Gov. Tom Wolf’s 2022-2023 budget proposal includes at least $22 million for Ben Franklin Technology Partner, an estimated $2 million increase for each of the four regionally-based Ben Franklin centers.
The funding is part of $32.5 million proposed for the Ben Franklin Technology Development Authority (BFTDA), which funds the statewide economic development initiative and provides competitive grants to support high-tech ventures.
“The last few years have proven the value of investing in innovation. Even amid the worst healthcare crisis in generations, Ben Franklin continued its impressive history of delivering results,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives. “This budget builds on the transformative work we have done to create an entrepreneurial ecosystem that attracts and retains the brightest and most talented and promising individuals whose ideas power our economy.”
Under the proposed budget, each Ben Franklin center would receive $5.5 million for the statewide initiative that supports early-stage technology firms and high-tech entrepreneurs. Ben Franklin serves all 67 counties through centers in Pittsburgh, State College, Bethlehem, and Philadelphia.
The proposed $32.5 million for BFTDA is $18 million over the current fiscal year.
“As Pennsylvania’s economy continues to rebound, sustained investment in innovation is key, especially for how competitive this field is nationally,” Glenn said. “These budget resources will help us back homegrown ventures and build on our work to target specifically and support underserved communities to foster entrepreneurship.”
Since its inception, Ben Franklin has invested in more than 4,500 technology-based companies, boosting the state’s economy by more than $25 billion. The organization estimated it had helped create 148,000 jobs through investment in client firms and spinoff companies throughout the state.