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HARRISBURG, Pa., July 24 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell today announced new commonwealth investments of more than $34 million to support technology-focused economic development and job creation.
Approved by the Ben Franklin Technology Development Authority at its quarterly meeting today, the funds will stimulate job creation, new product commercialization, and support technology innovation. The authority also supports a wide range of technology initiatives through the four regional Ben Franklin Technology Partners, which identify and support promising ventures with technical assistance and capital.
“By providing needed capital to the partners and these promising technology projects, we’re creating a climate that allows businesses to thrive, brings new technologies to the marketplace, and creates high-value jobs,” Governor Rendell said. “We’re strengthening our communities, putting people to work and incubating innovative ideas that will ensure Pennsylvania remains a technology leader.”
Governor Rendell also noted that Pennsylvania’s efforts are reaping dividends, with Business Facilities magazine ranking Pennsylvania number one in the nation in biotechnology in its 2008 annual rankings report released earlier this month.
Projects approved today by the authority include:
The Ben Franklin Technology Partners received annual funding of $27.6 million, which will be allocated among the four regional centers. Now in its 25th year, BFTP has helped create and expand high-growth companies with seed funding and technical assistance.
The Pennsylvania Angel Network (PAN) received $35,000 through the technology development grant program to support services to Pennsylvania’s angel network. PAN works to foster relationships that stimulate high net worth individuals to invest in the growth of emerging Pennsylvania companies.
The Pennsylvania Technical Assistance Program, a federal-state-university partnership to help Pennsylvania companies improve their competitiveness, received BFTDA funding of $1.5 million to provide assistance for emerging energy technologies. PennTAP will use this grant to provide one-on-one consultation to help small businesses evaluate and implement appropriate alternative energy solutions, create new technology products and components, and develop new markets for Pennsylvania’s alternative energy technologies.
The Technology Collaborative, formerly the Pittsburgh Digital Greenhouse/Robotics Foundry, received $1.8 million through the BFTDA Technology Investment Grant program to support its technology commercialization initiative. The funding will be used to transition technology from universities to companies, create new products/markets for existing PA companies and help spin off and start new companies.
Pittsburgh-based Idea Foundry received $260,000 to commercialize inventions or ideas in information technology or related engineering disciplines. Founded in 2002, the Idea Foundry works to bridge the gap between idea generation and fundable start-ups by providing intellectual and financial capital necessary to support innovators.
Penn State University received $1.65 million for the Pennsylvania Nanofabrication Manufacturing Technology Partnership through the BFTDA University Program Budget. The program addresses the needs of Pennsylvania industry for skilled nanofabrication workers by preparing students to work in the micro- and nanofabrication industry.
Philadelphia University, Drexel University and the Ben Franklin Technology Partners of Southeastern Pennsylvania received $1.25 million through BFTDA’s University Program Budget program to create the Pennsylvania Advanced Textiles Reach and Innovation Center, or PATRIC. The center will provide a location and expertise to test, develop and create materials in a range of biological and technology applications, leading to businesses and job growth.
In addition, two existing Keystone Innovation Zones received funding to continue their operations:
BioStrategy Partners, based in Elkins Park, was allocated $125,000 in round three funding for the BioLaunch611 + Keystone Innovations Zone. The funding will be used to pilot, evaluate, improve and re-offer its nine-month Life Sciences Leadership Forum; offer eight programs through the Practical Knowledge Series; provide commercialization services to life sciences companies and place interns within KIZ companies. Additionally, BioSP will continue to nurture early stage companies for sustainability and success.
BFTDA approved $187,500 in funding to the Chester County Economic Development Council for round two funding of the Chester County Keystone Innovation Zone. CCEDC committed to the creation of 150 new jobs and the retention of 250 jobs in KIZ companies and will place up to eleven internships at KIZ companies during this funding cycle.
For more information on any of the authority’s programs, visit www.newPA.com or call 1-866-466-3972.
The Rendell administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit www.governor.state.pa.us.
CONTACT:
Teresa Candori
717-783-1116
Jamie Fulginiti
717-720-1387 (DCED)
SOURCE Pennsylvania Office of the Governor
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