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Ben Franklin Tech investments secure more than $2 billion in revenue for PA economy
Bethlehem is host to one of Ben Franklin Technology Partners’ four regional offices in Pennsylvania. PHOTO/GETTY IMAGES
Ben Franklin Tech investments secure more than $2 billion in revenue for PA economy
Ben Franklin Technology Partners helped drive Pennsylvania‘s economy by generating $2.4 billion in revenue and securing $1.1 billion in post-Ben Franklin financing, according to the 2022 Annual Statewide Impact Report.
The annual report also shows that Ben Franklin Tech created close to 1,508 jobs, helped retain 10,145 positions, and supported 2,018 companies.
“The numbers say it all,” Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives, said in a release. “Ben Franklin Technology Partners and its clients are powering Pennsylvania’s economy and helping the state maintain its competitive edge in an increasingly high-tech world.”
Ben Franklin clients developed 130 patents and software copyrights, commercialized 249 new products, and launched 90 new processes.
Glenn said investments in innovation are the foundation of the new economy.
“That’s why the competition among states is so intense,” he said. “Investments in early-stage firms, established manufacturers, and entrepreneurial ecosystems can transform our economy and create the types of new jobs and career opportunities that top talent seeks.”
Ben Franklin serves all 67 counties in Pennsylvania, and has regionally based centers in Bethlehem, Philadelphia, Pittsburgh, and State College, along with satellite offices across the state. The “2022 Annual Statewide Impact Report” examined the combined impact of Ben Franklin’s regional offices.
Ben Franklin partners with the Pennsylvania Department of Community and Economic Development to provide funding, business, and technical expertise, in addition to access to resources for both early-stage and established companies.
Ben Franklin has contributed more than $30 billion to Pennsylvania’s economy in the 40 years since its inception and generated more than 58,000 jobs in client firms along with 101,000 spinoff positions for a total of 159,000 new jobs. According to an independent analysis, each dollar invested by the state into Ben Franklin creates $4 in added state taxes.
