Ben Franklin Investments Pay Huge Dividends for Pa.
Statewide initiative helped clients create 2,438 jobs, retain 12,923 more, and generate $2 billion in revenue, according to 2021 Impact Report
HARRISBURG, Pa. (April 26, 2022) --- Ben Franklin Technology Partners and its network of clients continue to bring to market cutting-edge ideas that directly impact Pennsylvania’s economy by driving investments, fostering the entrepreneurial ecosystem, supporting innovation in established manufacturers, and cultivating, attracting, and retaining in-demand talent, according to the most recent economic and performance assessment.
Ben Franklin’s investments paid huge dividends for the commonwealth as the state continued to rebound from the pandemic, according to the statewide initiative’s “2021 Annual Statewide Impact Report,” with clients generating more than $2 billion in revenue and securing $917 million in post-Ben Franklin financing.
The statewide Ben Franklin network also supported 1,647 companies and helped clients create nearly 2,438 jobs while retaining 12,923 more positions, the report found. Ben Franklin clients continued to drive Pennsylvania’s economy with innovation and entrepreneurial efforts, developing 158 software copyrights and patents and launching 380 new products and processes.
This latest report reinforces Ben Franklin’s leadership position as one of the most widely known and emulated state technology-based economic development programs in the nation.
The full report is available online at www.BenFranklinImpact.com.
“Year after year, even in the most difficult economic times, Ben Franklin continues to succeed, delivering impressive results with its investments,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives. “Investments in innovation are the foundation of the new economy.”
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 state.
The centers invest more than money alone. They also surround clients with internal and external experts in accounting and finance, marketing, intellectual property protection, supply chain management, and other disciplines. Developed and customized over more than three decades of experience, many clients cite these high-value support services as being key factors in their eventual success.
Recognizing the importance of investments in innovation, Gov. Tom Wolf proposed $22 million for Ben Franklin in his 2022-23 budget, which currently is before the legislature. A final spending plan is due before the end of the fiscal year on June 30.
The funding, which amounts to a $2 million increase for each of the four regionally based Ben Franklin centers, is part of $32.5 million planned for the Ben Franklin Technology Development Authority (BFTDA), which funds the statewide economic development initiative and provides competitive grants to support other high-tech ventures.
Since its inception nearly 40 years ago, Ben Franklin has invested in more than 4,500 technology-based companies and boosted the state economy by more than $25 billion, helping to generate 148,000 jobs through investments in client firms and spinoff companies in Pennsylvania. The most recent independent economic analysis shows that every dollar invested by the state into Ben Franklin generates $3.90 in additional state taxes. Jobs generated by Ben Franklin Technology Partners are in industries that pay 52% more than the average non-farm wage in Pennsylvania.
For additional information, visit www.BenFranklinImpact.com.