By R. Chadwick Paul, Jr., President and CEO
When most people think of innovation, they think of computers, or microchips, or other technology-based devices that push the boundaries of what we think is possible. But innovation is not so narrowly defined. Innovation also includes advances in manufacturing, health care, and a variety of products, processes, and services.
Over the last 36 years, the Ben Franklin Technology Partners (BFTP) has supported hundreds of entrepreneurs and established manufacturers as we lead Pennsylvania’s innovation economy. We’re proud of our clients and amazed at the innovation that some of the Commonwealth’s best and brightest minds bring to market.
Following are some examples of northeastern Pennsylvania companies that are impacting their respective industries and helping to redefine what innovation means.
Rea.deeming Beauty manufactures the award-winning elliptical-shaped beautyblender® makeup applicator, allowing for line- and streak-free application. Hailed as a revolutionary idea in cosmetics, the applicator has not only gained wide market acceptance in both the professional and consumer markets, but has also created a new product category in the cosmetics industry: selling applicators as a separate, premium product. Rea.deeming Beauty fields a team of 138 employees and has increased revenue by a factor of more than five over the last five years, winning Lehigh Valley Business’ Fastest Growing Company in the Lehigh Valley award three years in a row, 2015-2017.
(launched in Ben Franklin TechVentures®, Bethlehem)
Micro Interventional Devices, Inc. is a medical device company that is developing disruptive structural heart repair technologies to enable tricuspid and mitral valve repair surgeries to be conducted via a catheter-based approach through a puncture in the skin. Current surgery techniques often involve opening the patient’s ribcage and performing bypass. The new, minimally invasive structural heart repair procedure has the potential to greatly reduce healing time. The technology is currently being studied in a clinical trial as an investigational device. This reliable approach will ultimately reduce operating room time, abate blood loss, and simplify complex structural heart repair procedures by enabling a conversion from surgical procedures to less-invasive, simpler catheter-based procedures. It is estimated that the global transcatheter mitral and tricuspid markets is approximately $4 billion.