Ben Franklin Technology Partners Recognized for Technology-Based Economic Development Initiatives
Jon Scott, President of the Berks Economic Partnership, congratulates Terry Singer, BFTP's Director of Statewide Affairs, on the organization's award for technology-based economic development initiatives from the International Economic Development Council. Both were among the many attendees at the annual conference.
Ben Franklin Technology Partners (BFTP) was awarded the International Economic Development Council’s (IEDC) highest honor for the Pennsylvania-based organization’s technology-based economic development initiatives at IEDC’s Annual Conference in October 2008 in Atlanta.
“Economic development efforts have long been a keystone in the quest to bolster the economy and improve quality of life in every locality across the country,” says Robin Roberts Krieger, IEDC chair. “As the nation continues to tackle longstanding challenges in the midst of an inhospitable financial climate, these efforts have taken on an even greater significance. With the award, we laud trendsetting organizations like the Ben Franklin Technology Partners for leading the charge.”
IEDC received almost 500 nominations from around the world for recognition in a broad range of economic development categories, and BFTP was one of 25 organizations and individuals recognized for outstanding achievement. Competing in the category of “Technology-Based Economic Development by Organizations Serving Areas with Populations Exceeding 200,000,” BFTP was a clear standout. BFTP is one of the most highly regarded and longest-running programs in the country dedicated to growing a state’s technology-based economy.
“It is truly an honor to receive this international recognition for the work of the Ben Franklin Technology Partners, and we are particularly proud to accept this award in our 25th anniversary year,” says Terry Singer, Director of Statewide Affairs for BFTP. “Our success and the success of our portfolio companies reflect the support we have received from the Commonwealth over the past quarter-century, and the dedication and commitment of the four BFTP regional chief executive officers and their teams.”
In April 2008, the BFTP network was recognized by the US Department of Commerce as the most outstanding technology-led economic development organization in the country.
Regional Strength, Statewide Focus, Global Impact
BFTP has been embraced by every Pennsylvania governor and General Assembly since its inception in 1983 and remains the country’s gold standard for state and regional technology-based economic development programs. Its longevity is due to its consistent positive impact, including the creation and retention of tens of thousands of jobs in Pennsylvania, in industries that pay 28 percent higher than the statewide average.
Over the past three years alone, BFTP assisted client companies in creating or retaining 9,410 jobs, provided 758 companies with financial assistance or investment, provided 2,483 companies with business or technical assistance and helped companies create 751 new or improved products or processes.
During the same period BFTP, portfolio companies also collectively generated $1.1 billion in follow-on funding, helping fuel these companies’ growth and enabling success. BFTP has boosted the state’s economy by more than $8 billion, and every public dollar invested in BFTP yielded nearly $23 of additional state income.
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