The Pennsylvania 2022-23 General Fund budget includes a line item within the Department of Community and Economic Development (DCED) budget that would provide an additional $2.5 million in funding for the Ben Franklin Technology Development Authority (BFTDA).
BFTDA funds Ben Franklin Technology Partners, a statewide economic development initiative that invests in and supports high-tech entrepreneurs, startups, and innovative manufacturers.
The organization’s funding would increase from $14.5 million to $17 million. This figure is lower than the $32.5 million that Gov. Tom Wolf presented in February in his draft spending plan. The original proposal included an additional $8 million for Ben Franklin.
“Competition among states for investments in innovation is fierce, and the governor and DCED laid out a bold vision to reinforce and expand Pennsylvania’s leadership as the premier location for technology-based businesses and entrepreneurs,” Ryan E. Glenn, Ben franklin director of statewide initiatives, said. “We’re grateful that the legislature and administration were able to work together to secure increased funding for Ben Franklin in this budget, so we can continue our groundbreaking work to sustain and grow the entrepreneurial ecosystem we have been building in Pennsylvania for nearly 40 years.”
Ben Franklin has invested in more than 4,500 technology-based companies.