Governor Rendell Says $22 Million Investment Will Create 375 Jobs Statewide, Stimulate Pennsylvania’s Technology Sector

HARRISBURG, Pa., Oct. 22 /PRNewswire-USNewswire/ — The commonwealth approved nearly $22 million in investments today to support innovation and help new technology companies grow and create 375 jobs, Governor Edward G. Rendell said.

“Pennsylvania’s latest investments will provide vital resources for companies that are looking to enter the marketplace; they will help stimulate our economy by creating hundreds of great-paying jobs; and they will pave the way for a stronger future for the state,” Governor Rendell said.

The Ben Franklin Technology Development Authority approved $16 million to be allocated equally this year among the four regional Ben Franklin Technology Partners. The four regional centers are among the state’s most important resources for vital early stage capital.

“In many cases, these investments serve as the final, crucial piece for many start-up, pre-seed and seed companies to take off,” the Governor said. “This piece can often determine whether the company or project is a ‘go, or no-go.’”

The Ben Franklin Technology Partners have helped create and expand high-growth companies with seed funding and technical assistance for 26 years.

In addition, the Ben Franklin Technology Development Authority approved more than $1 million for 10 existing Keystone Innovation Zones throughout the state, and almost $5 million for several other projects.

The Ben Franklin Technology Development Authority is one of the nation’s largest state technology development programs, providing a vehicle for investment in economic, community, and university-based innovation. Authority programs are a key component in the strategy and mission of the Department of Community and Economic Development.

The Governor said the Ben Franklin Technology Development Authority has leveraged more than $4.8 billion since 2003, which has helped to create more than 33,000 jobs.

For more information on BFTDA or the commonwealth’s other community and economic development programs, visit www.newPA.com or call 1-866-466-3972.

Media contacts:

Jamie Yates, DCED; 717-783-1132

Michael Smith, Governor’s Office; 717-783-1116

Editor’s Note: Other projects approved today by the authority include:

• The Keystone Innovation Starter Kit program, or KISK, received $1 million. The KISK initiative provides funds to Pennsylvania academic medical centers, non-profit research institutions and Keystone Innovation Zone-participating institutions of higher education to recruit top faculty researchers in nanotechnology and energy. The program provides funding for these researchers to “build out” labs and staff, acquire new equipment and leverage their research.
• The Innovation Grant program received $1.5 million to provide seed capital in the form of grants or loans for faculty and students to conduct proof-of-concept efforts; to hire staff in a technology transfer office or provide technology transfer assistance; and to provide support for technology transfer at academic medical institutions, non-profit research institutions, and Pennsylvania institutions of higher education, with preference given to those participating in Keystone Innovation Zones.
• The Ben Franklin Center of Excellence for Northwest Pennsylvania received a $650,000 Ben Franklin Technology Development Authority technology development grant to support the Center for eBusiness and Advanced Information Technology (eBizITPA) in its ongoing work to increase the understanding, use, and development of information technologies and to expand the capacity of Pennsylvania-based IT service providers. This funding will enable eBizITPA to assist at least 420 companies statewide through training, technical, and financial assistance. The project is expected to create 30 jobs and retain another 80.
• The Technology Collaborative received $1 million through the Ben Franklin Technology Development Authority technology development grant program to support its technology commercialization initiative. The funding will be used to support industry and university research, development, and commercialization of new technologies in the advanced electronics, embedded systems, agile robotics, and cyber security and networking industries.
• Idea Foundry received $100,000 through the BFTDA technology development grant program to commercialize inventions or ideas in information technology or related engineering disciplines. The project is expected to form at least six companies and create 120 technology-related jobs.
• The Pennsylvania Angel Network, or PAN, received $25,000 through the BFTDA technology development grant program to support services to Pennsylvania’s network of “angel investors,” high net worth individuals who invest in the growth of emerging Pennsylvania companies.
• Drexel University received $50,000 through the BFTDA university research grant program for the first year of a two-year plan to create the Translational Research Partnership Institute, which will bring life saving solutions to health care by moving discoveries from academic laboratories to clinical practice.
  

In addition, 10 existing Keystone Innovation Zones, or KIZs, received funding to continue their operations. The 29 statewide KIZs are located around university and college campuses and promote community/university partnerships to generate job growth through technology transfer and entrepreneurship.

• 611+ BioLaunch was allocated $62,500 in round four funding. The KIZ is expected to create 20 jobs and leverage $2.25 million in private investment.
• The Greater Reading KIZ was allocated $176,250 in round two funding. The KIZ is expected to create 24 jobs and leverage $1 million.
• The Westmoreland County KIZ was allocated $157,500 in round two funding. The KIZ is expected to create 12 jobs and leverage $300,000.
• The Northwest KIZ was allocated $187,500 in round two funding. The KIZ is expected to create 10 jobs and leverage $750,000.
• The Bucks County KIZ was allocated $125,000 in round three funding. The KIZ is expected to create 35 jobs and leverage $8 million.
• Erie County KIZ was allocated $125,000 in round three funding. The KIZ is expected to create 35 jobs and leverage $500,000.
• Greater Susquehanna KIZ was allocated $100,000 in round three funding. The KIZ is expected to create 15 jobs and leverage $500,000.
• Pocono Mountain KIZ was allocated $50,000 in round four funding. The KIZ is expected to create at least 36 jobs and leverage $1.3 million.
• Williamsport/Lycoming KIZ was allocated $60,725 in round four funding. The KIZ is expected to create 13 jobs and leverage $400,000.
• University City Science Center KIZ was allocated $62,500 in round four funding. The KIZ is expected to create 25 jobs and leverage $3.5 million.
  

SOURCE Pennsylvania Office of the Governor