Pennyslvania’s Ben Franklin Technology Development Authority recently approved the release of more than $2 million to various technology businesses across the state to support economic development projects focused on advanced science and research programs. Since 2003, the authority has invested more than $158 million to attract and keep businesses in the state, creating 4,673 jobs and retaining 3,705 positions.
“Positions in the bioscience, green energy, telecommunications and e-commerce fields are helping to improve our quality-of-life, transform the way we do business and improve Pennsylvania’s competitiveness in the global technology market,” said Gov. Ed Rendell. “Our goal is to provide the capital needed for Pennsylvania’s technology sector to grow.”
The Governor pointed to new initiatives, like his proposed $500 million Jonas Salk Legacy Fund, as an example of Pennsylvania’s forward-thinking approach to medical advancement. This innovative program, outlined in the Governor’s 2006-07 budget, will have a positive impact on global health by supporting new leading-edge medical research in companies and the state’s colleges, and will help create more than 12,000 new jobs in the commonwealth.
Under the Governor’s Jonas Salk Legacy Fund proposal, grant recipients would be required to match the state’s investment dollar-for-dollar, bringing the total investment amount to $1 billion. Investments through the Legacy Fund will focus on, and be aligned with, research already underway in Pennsylvania, including bioinformatics, biomedical devices and diagnostics, bio and nanotechnology, drug discovery tools and targets, regenerative medicine and therapeutics.
The Ben Franklin Technology Development Authority is a state-funded network dedicated to fostering technological innovation, strengthening the commonwealth’s economy, and creating and retaining good-paying jobs that require advanced skills. It also provides funding for a host of technology initiatives and supports four Ben Franklin Technology Partners throughout Pennsylvania that identify the most promising ventures and provide them with technical assistance and capital.
The BFTDA approved the following projects today:
Pittsburgh Angel Fund: The authority will provide an anchor $500,000 investment to help create an Angel Fund in southwest Pennsylvania. This fund will make at least 10 investments in start-up companies in the Pittsburgh region over a five-year period. The fund will help fill the early-stage funding gap and create an entity that can spearhead deals and invigorate angel investing in the region. This fund’s investments will aid in the attraction and retention of entrepreneurs, speed research commercialization and raise the profile of the local angel investing community.
Sustainable Jobs Fund: SJF Ventures II LP will receive $1 million to provide equity finance and technical assistance to Pennsylvania growth-stage companies producing financial, social and environmental gains. SJF Ventures II LP is managed by the Sustainable Jobs Corporation, a U.S. Treasury-certified Community Development Financial Institution with a mission to provide social and environmental benefits, and create and retain significant jobs for disadvantaged citizens and communities. SJF Ventures II LP will focus primarily on companies with high growth potential in clean technologies, business services and consumer products sectors.
Lackawanna County Keystone Innovation Zone 2nd Year Funding: The Great Valley Technology Institute (GVTI) received $187,500 as part of its second year KIZ operational funding. The Lackawanna County KIZ will create and retain 25 jobs, generate $500,000 of equity for investments in KIZ companies, locate three new companies within the zone, and place at least 10 interns at KIZ companies. The funding will further enhance the ability of higher education KIZ institutions to conduct innovative research. During its first year of operations, the zone created 424 jobs and retained another 487 positions.
Luzerne County Keystone Innovation Zone 2nd Year Funding: The Great Valley Technology Institute received $187,500 as part of its second year KIZ operational funding. The Luzerne KIZ will locate three companies within the zone, create and retain at least 25 jobs, place ten interns at KIZ companies, and generate at least $500,000 of equity for investment in KIZ companies. During its first year of operation, the zone created 41 quality jobs and retained another 47.
Greater Johnstown Keystone Innovation Zone 2nd Year Funding: The Johnstown Area Regional Industries received $187,500 as part of its second year KIZ operational funding. The Greater Johnstown KIZ will create and retain at least 85 jobs, assist approximately 35 companies and fund at least 10 internships within the zone. During its first year of operations, the zone and its partners have invested approximately $875,000 in KIZ designated companies, creating 95 jobs and retaining 68 other positions.
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