The Ben Franklin Technology Development Authority (BFTDA) is a state run program that allows PA to economically invest in community and university based innovations. While the development authority is state funded, it also seeks to gather additional private and public investments for newly formed technology companies.
The BFTDA announced this week that $30.6 million was approved for being released to the four regionally based Ben Franklin Technology Partners (BFTP): Central and Northern PA, Northeastern PA, Southeastern PA, and Southwestern PA. The technology partners wish to bring new innovations to the marketplace from Pennsylvania based companies and allocated $16.6 million to be used on simply developing new products and alternative energy sources.
The funding was approved during and announced after BFTDA’s quarterly meeting. Often lauded as one the top run state technology investment program, the authority and partners realize that by sparking and investing in innovation statewide, while promoting technology development allows for job creation and retention. In fact some studies suggest the BFTP has created 4,700 jobs, helped retain 15,000 others, lead to 147 new companies being formed, and caused an additional $1.3 billion to be invested.