PA Business Report: Gov’s proposed budget includes $5M increase for Ben Franklin Technology Dev Auth
Updated: Mar 12, 2020
Gov. Tom Wolf recently announced that his proposed 2020-21 General Fund budget will include an increase of $5 million for the Ben Franklin Technology Development Authority (BFTDA), which funds the Ben Franklin Technology Partners initiative.
Ben Franklin Technology Partners provides support to early-stage and established technology firms across Pennsylvania through direct funding, business assistance, and networking opportunities. The initiative also supports university-based centers of excellence and increased collaboration between academia, businesses, investors, and government.
“Smart investments in innovation drive economic growth and ensure Pennsylvania continues to capture its share of emerging high-tech developments,” Ryan E. Glenn, Ben Franklin’s director of statewide initiatives, said. “In the nation’s highly competitive high-tech economy, every dollar matters. Investments in innovation will ensure our commonwealth remains a leader in supporting revolutionary technological developments, often driven by startups, that improve the human condition and address critical challenges now and in the future.”
According to an analysis by the Pennsylvania Economy League and KLIOS Consulting, every dollar that the state invests into Ben Franklin generates $3.90 in additional state taxes. Jobs that Ben Franklin’s client industries create pay an average of $79,364 annually, which is 52 percent more than the average non-farm wage in Pennsylvania.
“That’s why this $5 million investment is so important — to help us continue the important work we do,” Ryan said. “We look forward to working with the governor and lawmakers to make it a reality as the state works to finalize a 2020-21 General Fund budget.”