State Budget Includes Investments in Innovation
Ben Franklin funding increases $2.5 million over current fiscal year
HARRISBURG, Pa. (July 8, 2022) --- The state’s 2022-23 General Fund budget provides an additional $2.5 million in funding for the Ben Franklin Technology Development Authority (BFTDA), which funds Ben Franklin Technology Partners (BFTP), a statewide economic development initiative that invests in and supports high-tech entrepreneurs and startups and innovative manufacturers.
The line item for BFTDA, which is included within the budget for the Department of Community and Economic Development (DCED), will rise from $14.5 million to $17 million.
The legislature’s investment is significantly lower than what Gov. Tom Wolf originally presented in his draft spending plan in February, when he proposed $32.5 million for BFTDA, including an additional $8 million increase for Ben Franklin.
“Competition among states for investments in innovation is fierce, and the governor and DCED laid out a bold vision to reinforce and expand Pennsylvania’s leadership as the premier location for technology-based businesses and entrepreneurs,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives.
“We’re grateful that the legislature and administration were able to work together to secure increased funding for Ben Franklin in this budget, so we can continue our groundbreaking work to sustain and grow the entrepreneurial ecosystem we have been building in Pennsylvania for nearly 40 years,” Ryan said.
Independent economic analyses show that every dollar invested by the state into Ben Franklin generates $3.90 in additional state taxes. Since its inception, Ben Franklin has invested in more than 4,500 technology-based companies and boosted the state’s economy by more than $25 billion, helping to generate 148,000 jobs through investments in client firms and spinoff companies in Pennsylvania.