Ben Franklin Technology Partners investments helped its clients generate $2.8 billion in revenue last year.
According to the newly released “2023 Annual Statewide Impact Report,” Ben Franklin clients also secured $1.2 billion in post-Ben Franklin financing .
The tech-based economic development program said it also supported 1,827 companies and helped clients create 2,493 jobs while retaining 10,588 more positions.
Ben Franklin said, when it comes to innovation and bringing ideas to market, its clients foster entrepreneurial efforts, developing 189 patents and software copyrights, commercializing 257 new products and launching 103 new processes.
“Ben Franklin has been a leader in nurturing the state’s high-tech entrepreneurial ecosystem and fostering sustained economic growth for decades,” said Ryan E. Glenn, Ben Franklin’s director of Statewide Initiatives. “We’re immensely proud of this track record. The numbers say it all. We recognize that our success is the commonwealth’s success, and we’re eager to build on these accomplishments to ensure Pennsylvania remains a hub for innovation.”
What makes Ben Franklin unique is how it grows its networks and partnerships and adapts its programs to expand its reach to ensure every commonwealth resident benefits, Glenn said.
Ben Franklin said partnerships are important. It leverages the excellence of Pennsylvania’s colleges and universities and brings together companies, academia, private investors, and government to build and develop technology-based industries.
Gov. Josh Shapiro and his administration, in launching and advocating for his 10-year economic development plan, have visited and held events at four successful Ben Franklin-backed client sites: OraSure Technologies in Bethlehem, where the governor unveiled his plan; Gilson Snow in Selinsgrove; Gecko Robotics in Pittsburgh; and Burro Robotics in Philadelphia.
“You can’t talk about innovation in Pennsylvania without talking about Ben Franklin,” Glenn said. “We’re proud of the work we do, the investments we make, the success our clients achieve and the benefits they bring to our commonwealth.”
Since its inception more than 40 years ago, Ben Franklin has boosted the state economy by more than $30 billion, generating more than 58,000 jobs in client firms, plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed, Glenn said.
According to independent analyses, every dollar invested by the commonwealth into Ben Franklin generates $4 in additional state taxes.
Ben Franklin operates in all 67 Pa. counties through four regionally based centers in Bethlehem, Pittsburgh, State College, and Philadelphia, with several satellite offices spread across the commonwealth.
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