2010-2011 Program Highlights
In the 2010/2011 fiscal year, nearly 200 companies came to Ben Franklin Technology Partners of Central and Northern Pennsylvania (BFTP/CNP) for assistance. Some received funding, while the others had the opportunity to engage with first class business mentors and advisors, attend training functions, or meet like-minded entrepreneurs and potential investors.
Measuring Results
For nearly 30 years, BFTP/CNP has provided investment capital and business mentoring to tech-based start ups and small, existing manufacturers to help promote innovation and create employment opportunities in the state. Because investments in technology are also investments in Pennsylvania’s economy and future, the Center, which is part of a statewide network, also helps to financially support a team of seasoned professionals who act as mentors/advisors to our portfolio clients, university-based centers of excellence, business incubators, and specialized training initiatives.
On an annual basis, the Ben Franklin program polls its portfolio companies in order to measure results related to a variety of objectives such as job growth, technology development, patents issued, increased sales revenue, and employees retained. The Center’s latest impact report indicates that 496 jobs were created in 2010 as a result of the program’s efforts, and 68 people who had jobs, were able to retain their positions because of our assistance.
$6.3 Million in Funding
This past year, tech start-ups and small businesses in BFTP/CNP’s 32-county footprint collectively received roughly $6.3 million in funding, services, or Center resources; resources which in turn helped them secure another $40 million from other investors such as angel groups, venture capital funds, and even traditional bank loans. Our funding was used to not only create/retain jobs but also to help conduct R&D projects, apply for 16 patents or trademarks, and to commercialize 44 new products.
3.5 to 1 Return on Investment
In 2009 an independent study released by the Pennsylvania Economy League showed that Pennsylvania’s investment in Ben Franklin Technology Partners statewide from 2002 to 2006 returned $3.50 in new tax revenue for each $1 spent and created thousands of new high-wage jobs. The economic impact study also stated that technology companies funded by the Ben Franklin Technology Partners boosted the state economy (gross state product) by $9.3 billion in that time period. Jobs created by Ben Franklin’s clients pay 33% more than the average Pennsylvania salary.
It’s important to remember that impact reporting isn’t just about numbers; it’s about people—people who were able to develop a technology, start a business, or find work in one of the 32 counties served by the Center.
157 |
companies received 13,435 hours of business support services |
21 |
companies received a monetary investment |
12 |
companies received business assistance from Penn Venture Partners |
7 |
companies received the assistance of an executive-in residence |
3 |
university-based (TRESP) energy research projects were funded |
2 |
special initiatives were funded |
2 |
university-based Centers of Excellence were funded |
1 |
energy incubator was funded |
1 |
entrepreneurial training program was funded |
| Company | Website |
|---|---|
| Alcoil Inc | www.alcoil.net |
| AllPure | www.allpureinc.com |
| Apeliotus Vision Science | www.hersheyresearch.net |
| Bollman Hat Company | www.bollmanhats.com |
| CE Convergence | www.ceconvergence.com |
| Clarion Research Group | (none) |
| Energy Wall LLC | www.energywall.com |
| Ernst Biomass LLC | www.ernstbiomass.com |
| Envinity Inc | www.envinity.com |
| GreenTek Products | www.greentekbuildingsolutions.com |
| HydroWorx | www.hydroworx.com |
| In-Shore Technologies Inc | www.inshoretechnology.com |
| KDI Industries | www.kold-draft.com |
| Kennametal Inc | www.kennametal.com |
| Little Pine Resources | www.littlepineresources.com |
| Matson BioFuels | www.matsonbiofuels.com |
| Mission Critical Partners | www.mcp911.com |
| Nittany Extraction Technologies | (none) |
| SilcoTek Corporation | www.silcotek.com |
| Videon | www.videon-central.com |
| ViewCubed Inc | www.viewcubed.com |