Ben Franklin Technology Partners: 25 Years of Positive, Measurable Impact
A guest editorial by Rep. Rick Geist
Twenty-five years ago, as a prime sponsor, along with former representative and Mayor of Pittsburgh Tom Murphy, I stood by Gov. Dick Thornburgh as he signed into legislation the act that created what is now known as the Ben Franklin Technology Partners.
At the time, we envisioned great things from this newly created program designed to fuel Pennsylvania’s technology economy by nurturing the entrepreneurial spirit and providing financial, business and infrastructure building support. We never imagined a return on investment of 23-to-1 on every state dollar invested.
Ben Franklin Technology Partners has evolved from its origins-responding to market shifts and anticipating future needs-into one of the most highly regarded and longest-running programs in the country dedicated to growing a state’s technology-based economy. Embraced by five different Pennsylvania governors and the Pennsylvania General Assembly since its inception, BFTP remains America’s gold standard for state and regional technology-based economic development programs.
Creating and Retaining Jobs
Tens of thousands of jobs have been created and retained in industries that pay roughly 28% higher than the average salary in Pennsylvania as a whole. Thousands of promising companies have been touched-many going on to become global leaders or revolutionize entire industries. A few of those companies are featured in this issue of KEYnotes. BFTP continues to facilitate the much-needed bridge to follow-on capital for high-growth companies through close working relationships with individual investors and venture capitalists and, in the process, has helped companies with which they work secure billions in follow-on financing.
Building and Supporting Infrastructure
BFTP continues to partner to create business-critical infrastructure initiatives that fuel tomorrow’s innovation throughout the Commonwealth. Efforts like the Powdered Metals initiative, which earned a U.S. Department of Commerce recognition award for bringing sound, research-based, market-driven economic development initiatives to life in central and northern Pennsylvania. And the Ben Franklin Business Incubator Network, a 10-member network led by the Ben Franklin Business Incubator, which won the Incubator of the Year award in 2001. To address the growing appetite for incubator space and affordable wet laboratory facilities in the northeastern part of our state, this award-winning incubator recently expanded by opening Ben Franklin TechVentures, a state-of-the-art, 62,000-square-foot facility that’s nearly full already.
Networking Key Resources
In addition, interstate partnerships like MANA–the Mid-Atlantic Nanotechnology Alliance–leverage our resources with those of our neighboring states to create high-paying jobs in the Commonwealth. MANA is an outgrowth of the Nanotechnology Institute launched in southeastern PA, itself a national model of state and regional partnerships showcased in a report of the National Nanotechnology Initiative.
Improving Competitiveness in the Marketplace
BFTP centers also help traditional manufacturers innovate to become more competitive in the global marketplace. For example, the Innovation Adoption Grant (IAG) program links manufacturers in southwestern PA with the region’s Centers of Excellence, giving them access to highly specialized scientists and engineers for R&D projects, including product engineering and design, robotic assembly, machinery design, rapid prototyping, or even an industrial analysis and overhaul of existing manufacturing processes.
Setting a Strong Precedent
I am proud of how BFTP has evolved, and emulation is the highest form of flattery. Recently, New York State pledged to remodel its system for funneling state aid to technology and biotech companies along the BFTP model of statewide strength and regional focus. With four regional headquarters and 12 satellite offices positioned strategically throughout the state, BFTP is better able to build on regional strengths, capitalize on new opportunities and address specific needs of diverse communities. The State of New York, as well as many other states, see our model working. But while other states may emulate us, they won’t be able to catch us, as the Commonwealth’s dynamic and creative leadership within the realm of technology-based economic development keeps BFTP, and Pennsylvania, ahead of the pack.
As we look forward to the next 25 years, I expect more great things. We are seeing exciting new advances in alternative/clean energy technologies, biosciences and nanotechnology. Pennsylvania companies are deploying the latest technologies to help sustain our manufacturing renaissance. We continue to strengthen relationships among Pennsylvania companies, the angel and venture community and our many institutions of higher learning to help move more of the most promising research from the lab to the marketplace.
Happy 25th anniversary, BFTP! Your namesake would be most proud. As he once said, “An investment in knowledge pays the best interest.” BFTP is proof positive, but it warrants and requires everyone’s sustained support in order to continue to fulfill its potential.
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