What is Ben Franklin Technology Partners?
The award-winning Ben Franklin Technology Partners is one of the nation’s longest-running technology-based economic development programs. For more than 31 years, BFTP has provided both early-stage and established companies with funding, business and technical expertise and access to a network of innovative, expert resources.
This pioneering organization has been embraced by every Pennsylvania governor and the PA General Assembly since its inception in 1983. BFTP is positioned strategically throughout the state with regional headquarters in the Lehigh Valley, Philadelphia, Pittsburgh and State College.
A National Leader In Technology-Based Economic Development
- Winner: Excellence in Tech-Based Economic Development (International Economic Development Council)
- Winner: Excellence in Technology-Led Economic Development (U.S. Department of Commerce/Economic Development Administration)
- Top 100 Venture Capital Firms: Ranked in top 10 in the nation (Entrepreneur Magazine)
A Catalyst for Growth
For more than three decades, Ben Franklin Technology Partners has served as a catalyst for economic growth in Pennsylvania by providing access to capital, business expertise and a network of resources that foster innovation, growth and success for both startup companies and established businesses.
A Record of Success
BFTP is proud of the 3.6-to-1 return on investment that the organization has yielded for every state dollar invested. More important, BFTP is honored to have played a role in supporting the thousands of entrepreneurs who have claimed their part of the American dream and in turn created tens of thousands of family-sustaining jobs.
A Visionary Program
As we have since our founding in 1983, BFTP will continue to evolve in response to changing market and economic conditions, with an emphasis on accelerating technology commercialization, supporting start-ups, entrepreneurs and established manufacturers, and driving public and private investment.
- The Pennsylvania Economy League and KLIOS Consulting, both nonpartisan research organizations, conducted an independent, objective evaluation of the economic impact of Ben Franklin Technology Partners in Pennsylvania from 2007 through 2011.
- These results, released June 3rd, 2013, determined that BFTP has created significant positive economic impact for the Commonwealth.
- BFTP boosted the Pennsylvania economy (Gross State Product) by $6.6 billion.
- The Commonwealth received $358 million in additional state tax receipts as a direct result of BFTP investments in client firms. Another $144 million in state tax receipts flowed from related BFTP client services, for a total increase of $502 million in state revenue due to BFTP. Since 1989, BFTP has boosted the state’s economy by more than $23.5 billion.
- New state tax revenue generated because of BFTP represents a 3.6 to 1 payback to the Commonwealth on its $137.7 million investment during that period.
- The BFTPs generated 7,485 additional jobs in client firms.
- Client revenues, purchasing and investments rippled throughout the Pennsylvania economy, giving rise to higher employment across the state. From 2007 through 2011, BFTP generated an additional 12,715 jobs beyond those in client firms.
- BFTP produced a total of 20,200 jobs in the Commonwealth between 2007 through 2011 that otherwise would not have existed.
- Since 1989, BFTP has generated 51,000 additional jobs in client firms.
- Since 1989, BFTP generated 89,000 additional jobs as a result of increased purchasing and investment by client firms, yielding a total of 140,000 new jobs attributable to BFTP’s work.
Ben Franklin Technology Partners makes direct investments in promising, technology-oriented companies throughout the Commonwealth to fund critical commercialization activities and growth needs. Thanks to our rigorous vetting process, a BFTP investment often serves as a key endorsement to other funding sources, enabling companies to attract the follow-on investment they need to move beyond start-up and into full-fledged commercialization. BFTP is also an investor in select seed/early-stage PA venture funds, provides support for angel groups and is involved with initiatives designed to give new entrepreneurs the tools they need to get started.
BFTP couples its financial commitment with access to a wide range of mentoring, business and technology development services. We deliver hands-on technical and business expertise, providing both early-stage and established companies with a wide range of business and technical assistance. This includes business plan reviews, technical assessments, intellectual property counsel, marketing advice, operations and fund-raising strategies.
BFTP seeds the formation of valuable business and technology networks that bring together the ideas and the operational talent to grow new businesses in Pennsylvania. The organization succeeds in this goal by creating and fostering partnerships among numerous individuals, companies and organizations, including:
- Angel investors and venture capitalists
- Business incubators and university-based centers of excellence
- State, regional and local business assistance and economic development organizations
- University, corporate and federal research labs