Wolf Administration: $14 Million in Challenge Grant Funding Approved for Ben Franklin Technology Partner Projects
Harrisburg, PA – Department of Community and Economic Development (DCED) Secretary Dennis Davin and the Ben Franklin Technology Development Authority (BFTDA) announced today that $14 million in Challenge grant funding has been approved for the Ben Franklin Technology Partners.
“Our longstanding relationship with the “Bens,” as we at DCED call them, has provided for critical support and opportunities for businesses and communities all across the commonwealth,” said Sec. Davin. “The $14 million approved today will help them continue to carry out their mission to make the investments necessary to ensure that Pennsylvania remains the best place to live, work, and do business.”
Each of the four Ben Franklin partners will receive $3.5 million in funding. The partners provide access to capital, business expertise, technology commercialization services and a network of resources to advance the development of new technologies.
While activities of the partners vary dramatically according to the needs of particular clients and market opportunities within their regions, activities are placed into four broad categories: Company Investments, Business and Technical Assistance, Technology/Entrepreneurial Infrastructure, and Administration Expenses.
Activities allowed under the Challenge Grant Program may include, but are not limited to, the following:
- Serve as the commonwealth’s key regional partners in identifying, developing, adapting, and implementing advanced technologies to enable the growth and competitiveness of existing and emerging companies through technology development, commercialization, and implementation.
- Act as regional facilitators and managers for interactions, programs, and initiatives by and among the authority, technology enterprises, economic development organizations, corporate community, academic/research institutions, government, organized labor, and other interests working collaboratively to advance the development of a technology-based economy across the commonwealth.
- Directly provide, and serve as the conduit to, seed and later-stage capital for existing and emerging companies involved in the development and commercialization of technologically advanced products and processes.
- Develop, provide or support business incubation resources and space and facilitate the development of technology business campuses.
- Establish partnerships to support and enhance the scale, scope, and impact of initiatives that support the purpose and mission of the BFTDA and the Partners.
As one of the largest state technology development programs in the nation, the Ben Franklin Technology Development Authority was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.
The mission of the Ben Franklin Technology Development Authority (BFTDA) is to encourage and coordinate programs and investments, which advance the competitiveness of Pennsylvania companies and universities in the global economy.
Casey Smith, email@example.com