Healthcare Analytics Startup PurpleLab Relies on #BenFranklin4PA
Since its inception, Ben Franklin’s strategy has focused on 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; and promoting an innovative community-wide infrastructure that supports Pennsylvania’s technology-based companies. Equally important is Ben Franklin’s work in its regions to create and support an infrastructure for innovation. By helping local business communities focus on the future, Pennsylvania has the leadership and support it needs to attract and keep its emerging talent, innovative enterprises, and capital.
"Without funding from Ben Franklin Technology Partners, we would have never been able to fund the company that I founded," stated Mark Brosso, Founder and CEO of PurpleLab. "After leveraging my 401(k), we relied on Ben Franklin in part to fund Health Market Science. It eventually led to 165 local high tech jobs and more than $200 million in shareholder value, and $50 million in annual revenues," he added. "With early stage funding sources disappearing, Ben Franklin is needed now more than ever," concluded Brosso.
For more than 35 years, Ben Franklin’s strategy has worked and its mission remains sound. However, all of that is at risk. Since 2007-08, state funding has dropped 50 percent, from $28 million to $14 million, meaning Ben Franklin has been unable to invest in some deserving companies or has seriously short-funded others.
It is time for Pennsylvania to embrace its leadership role and lead again by increasing funding for Ben Franklin Technology Partners. Not only is additional funding essential to remaining competitive, attracting investments, and driving innovation, but it will also accelerate the return of tax dollars and measurable job benefits throughout the commonwealth. We encourage you to take action, stay informed and contact your state lawmakers today and tell them to increase funding because Ben Franklin works for companies like PurpleLab and it works for Pennsylvania.
PurpleLab has developed a cloud-based provider analytics platform. The Agile Provider Profiling Platform™ features on-demand, subscription-based access easy to use, yet highly customizable query and report templates all designed to profile and rank providers based on their quantitative performance metrics.