Innovation Works Annual Meeting: Focus on Economic Impact of Early Stage Tech Companies
Ben Franklin Technology Partners Innovation Works (BFTP/IW) celebrated a decade of investing in early-stage technology companies and nurturing the entrepreneurial community in Southwestern Pennsylvania.
Willie Taylor, Regional Director, Philadelphia Office of US Department of Commerce Economic Development Administration, addressed a crowd of more than 300 entrepreneurs, angel investors, venture capitalists, researchers, university leaders, government officials, and business leaders from economic development organizations and the private sector. Mr. Taylor’s message focused on the critical role entrepreneurs play in spurring the economy.
“Without your ideas, we’re just a federal government holding money,” says Willie Taylor. “When you put your ideas together with the financing, then we have the opportunity to make something happen.”
Ten years after launching its seed fund, Innovation Works reported investing $43 million in 129 portfolio companies. Those companies went on to raise an additional $750 million in follow-on financing, most of which came in the form of venture capital from outside the region. Companies launched with IW’s assistance over the past 10 years have an impressive success rate. More than 75% of them are still in business today when on average, roughly one third of all US startups close by year two.
Why care about assisting seed- and early-stage technology companies and innovative small manufacturers? Here are the top ten impacts these companies and BFTP/IW have had on the SWPA region:
- Attract investment to the region
- Catalyze company creation
- Deliver economic return on investment
- Provide vital resources to entrepreneurs
- Address society’s greatest challenges
- Attract and retain talent
- Create a vibrant entrepreneurial community
- Leverage research strengths
- Enhance the region’s profile
- Diversify our economy through innovation
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