LEADING INNOVATION AND ECONOMIC RESILIENCE IN PA
As we reflect on the remarkable journey of the past year, I am filled with pride and gratitude for the ongoing impact that our program has had in driving economic development and fostering innovation throughout Pennsylvania. Ben Franklin Technology Partners of Central and Northern PA (CNP) has remained steadfast in its pivotal role, bolstering local tech-based enterprises, small manufacturers, and entrepreneurs by continuing to provide essential business support services, training, and capital investments. Through initiatives such as virtual contests and our renowned TechCelerator Startup Boot Camps, we have not only created and retained jobs but also facilitated the development of new products and processes, resulting in a remarkable revenue of $210 million by portfolio companies.
A SPOTLIGHT ON REGIONAL INNOVATION
In a significant achievement, the North Central Regional Planning and Development Commission, in collaboration with Ben Franklin CNP and key educational institutions, secured a $400,000 Strategic Development Grant from the U.S. Economic Development Administration. This groundbreaking grant, part of a nationwide initiative, is poised to revolutionize Northcentral PA’s Pressed Materials Industry, enhancing its global competitiveness. With only 29 grants awarded nationwide, this accomplishment underscores the collaborative vision of the region’s stakeholders and Ben Franklin’s steadfast commitment to fostering innovation.
I am also thrilled to announce the introduction of the GO PA Fund, a major stride in our pursuit of innovation. This initiative signifies our commitment to securing up to $100 million in capital commitments, strategically aimed at follow-on investments within the extensive portfolio of Ben Franklin Technology Partners across Pennsylvania. Focused on investments ranging from $1 million to $5 million per company, the GO PA Fund is poised to significantly contribute to the growth of over 600 current and future portfolio companies within the Ben Franklin Network.
As we stand at the forefront of innovation and economic growth in Pennsylvania, Ben Franklin CNP remains unwavering in its commitment to excellence. We have successfully navigated challenges, secured new achievements, and initiated pioneering funding endeavors. Positioned as a catalyst for collaboration, our program continues to shape the state’s technological landscape, embodying resilience and a relentless pursuit of progress.
Thank you for your continued support and partnership as we embark on another year of transformative innovation and economic prosperity.
Stephen Brawley
President and Chief Executive Officer
Ben Franklin Technology Partners of Central and Northern PA
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