Ben Franklin Clients Generated $3.5 Billion in Revenue in 2024
- benfranklin4pa
- May 13
- 3 min read
Updated: 1 day ago
FOR IMMEDIATE RELEASE
Media Contact: Ryan Glenn, P: 717-948-4317
Ben Franklin Clients Generated $3.5 Billion in Revenue in 2024
Annual report proves that investments in innovation generate real economic returns throughout commonwealth
HARRISBURG, Pa. (May 13, 2025) --- When it comes to innovation and high-tech investments in Pennsylvania, Ben Franklin Technology Partners is the tip of the spear, delivering results year after year.
According to the latest annual report for the tech-based economic development program, Ben Franklin clients generated $3.5 billion in revenue and secured $1.1 billion in post-Ben Franklin financing, supporting 1,630 companies and helping clients create nearly 1,244 jobs while retaining another 9,959 positions in Pennsylvania.
Ben Franklin continues to help clients take their innovative ideas from concept to startup to scale, supporting the development of 189 new patents and software copyrights, helping to commercialize 257 new products and backing the launch of 103 new processes, according to the newly released “2024 Annual Statewide Impact Report.”
“The more we invest in innovation, the better the outcomes,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives. “The formula works. These investments are growing our high-tech economy, building out our entrepreneurial ecosystem to attract the best and brightest, and creating the jobs of tomorrow.”
The latest report comes as Gov. Josh Shapiro and the General Assembly try to negotiate a 2025-26 General Fund budget before the end of the fiscal year June 30.
The governor’s draft spending plan proposes $75 million in innovation investments targeting several sectors, including $50 million for startups and life science companies. The $50 million has two subcategories: $20 million for additional funding to startups matching federal awards and private capital investments, and a one-time $30 million initiative focused on life science companies.
The proposed budget also includes $17 million for the Ben Franklin Technology Development Authority, which funds Ben Franklin Technology Partners.
“Investments in innovation are so important to tech-based economic development that we believe the state can and should be even more aggressive, as proposed here, because competition is fierce,” Glenn said. “Building and sustaining our entrepreneurial ecosystem is vital to the long-term health of Pennsylvania’s economy – and we know for certain that Ben Franklin will continue to be the driving force in that development.”
Since its inception more than 40 years ago, Ben Franklin has boosted the state economy by more than $30 billion, generating more than 58,000 jobs in client firms, plus an additional 101,000 spinoff positions. According to independent analyses, every dollar invested by the commonwealth into Ben Franklin generates $4 in additional state taxes.
One of the reasons Ben Franklin can maintain this record of success year after year is because it stays ahead of the curve, identifying emerging technologies and adopting new programs to support enterprises with the most growth potential. What once was nanotechnology or computer science, for example, today is robotics, artificial intelligence and personalized medicine.
“No matter what’s next, Ben Franklin will be there, leading the way,” Glenn said.
Ben Franklin serves all 67 counties through four regionally based centers in Pittsburgh, State College, Bethlehem, and Philadelphia, with several satellite offices spread across the entire commonwealth.
Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development (DCED) and funded by the Ben Franklin Technology Development Authority (BFTDA).
For more information, visit: https://www.benfranklinimpact.com/.
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