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$500,000 Grant From Economic Development Administration Helps the Science Center Expand Entrepreneurial Programs

Posted on: Wednesday, 13 October 2004, 06:00 CDT

PHILADELPHIA, Oct. 13 /PRNewswire/ -- The Science Center, one of the world's leading developers of knowledge communities dedicated to the commercialization of innovative and research-based science and technologies, today announced that the U.S. Commerce Department's Economic Development Administration (EDA) has awarded a $500,000, two-year grant to fund the expansion of two of the Science Center's entrepreneurial assistance programs.

The first program helps small businesses located in the Science Center's incubator space, and involved in emerging technology and technology commercialization, to improve their management, marketing, sales, and technology/product development and testing. The second program provides the same type of assistance, with a greater emphasis on marketing and sales strategies, to small international businesses that commercialize technology and want to begin operations in the Science Center.

The investment also will contribute to the recently announced New Profiteer business plan competition, a program designed by a coalition of the region's leading business development advocates who want to identify and support Greater Philadelphia's most promising "New Profiteers" - entrepreneurs focused on creating sustainable and socially responsible businesses.

Robert Bogart, Senior Advisor to the U.S. Assistant Secretary of Commerce for Economic Development, will present the Science Center with an oversized $500,000 grant check at an official ceremony held as part of this year's State Science and Technology Institute (SSTI) conference. The two-day conference dedicated to improving government/industry programs that encourage economic growth through the application of science and technology will feature an extensive half-day tour of the Science Center's facilities.

"The Science Center is one of the world's most successful breeding grounds for emerging technology companies and clearly exemplifies President Bush's objective of connecting knowledge creators with knowledge commercializers," said Bogart. "Its top-notch business incubation services offer all the facilities and expertise necessary to turn a bright technology idea into a thriving business. An investment in the Science Center is an investment in the future of technology. At the federal level, President Bush is driving aggressive efforts to create an environment that will help make this connection. His goal is to ensure that America continues to be the best place in the world for innovation and entrepreneurship."

Science Center officials say the EDA's $500,000 grant will help the Science Center further its 40-year mission to promote university research, incubate high-technology entrepreneurial companies, and strengthen the Philadelphia community and economic base.

"The EDA's generous investment will help us continue our successful efforts to grow the region's entrepreneurial spirit, foster innovation in life sciences and technology, and build the local economy," says Dr. Pradip Banerjee, CEO of the Science Center. "We're proud and grateful to receive this prestigious endorsement to continue our long track record in business incubation."

ABOUT EDA

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. Since 2001, EDA has invested over $51 million in Pennsylvania, supporting many projects similar to the Science Center. This investment has contributed to creating and saving over 26,000 jobs and driving private sector investment of over $1 billion. Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov/.

ABOUT THE SCIENCE CENTER

The Science Center (http://www.sciencecenter.org/) nurtures entrepreneurial technology companies by providing research space, commercialization services, and advisory oversight. Support for the organization comes from top area academic and research institutions, including Thomas Jefferson University Hospital, Temple University, the University of Pennsylvania, Drexel University, and the University of Delaware. The Science Center is a developer of knowledge communities, and has helped launch 350 companies during its 40 years of promoting the fusion of talent, capital, and opportunity. For more information about the Science Center and the programs it offers, please contact Michelle Jackson at Gregory FCA Communications, at 610-642-8253 ext. 18, or Michelle@GregoryFCA.com.

Science Center

CONTACT: Press contact: Michelle Jackson, Gregory FCA, +1-610-642-8253,Michelle@GregoryFCA.com, for Science Center; Science Center contact: Dr.Pradip Banerjee, Chief Executive Officer, +1-215-966-6250,PBanerjee@ScienceCenter.org; or EDA contact: Matt Crow, Director of PublicAffairs, +1-202-482-2309

Web site: http://www.eda.gov/

Web site: http://www.sciencecenter.org/

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