Harrisburg, PA /PRNewswire-USNewswire/ – New state investments will help start-up companies succeed and equip Pennsylvania's research universities with capital to commercialize energy-efficient technologies and bring life-saving solutions to the healthcare industry, Department of Community and Economic Development Secretary Austin Burke said today.
"The $1.7 million we are investing today will support Pennsylvania's tech-based economy for years to come," Burke said of the money approved today at the quarterly meeting of the Ben Franklin Technology Development Authority. "By providing our partners with the resources they need, we are securing the state's place as a leader in emerging technologies and strengthening our economic base."
The investments approved today follow an announcement earlier this month that the National Association of Seed and Venture Funds had recognized the Ben Franklin Technology Development Authority with its "Award for Excellence in Entrepreneurial Capital Formation." The group acknowledged the authority as a role model because of its outstanding investment track record, leadership, new and successful investment programs, and outstanding performance.
The Ben Franklin Technology Development Authority is one of the nation's largest and most-replicated state technology development programs, providing a vehicle for investment in economic, community and university-based innovation. Together with the Department of Community and Economic Development's technology investment office, the authority has leveraged more than $5 billion since 2003, helping to create more than 34,000 jobs.