Ben Franklin Technology Partners: 25 Years of Catalyzing Economic Growth through Collaboration
A guest editorial by Austin Burke,
President, Greater Scranton Chamber of Commerce
The biggest economic challenge facing the Commonwealth today is a source of endless debate. When I became president of the Greater Scranton Chamber of Commerce in 1981, I knew that our region-and the state as a whole-faced major hurdles as the gears of heavy industry downshifted. I also knew that reinventing ourselves and fueling our economy was contingent on two key priorities-collaborations and technology.
Two short years later, Governor Thornburgh signed the bill that brought the Ben Franklin Technology Partners into existence to provide the necessary capital, infrastructure and knowledge to fuel our nascent technology economy. This year we celebrate BFTP’s 25th anniversary-and it’s clear that the organization’s dedicated efforts have been instrumental in the economic renaissance we are experiencing today throughout our Commonwealth.
The Gold Standard
Since 1983, BFTP has nurtured the entrepreneurial spirit, provided critical investment and business support and turbo-charged the technology economy infrastructure that Pennsylvania needs in order to be competitive. By fostering collaboration among diverse financial, business, research and educational groups, encouraging outside investment and funding critical initiatives and companies, BFTP has become the gold standard of technology-based economic development in the United States-and everyone in the Commonwealth benefits.
I think back to 1987, when then-Gov. Casey and we successfully recruited National Westminster Bank to Scranton. When we added a pitch for their Long Island-based computing center, we were told in no uncertain terms that our region didn’t have the workforce skills to support their needs. That humbling moment solidified our resolve for change and catalyzed the formation of what is now known as the Great Valley Technology Alliance. Today the GVTA is a thriving regional public-private partnership designed to facilitate the development of a knowledge-based, technology-focused economy for northeastern Pennsylvania.
Wall Street West
In 2005, BFTP and GVTA partnered to help secure a $15 million U.S. Department of Labor grant to further develop the financial services/IT strength of the region though a program known as Wall Street West. Workforce education programs are underway to provide the needed knowledge base. And in 2007, with the support of Gov. Rendell, a contract was awarded to run a synchronous fiber line from Manhattan to northeastern PA-giving us the high-speed infrastructure we need to provide backup operations for Wall Street.
Wall Street West is just one of dozens of influential collaborative initiatives spearheaded by BFTP and GVTA. The incubator at our Scranton Enterprise Center serves global leaders such as SRA International and TMG Health. BFTP has collaborated with regional economic development organizations to establish and support a 10-member incubator network with facilities in Scranton, Carbondale, Wilkes-Barre, Hazleton, Bloomsburg, Allentown, Bethlehem, East Stroudsburg, Pottsville and Sayre. Collectively the member incubators have graduated more than 80 successful companies including TMG Health, Pepperjam, OraSure Technologies and Computer Aid.
Regional Strength, Statewide Impact
As a board member of the Ben Franklin Technology Development Authority, I enjoy a state-wide view of the impact BFTP has on our economic well-being. BFTP’s unwavering commitment to technology transfer is evident throughout the Commonwealth. It has taken a lead role in turning the Delaware Valley into a thriving hot-bed of nanotechnology through the Nanotechnology Institute. Recognizing that great technologies are being developed in smaller schools that lack dedicated tech transfer offices, BFTP helped kick-start the Innovation Transfer Network in Cumberland, Dauphin and Lancaster counties to help steer the most promising innovations to market. The University Innovation Grant Fund advances commercialization in the greater Pittsburgh region by providing much-needed proof-of-concept funding for university-born companies at their earliest stages.
As board member of the Commonwealth Financing Authority-an independent agency that administers Pennsylvania’s economic stimulus packages-I see daily proof of how sound planning and reasoned investments can reap substantial benefits to our economy. But state-supported programs can’t do all the lifting. The private investment sector must be engaged as well. Under the collaborative leadership of BFTP, numerous angel networks have been formed throughout the state to help bridge the gap from BFTP funding to venture capital. Groups like the Northeastern PA Angel Network, Minority Angel Investor Network in Philadelphia and the Venture Investment Forum in the central part of our state, to name a few, are key links in the development cycle for promising businesses.
As I look back on the past 25 years, the success stories are too numerous to count. As I look ahead to the next 25 years, it boggles the mind to imagine the impact BFTP will have on Pennsylvania becoming a technology hub. Many of these technologies are so far out in front of the cutting edge, it is hard to fathom the next product, process or improvement. What I do know is that as long as BFTP continues to play its catalyzing role, the Pennsylvania economy will continue to grow-and that bodes well for all of us.
Tags: commercialization, economic development, entrepreneurship, filed under News, Northeastern PA 