INNOVATION IS THE ANSWER.
Ben Franklin Technology Partners 2022 Impact Report
Investments in innovation are the foundation of the new economy, and year after year, Ben Franklin Technology Partners continues to deliver impressive results.
As one of the nation’s leading technology-based economic development programs, Ben Franklin Technology Partners creates and retains highly paid, sustainable jobs by investing in and linking early-stage technology firms and established manufacturers with experts, universities, follow-on funding, and other resources to help them prosper through innovation.
Those investments pay huge dividends for Pennsylvania.
According to the statewide initiative’s “2022 Annual Statewide Impact Report,” Ben Franklin clients generated $2.4 billion in revenue and secured $1.1 billion in post-Ben Franklin financing. The tech-based economic development program also supported 2,018 companies and helped clients create nearly 1,508 jobs while retaining 10,145 more positions.
Ben Franklin clients continue to drive Pennsylvania’s economy with innovation and entrepreneurial efforts, developing 130 patents and software copyrights, commercializing 249 new products and launching 90 new processes.
2022 ECONOMIC IMPACT
New internal processes implemented
Jobs created by client companies
Jobs retained by client companies
Patents & software copyrights awarded to client companies
Companies assisted by BFTP
Sales revenue generated by client companies
New products commercialized
Post-BFTP financing secured by client companies
EverywhereEvery day, Ben Franklin clients bring cutting-edge ideas to market that directly impact Pennsylvania’s economy by fostering the entrepreneurial ecosystem, supporting innovation in established manufacturers, and cultivating, attracting, and retaining in-demand talent. Across the commonwealth’s 67 counties, Ben Franklin’s client portfolio includes many of Pennsylvania’s best and brightest minds. We know that talented workers go where job opportunities exist and actively seek to live in communities that provide ample opportunities for career growth. Ben Franklin keeps high-paying jobs in Pennsylvania by focusing on the needs of local tech-based companies and innovative small manufacturers, and the entrepreneurs who lead those companies. We actively help startups survive their higher-risk formative years and lay a stable foundation to build upon so they can attract and retain top staff and keep Pennsylvania globally competitive. Ben Franklin provides a high return on investment for Pennsylvania because we live with our investments beyond the concept stage, as partners in their development. Our approach includes not only financial assistance, but many other things our clients need to succeed – including subject-matter expertise, equipment, workspace, coaching and mentoring, and a support network that includes a selection of the nation’s best universities and colleges. With four regional centers and offices throughout the state, Ben Franklin support is everywhere in the Commonwealth. We actively engage with clients on a regular basis. This comprehensive and integrated approach to supporting companies is Ben Franklin’s “secret sauce,” developed and customized over decades of experience. It is why clients, no matter where they are, cite Ben Franklin’s support services, as well as its investments, as being key factors in their success.
EquitableThe combined power of Pennsylvania’s diverse population of amazing entrepreneurs, and the industry-leading services provided by Ben Franklin, have helped to make the Commonwealth one of the top ecosystems in the world to start and grow a technology company, to scale a manufacturing operation, or to create solutions that truly improve the human condition. Our commitment to inclusive practices and policies is steeped in all we do and has been an organizational priority for years. In fact, Ben Franklin has experimented with and refined dozens of diversity-specific programs across the state, forging relationships with numerous community partners, and continues to roll out innovative solutions that reach more entrepreneurs in more communities at the very earliest stages of technology entrepreneurship. Ben Franklin oversees a portfolio of hundreds of investments in tech startups and established manufacturers in Pennsylvania. The entrepreneurs and companies who make up this investment portfolio are as unique and as diverse as the industries comprising our Commonwealth. These companies include women-run and minority-led businesses, CEOs from a variety of backgrounds and experiences, and innovators who have come to Pennsylvania from other countries to pursue their entrepreneurial dreams. How is our commitment working? Today, Ben Franklin is one of the nation’s most active and progressive investors in diverse founders of seed-stage, technology companies, and established manufacturers. And while we’re always striving for greater improvement, these achievements are ahead of national and regional benchmarks.
TransformativeWhen most people think of innovation, they think of computers, 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 everyday products and services that all of us utilize in our daily lives. Ben Franklin Technology Partners was ahead of its time when it launched nearly 40 years ago to help Pennsylvania make the transition from its struggling heavy manufacturing economy to the technology-based economy that would carry it forward. Over time, Ben Franklin became one of the most widely known and emulated technology-based economic development programs in the nation. Since its inception, Ben Franklin has invested in more than 4,500 technology-based companies, boosted the state’s economy by more than $25 billion, and helped to generate 148,000 jobs through investments in client firms and spinoff companies. Not only are these jobs in-demand and sustainable, but they also pay an average of $79,364 annually, which is 52 percent higher than the average non-farm salary in the commonwealth. Ben Franklin clients create the kinds of jobs young people seek to build their careers in Pennsylvania. More recently, during the COVID-19 pandemic, Ben Franklin clients worked around the clock to address public health issues in numerous ways, from testing and treatments to essential logistics and other support mechanisms. Our clients supported those on the front lines and kept Pennsylvanians employed during that trying times, helping our Commonwealth transition from response to recovery.
The AnswerStartups and innovative established manufacturers seek fertile ecosystems and Ben Franklin has led and partnered to create an ecosystem where companies in Pennsylvania can bring their ideas to life and thrive. Ben Franklin has made Pennsylvania more attractive for businesses, while supporting and nurturing the types of jobs and opportunities that talented workers seek, keeping our students, children, and grandchildren in our state. Our clients’ achievements in an array of industries and throughout Pennsylvania ensure that they provide a return on taxpayer investment. For every dollar invested in Ben Franklin by the Commonwealth, we generate a return of $3.90 in incremental tax revenue for Pennsylvania and have boosted the state’s economy by more than $25 billion. Pennsylvania’s resilience has always been one of its greatest attributes. Through ingenuity, technology, and skillful implementation, Ben Franklin’s work continues to help Pennsylvania maintain and grow a strong economy by supporting new enterprises and vital traditional industries, helping them apply technology to compete and succeed in a global marketplace. Whether we look back over the past year or the last three-plus decades, Ben Franklin is a proven winner. Pennsylvania has created an approach to growing its economy that embraces tech-based entrepreneurship and innovative manufacturing and harnesses the power of the state’s most vital resource – its residents.
REGIONAL SUCCESS STORIES
Launched 40 years ago, Ben Franklin has become one of the most widely known and emulated state technology-based economic development programs in the nation. And for good reason.
In partnership with the Pennsylvania Department of Community and Economic Development, Ben Franklin provides critical funding, business and technical expertise, and access to a network of valuable resources that early-stage and established companies need to grow and succeed in the highly competitive worldwide marketplace.
At Ben Franklin, clients are surrounded with internal and external experts in accounting and finance, marketing, intellectual property protection, supply chain management, and other disciplines. Developed and customized over four decades of experience, many clients cite these high-value support services as being key factors in their eventual success.
This comprehensive and integrated approach to supporting companies is Ben Franklin’s “secret sauce,” with clients citing these support services as key factors in their success.
Ben Franklin clients come from a variety of industries: computer software, hardware, and telecommunications firms; a variety of fabricated metal and industrial machinery manufacturers; and life science companies, including pharmaceutical manufacturers, biotech firms, instrumentation, robotics and medical device companies.
Clients in these industries are innovative and technology-intensive, investing in research and development, intellectual property, capital equipment, and highly skilled labor.
As a statewide initiative, serving all 67 counties through four regionally based centers in Pittsburgh, State College, Bethlehem, and Philadelphia, with several satellite offices spread across the state, Ben Franklin also leverages the excellence of Pennsylvania’s colleges and universities and promotes greater collaboration among companies, academia, private investors, and government to build and development technology-based industries.
The numbers say it all.
Since its inception, Ben Franklin has boosted the state economy by more than $30 billion, generating more than 58,000 jobs in client firms, plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed.
Every dollar invested by the commonwealth into Ben Franklin generates $4 in additional state taxes.
Ben Franklin Technology Partners is making investments that have powered Pennsylvania’s economy for decades and will help the state maintain its competitive edge in an increasingly high-tech world.
President & CEO
200 Innovation Blvd
State College, PA 16803
Angelo J. Valletta
President & CEO
Ben Franklin TechVentures
116 Research Drive
Bethlehem, PA 18015
President & CEO
Building 100 Innovation Ctr.
4801 S. Broad St, Suite 200
The Navy Yard
Philadelphia, PA 19112
President & CEO
Nova Tower 2
Two Allegheny Center, Suite 100
Pittsburgh, PA 15219