The Ben Franklin Technology Partners of Northeastern Pennsylvania estimates it helped create or retain 7,356 jobs in 2021.
In a press release, the organization said Monday that since the program’s inception in 1983, its work has created or helped retain 76,956 jobs across northeastern Pennsylvania.
Breaking those numbers down, last year the organization worked with 387 companies, resulting in the creation of 952 new jobs, the retention of 6,404 existing jobs, the start-up of four companies and the development of 160 new products and processes.
“Ben Franklin clients are an important part of the resilience of northeastern Pennsylvania is exhibiting in the face of the pandemic,” said Angelo J. Valletta, the organization’s president and chief executive officer. “I commend and congratulate our clients, all of which are working to create and retain highly paid, sustainable jobs that will continue to drive economic prosperity.”
Angelo J Valletta
The organization invests in and supports companies to create and retain highly paid, sustainable jobs, catalyze technology-based economic growth in northeastern Pennsylvania, and advance technologies that improve the human condition, according to its website. The organization links clients with universities, funding and other resources to help them prosper through innovation.
Ben Franklin’s strategy is focused on:
• Developing and growing early-stage technology-oriented companies.
• Supporting established manufacturers as they creatively apply new technology to help them compete globally.
• Promoting an innovative community-wide infrastructure that supports Pennsylvania’s business technology ecosystem.
An independent study conducted by the Pennsylvania Economy League found that Pennsylvania’s investment in Ben Franklin statewide represents a $3.90 payback to the state treasury for every dollar invested, according to the release.
In addition, jobs created by Ben Franklin clients are in industries that pay 52% more than the average Pennsylvania non-farm wage. Since 1983, the program has typically been among the top 5% of the most active investors in the US
Client companies raised an additional $1.7 billion in follow-on funding from angel investors, venture capitalists and other investors in 2021, for a total of $59.2 billion in follow-on investment received since 2007, according to information provided by Ben Franklin.
The organization is part of a four-centre, state-funded economic development initiative. Berks County is one of 21 Pennsylvania counties serviced by Ben Franklin Partners. The other counties that fall within its geographic reach are Bradford, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Montour, Northampton, Northumberland, Pike, Schuylkill, Snyder, Sullivan, Susquehanna, Tioga, Union, Wayne, and Wyoming counties.
Chester, Delaware and Montgomery counties are within the service area of Ben Franklin Technology Partners of Southeastern Pennsylvania.
Ben Franklin client companies submit statistics on created and retained jobs, new product and process developments, and follow-on funding to Ben Franklin each year, which then reports the annual impacts each year to the Pennsylvania Department of Community and Economic Development, which funds the statewide program.
In his 2022-23 general fund budget, Gov. Tom Wolf proposed at least $22 million for the statewide Ben Franklin Technology Partners network, which results in a $2 million increase for each of the four regionally based Ben Franklin centers.
“This increase is critical to getting us back to where our funding was,” said Valletta. “It enables us to make the investments needed to support growth and provide the services companies need to succeed.”
Ben Franklin is headquartered in, owns and manages Ben Franklin TechVentures, an award-winning technology business incubator/post-incubator facility on Lehigh University’s Mountaintop Campus in Bethlehem. It also owns and manages the Bloomsburg Regional Technology Center. Both incubators are members of the Ben Franklin Technology Partners of Northeastern Pennsylvania-led 14-member Ben Franklin Business Incubator Network.
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