Pa. Ranks No. 4 on Forbes List of States to Start a Business
Are you looking to start a new business?
Look no farther than our commonwealth. According to a new study by Forbes Advisor, Pennsylvania is among the best states to start a new business. Using 18 key metrics such as business climate, business costs, taxes, economy, and work force, Forbes determined that Pennsylvania lands No. 4 on their list of the most business friendly states.
(Indiana, Colorado, and North Dakota rounded out the top three, in that order.)
One metric stood out for the commonwealth --- “financial accessibility,” where the magazine highlighted Pennsylvania’s investment in innovation and the availability of resources and funding for entrepreneurs.
At Ben Franklin Technology Partners, every day we see the value of financial accessibility --- how it drives the economy, emboldens entrepreneurs, and ultimately creates jobs.
According to the most recent annual economic and performance assessment of the statewide initiative, Ben Franklin’s investments paid huge dividends for Pennsylvania, with clients generating more than $2 billion in revenue and securing $917 million in post-Ben Franklin financing.
The “2021 Annual Statewide Impact Report” shows the Ben Franklin network supported 1,647 companies and helped clients create nearly 2,438 jobs while retaining 12,923 more positions. Ben Franklin’s investment in clients has long driven Pennsylvania’s economy with innovation and entrepreneurial efforts, developing 158 software copyrights and patents and launching 380 new products and processes in 2021 alone.
This should not come as a surprise.
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, and that the jobs generated by Ben Franklin are in industries that pay 52 percent more than the average non-farm wage in Pennsylvania.
Investments in innovation and technology are at the core of Pennsylvania’s new-age economy --- and Ben Franklin continues to lead the way, delivering impressive results withts investments.
So, if you are looking to start a new business, you’ve got a friend in Pennsylvania.