How PA Benefits
Pennsylvania has a stake in the continued success of Ben Franklin Technology Partners. And indeed, the commonwealth is a strong partner in support of the statewide initiative and its areas of focus. Ben Franklin’s strategy encompasses three key areas:
Developing and growing early-stage technology-oriented companies.
Supporting established manufacturers as they creatively apply new technology to help them succeed globally by producing better, cheaper, and faster.
Promoting an innovative community-wide infrastructure that supports Pennsylvania’s technology-based companies.
Funding entrepreneurial incubators and accelerators is a smart investment. Research by the Kauffman Foundation shows that young firms create the vast majority of new jobs. Funding the entrepreneurial ecosystem is a smart investment.
Other states have picked up on this, making the competition for technology all the more competitive. In fact, other states have adopted technology-based economic development programs of their own. Among the most competitive states focused on this type of funding, the average state spending per capita is $5.67 --- more than four times Pennsylvania’s level of $1.37.
Pennsylvania ranks 13 behind other Mid-Atlantic neighbors like Delaware, Maryland and Ohio, as well as competitive states such as Indiana and Utah, in funding tech-based economic development on a per capita level for 2019, according to the State Technology and Science Index.
Innovation is the key to long-term economic prosperity. States that harness innovation, and the companies associated with it, are capturing a disproportionate share of economic growth, generating tax revenue and creating the highly paid, sustainable jobs that drive strong economic growth.
According to polls, 89% of voters nationwide support initiatives to drive greater benefit out of science and technology innovation — exactly the kinds of programs that Ben Franklin offers today.
*Key findings from 2015 national public opinion research by the INNOVATION ADVOCACY COUNCIL: An initiative of SSTI.
Since its inception, Ben Franklin Technology Partners has invested in more than 4,500 technology-based companies across Pennsylvania.
Technology-based startups are recognized as an essential component of a dynamic competitive economy.
Ben Franklin Technology Partners supports established manufacturers as they creatively apply new technology to help them succeed globally by producing better, cheaper, and faster.