Ben Franklin Technology Partners: Helping PA Lead the Clean-Tech Revolution
With energy independence a national priority, Pennsylvania—the state that helped fuel the Industrial Revolution with coal and rail power—is presented with a wonderful opportunity to implement renewable energy and energy-efficiency initiatives that will drive and maintain economic recovery for generations to come.
If you are working on a promising new alternative or green energy product or process that has the potential to impact the market and grow Pennsylvania’s economy, contact Ben Franklin Technology Partners today.
Thanks to the efforts of the governor and general assembly and organizations like the Ben Franklin Technology Partners (BFTP), Pennsylvania will help incubate a new generation of alternative/clean energy-related discoveries, products, processes, enterprises and industries that, like the Industrial Revolution, will brand Pennsylvania as the epicenter of the energy revolution.
The Commonwealth has already introduced a series of ambitious initiatives, including the Alternative Energy Development Program (AEDP). Administered by BFTP, the AEDP will provide $40 million over the next four years for investment in and support of next-generation alternative and clean energy technologies. The AEDP will help accelerate the commercialization of promising alternative and clean energy technologies through the provision of seed capital, incubation, translational research and management support.
BFTP has supported promising energy-focused companies and partnerships for many years, including four that are featured in this issue of KEYnotes—Plextronics, Harrison Machine, United Corrstack and the Energy Commercialization Institute.
We have also been building partnerships with federal agencies like the Department of Energy, National Energy Technology Laboratory and Naval Sea Systems Command and fueling academic-industry partnerships that focus on energy efficiency like the work conducted through Northampton Community College’s Electrotechnology Applications Center and Penn State’s Energy Institute.
Keeping with the spirit of our “Regional Focus, Statewide Strength, Global Impact,” BFTP strategies will be founded in the strengths of the state’s regional assets. While specifics vary from region to region, our efforts in helping the Commonwealth lead this revolution focuses on four distinct but interrelated areas.
Seed Capital
Capital is the lifeblood of a technology startup. After tapping-out their own resources, entrepreneurs often find themselves in need of a bridge to cross the chasm from the “boot-strapping” phase to becoming strong venture capital candidates. As Pennsylvania’s largest and most continuous source of seed capital, BFTP will continue to reach out through entrepreneurial networks, comb the corporate corridors, walk the university halls and interact with the federal laboratories to identify the most promising technologies and make critical funds available.
Incubation
Keeping with the spirit of our “Regional Focus, Statewide Strength, Global Impact,” BFTP strategies will be founded in the strengths of the state’s regional assets.
BFTP supports one of the largest and most successful incubator networks in the country. We will continue to work with state, local and regional economic development organizations, real estate developers, universities and community colleges and others to develop solutions to meet companies’ space needs. We will also seek innovative solutions and approaches to create virtual incubation networks that will support specific sectors.
Translational Research
Funding is needed to identify and test the commercial potential of discoveries emerging from industry, universities and federal laboratories. Through the AEDP program, BFTP will be sharpening its focus on conducting additional market and competitive technology research to better identify the best application of a specific technology, analyzing commercialization path options and protecting intellectual property/patent applications.
Management Support
BFTP will undertake various approaches designed to recruit seasoned entrepreneurs who possess both the functional and technical skills that will be required by emerging clean/alternative energy companies. We will also explore the viability of partnerships with larger corporations in energy/power industries that have an interest in supporting “intrapreneurship” as a corporate strategy for new product development and commercialization.
This commitment to alternative and clean energy commercialization will increase the return on investment from existing federal and state research grants made to Pennsylvania companies/universities and result in new commercial technologies and related high-tech jobs. It will strengthen Pennsylvania’s economy and produce new technologies that will reduce consumer energy costs, ameliorate environmental problems and lessen our dependence on foreign oil.
Terry Singer
Director, Statewide Affairs
Ben Franklin Technology Partners
BFTP is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
Tags: 