Secretary Davin Continues ‘Jobs That Pay’ Tour at threeRivers 3D, Discusses Governor Wolf’s Commitment to Technology Sector in Pennsylvania
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin continued the Jobs that Pay tour at threeRivers 3D, a 3D imaging company, to highlight Governor Tom Wolf’s commitment to promoting entrepreneurship in the technology sector, advancing innovation, and creating a technology-ready workforce in Pennsylvania.
“Governor Wolf understands the importance of fostering a business environment that will enable tech companies to get a foothold in a rapidly evolving market,” said Secretary Davin. “Seeing a company like threeRivers 3D creating so many jobs and succeeding in an industry that barely existed a decade ago is a great example of how cutting-edge tech companies are growing and thriving in the commonwealth.”
Secretary Davin highlighted Governor Wolf’s initiatives to help the technology sector flourish in Pennsylvania. Such initiatives include Innovation Works, one of the four Ben Franklin Technology Partners (BFTPs) funded by the Ben Franklin Technology Development Authority (BFTDA). Innovation Works invests capital, business expertise, and other resources into high-potential companies with the greatest likelihood for regional economic impact for the purpose of creating and retaining tech jobs in Pennsylvania.
Innovation Works provided crucial seed funding and technical assistance that enabled threeRivers 3D to bring its first product to market and start to scale product sales. Led by founder and president Mike Formica and approaching its 10th anniversary in October, threeRivers 3D, expects to ship its 5,000th 3D imaging system this month – a milestone that demonstrates how BFTPs are helping companies make Pennsylvania an attractive place to start and grow a tech business.
In 2016, the four BFTPs reported the combined creation of 1,383 jobs and the retention of 7,919 jobs. A total of $474,890,377 in post-BFTP financing was secured by client companies while sales generated by BFTP client companies exceeded $903 million.
“The growing success of threeRivers 3D shines a light on what is exciting in the broader, regional technology community,” said Rich Lunak, president and CEO of Innovation Works. “The company continues to develop new products for an ever-expanding list of domestic and global customers. It draws both technical and skilled support talent and relies on a network of mostly regional manufacturers that supply the parts used to produce their standard and custom 3D scanners. We are so proud to have been part of the early success of the company and even more excited to see the founder pass on that success as a mentor to other entrepreneurs starting out in the IW portfolio.”
Recognized internationally as a model for technology-based economic development, the BFTDA ensures that the variety of technology-based economic development organizations and initiatives across the commonwealth work collaboratively to fully leverage the wealth of research, capital sources and support services available to build a comprehensive infrastructure that supports company growth.
David Smith, DCED, 717-783-1132