Pennsylvania’s Innovation Economy Driving Growth
by Ryan E. Glenn, Director of Statewide Initiatives
Ben Franklin Technology Partners
A new national report that ranks states for business performance and competitiveness shows Pennsylvania making significant gains over the last year, with technology and innovation among the driving forces behind the economic resurgence.
Pennsylvania jumped six spots from 23 to 17 in CNBC’s annual rankings for America’s Top States for Business in 2022, now in its 15th year. The analysis puts the states through an unprecedented 88 metrics in 10 broad categories of competitiveness—essentially the same categories the organization has used since its first study in 2007 to ensure consistency in measurements.
A deeper dive shows Pennsylvania among the Top 10 for technology and innovation last year, ranking seventh nationally. That is up from 14th in 2021, offering a demonstrative look at how important investments in innovation are to the new economy.
In fact, in this latest report, technology and innovation scored the state’s highest ranking and was the only category where Pennsylvania was among the Top 10.
At Ben Franklin Technology Partners, we understand the value of bringing cutting-edge ideas to market to power the economy, drive investments, and create jobs.
According to the most recent 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, the report found. Ben Franklin clients also continued to drive Pennsylvania’s economy with innovation and entrepreneurial efforts, developing 158 software copyrights and patents and launching 380 new products and processes.
None of this should be 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.
The fact is that investments in innovation and technology are the foundation of the new economy—and year after year, Ben Franklin continues to succeed, delivering impressive results with its investments.
These latest rankings prove that our success is Pennsylvania’s success as well.