Pennsylvania Department of Community and Economic Development Acting Secretary Neil Weaver announced Friday that the Ben Franklin Technology Partners would receive $16.4 million in Challenge Grant funding in 2022, the first funding increase in 13 years.
Each of the four Ben Franklin Partners is slated to receive more than $4 million in funding to provide access to capital, business expertise, technology commercialization services, and resources to help others in the development of new technologies.
“Pennsylvania’s history is filled with innovative individuals who changed the world, and DCED is proud to help keep this spirit alive through our work with the BFTDA,” said Sec. Weaver. “The Commonwealth is home to many great start-ups. This increase in funding will ensure that Pennsylvania remains the best place to live, work, and do business through the investments made by the BFTDA.”
Activities allowed under the Challenge Grant program include serving as the state’s key regional partners in identifying, developing, adapting, and implementing advanced technologies; acting as regional facilitators and managers for interactions, programs, and initiatives; providing seed and later-stage capital for existing and emerging companies involved in the development and commercialization of technologically advanced products and processes; developing, delivering and supporting business incubation resources; and establishing partnership to support and enhance initiatives.
Additionally, the Ben Franklin Technology Development Authority received $1.5 million on behalf of the Dreamit Fund, which will provide funding opportunities for early-stage technology companies in the health and security sectors.
“Dreamit has consistently delivered results by being one of the BFTDA’s largest Pennsylvania company and job creators in the venture portfolio,” said Steve D’Ettorre, DCED Deputy Secretary for the Office of Technology and Entrepreneurship. “We look forward to seeing the opportunities this funding creates for start-ups across the commonwealth.”