According to a new report, clients of Ben Franklin Technology Partners generated $2.8 billion in revenue and secured $1.2 billion in post-Ben Franklin financing last year.
The report, “2023 Annual Statewide Impact Report” from the statewide economic development program, found that the program supported 1,827 companies and helped clients create 2,493 jobs, while retaining another 10,588 positions. The program remains, officials said, the state’s most prized high-tech investment model.
“Ben Franklin has been a leader in nurturing the state’s high-tech entrepreneurial ecosystem and fostering sustained economic growth for decades,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives. “We’re immensely proud of this track record. The numbers say it all. We recognize that our success is the commonwealth’s success, and we’re eager to build on these accomplishments to ensure Pennsylvania remains a hub for innovation.”
Ben Franklin clients also furthered innovation and brining ideas to market, developing 189 patents and software copyrights, commercializing 257 new products and launching 103 new processes.
“You can’t talk about innovation in Pennsylvania without talking about Ben Franklin,” Glenn said. “We’re proud of the work we do, the investments we make, the success our clients achieve and the benefits they bring to our commonwealth.”
Since its inception more than 40 years ago, Ben Franklin has added more than $30 billion to the state’s economy, officials said, generating more than 58,000 jobs in client firms. The organization said that independent analyses indicate every dollar invested by the state into Ben Franklin generates and additional $4 in state taxes.