Ben Franklin’s 2021 investments paid huge dividends for the commonwealth as the state continued to rebound from the pandemic, according to the statewide initiative’s “2021 Annual Statewide Impact Report,” with clients generating more than $2 billion in revenue and securing $917 million in post-Ben Franklin financing.
The numbers speak for themselves.
Ben Franklin’s Record of Success
Startups and innovative established manufacturers seek fertile ecosystems. In partnership with the Department of Community and Economic Development, Ben Franklin creates and develops those ecosystems to make Pennsylvania more attractive, and supports and nurtures the types of jobs and opportunities that young people seek, keeping our students, children, and grandchildren in Pennsylvania.
Launched nearly 40 years ago, Ben Franklin Technology Partners serves all 67 counties through four regionally based centers in Pittsburgh, State College, Bethlehem and Philadelphia, with several satellite offices spread across the state. The statewide initiative has become the international gold standard for high-tech development.
Ben Franklin leverages the excellence of Pennsylvania’s colleges and universities to build and accelerate the development of technology-based industries through competitive investments in early-stage startups and funding for innovation in established manufacturers.
The statewide initiative also supports university-based centers of excellence and promotes greater collaboration among academia, businesses, investors and government.
According to the most recent in-depth analysis by two nonpartisan research organizations, The Pennsylvania Economy League and KLIOS Consulting, Ben Franklin helped to create 11,407 high-paying jobs, generate $386 million in tax receipts for the commonwealth, and boost the state’s economy by $4.1 billion between 2012 and 2016. Jobs created by Ben Franklin’s client industries pay an average of $79,364 annually, which is 52 percent more than the average non-farm wage in Pennsylvania.
Every dollar invested by the state into Ben Franklin generates $3.90 in additional state taxes, the analysis found, with Pennsylvania receiving $386 million in additional state tax receipts as a result of Ben Franklin’s investments in clients.
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.
2021 Economic Impact:
2,438 jobs created by client companies
12,923 jobs retained by client companies
87 new client companies formed
$2.014 billion in sales revenue generated by current client companies