them with technical assistance and capital.

“Pennsylvania last year, along with its partners, invested approximately $175 million in more than 80 biosciences companies,” Governor Rendell added. “As a direct result of that public investment, the private sector has invested an additional $700 million to help grow existing biosciences companies and attract new firms to the commonwealth.”

The following projects were approved by the BFTDA:

Center for eBusiness and Advanced Information Technology: The Ben Franklin Center of Excellence for Northwest Pennsylvania was awarded $2 million in funding for the Center for eBusiness and Advanced Information Technology (eBizITPA), a technology-based economic development organization. This funding will not only enhance technology transfer and advanced information technology (IT), but also will educate, train and provide businesses with IT solutions. Pennsylvania businesses will become more competitive in the global market and, through the Center’s apprentice and intern programs, the commonwealth will have the ability to attract and retain talent throughout the region. eBizITPA was created in 2002 to assist the growth of Pennsylvania technology-related companies and the integration of e-business technology and processes to existing businesses.

Pennsylvania Angel Network (PAN): PAN was awarded $50,000 in operational funding which will support its goal to provide new and existing angel groups with training opportunities, back office support and access to needed research and due diligence resources. Angel investors are a crucial component of early stage business financing that will often bridge the gap between seed stage self-funding and venture capital. By organizing and supporting the Angel investors in Pennsylvania, PAN will improve the overall investment environment and stimulate increased funding for Pennsylvania’s new businesses.

Nanotechnology Manufacturing Technology Partnership (NMT): Managed by staff at The Pennsylvania State University, NMT was awarded $1.4 million in funding to support the continued operation of this nationally recognized workforce development program. This program will place special emphasis on the development of new learning tools, professional development, student recruitment and industry outreach activities. The NMT program was established in 1998 to address the needs of Pennsylvania industry for skilled nanofabrication workers. The NMT Partnership offers professional development programs for educators and industry personnel and outreach programs for secondary students.

Technology Collaborative: The Technology Collaborative (TTC) was awarded $2 million to be utilized for university-based technology research and development and industry-based technology development and commercialization. The TTC, an economic development organization launched in 2005, is the direct result of the merger between the Pittsburgh Digital Greenhouse and the Robotics Foundry. The TTC is designed to help increase Pennsylvania's technology-based economy by developing collaborating industry clusters that leverage the region's world-class assets in advanced electronics, cyber security and robotics.

Plum Capital LLC: Plum Capital LLC was awarded $1 million for investment into its new venture capital fund, Plum Holdings II LP. The Fund will leverage this investment to make a minimum of $4 million in additional venture capital available for Pennsylvania early stage media companies. A venture capital management group, Plum Capital generates substantial capital gains through early stage investments in companies operating in the media industry. The goal of the fund will be to capitalize on a growth-oriented media company’s significant need for “smart” equity capital.

Southside Bethlehem Keystone Innovation Zone (KIZ) funding: The Lehigh Valley Economic Development Corporation received $187,500 as part of its second year KIZ operational funding. One of the first KIZs to be approved by the BFTDA, the Southside Bethlehem KIZ has worked closely with its partners to create and implement its Technology Transfer Grant Program in providing more than $125,000 in assistance to five, new start-up companies and two early stage firms. During its first year of operations, the Southside Bethlehem KIZ created 19 and retained 37 quality jobs.

A cornerstone of Governor Rendell’s economic stimulus package, the KIZ program offers the commonwealth’s graduates an incentive to stay in Pennsylvania by creating an environment where opportunities are abundant, help is accessible and innovation is not only encouraged, but also supported and rewarded.

The KIZs will encourage the creation of new business, expand the research and development sector of Pennsylvania’s economy and facilitate technology transfer to existing companies.